Quick Overview

• U.S. Housing starts were at an annual rate of 1.528 million units in April, up 2.5% MoM and better than expected. For 2007 housing starts are down 26% YoY.
  

• U.S. Industrial production was up 0.7% in April, stronger than expected.
  
  

• U.K.’s Unemployment rate. remained at 5.5% in the first quarter
  

• China's industrial production increased 17.4% YoY.
  

• Greece’s GDP rose 4.6% QoQ
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were up 1.0 million barrels last week to 342.2 million barrels.
  Supplies of gasoline were up 1.7 million barrels
  Supplies of heating oil were up 1.6 million barrels.
  Gasoline demand was up 1.0% YoY
  Distillate demand was up 3.1% YoY.