Look Ahead: Case-Shiller House Prices
The key report tomorrow will be the Case-Shiller house price index for April. Of course most of the focus will be on Europe and the summit meeting later this week.
On Europe, the Financial Times reports: EU could rewrite eurozone budgets
The European Union would gain far-reaching powers to rewrite national budgets for eurozone countries that breach debt and deficit rules under proposals likely to be discussed at a summit this week, according to a draft report seen by the Financial Times.
The proposals are part of an ambitious plan to turn the eurozone into a closer fiscal union …
Excerpt with permission
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for April will be released. The consensus is for a 2.3% decrease year-over-year in Composite 20 prices (NSA) in April. I think the year-over-year decline will be smaller than the consensus.
• At 10:00 AM, The Conference Board’s consumer confidence index for June will be released. The consensus is for a decrease to 63.5 from 64.9 last month.
• Also at 10:00 AM, the Richmond Fed Survey of Manufacturing Activity for June will be released. The consensus is for an increase to 5 for this survey from 4 in May (above zero is expansion). So far the NY Fed (Empire State) and Philly Fed surveys were lower than expected, but the Dallas Fed survey was above expectations.