Looking Ahead: May 21 through May 25, 2012

Stocks swooned last week as risk aversion took hold and sent investors scurrying for safe havens. Economic data were mixed globally. The Bank of Japan meets this week — no policy change is anticipated. Further detail will be available on Eurozone growth statistics as well as flash manufacturing and services PMI indexes for May are on tap. Investors will continue to monitor conditions in Greece, Spain and the other ‘peripheral’ members of the Eurozone. Housing is this week’s focus, starting with existing home sales on Tuesday and new home sales and FHFA at mid-week. Manufacturing updates post with Richmond Fed on Tuesday and then the key durables orders report Thursday along with the Kansas City Fed survey. The week closes with Friday’s consumer sentiment report.