Quick Overview

• U.S. Jobless claims were down 18,000 last week to 357,000, lower than expected.
  

• The Bank of England kept its interest rate unchanged at 5.0%.
  

• House prices In the U.K. fell 2.4% MoM, and 3.8% YoY-- the biggest drop since April 1993 when they fell 4.9.
  
  

• The European Central Bank kept its interest rate unchanged at 4.0%. However Trichet said the central bank is considering raising rates as early as next month to tackle rising inflation
  

• Germany's factory orders were down 1.8% in April, the fifth consecutive decline.

• Corn and Beans rose as excessive rains in the U.S. Midwest flooded fields, slowing crop development, and increasing the risk of production losses.