- U.S. Initial Jobless Claims fall to three-month Low to 601,000 in the week ended May 2 (-34,000) confirming yesterday's ADP employment report; let's see the payroll report tomorrow.
- U.S. Productivity Rises 0.8%; Labor Costs Gain 3.3%.
- ECB cuts rate 0.25% to 1% and and said it would buy euro-denominated bonds (EUR 60 billion) as well as offer longer-term credit to banks. The BoE keeps rates at 0.5% but increased its bond-buying plan by £50 billion ($75.71 billion) to £125 billion.
- GM posts $6bn loss on sales down 47% (!) during Q1 and a cash burn of $10.2 billion. This brings total losses since 2004 to $88 billion; one may wonder how it survived for so long... Anyway bankruptcy is getting closer by the day with an additional $2.6 billion of tax payer money needed for May.
07 May 2009