Quick Overview

• Global investorconfidence slumped for the second month in a row in May to its lowest level since October 1998

• Sales of existing U.S. homes rose 4.5% in April to a record seasonally adjusted annual rate of 7.18 million, the National Association of Realtors said Tuesday.
  

• The USDA's Foreign Agriculture Service released its estimates yesterday of Brazil's coffee crop. They anticipate a harvest of 36.5 million bags of coffee in 2005-2006, down from 42.4 million bags the previous year. The 2005-2006 Arabica crop is estimated at 26.0 million bags, down from 33.4 million bags in 2004-2005. Brazil's ending stocks are expected to fall from 10.44 to 4.81 million bags in 2005-2006.
  

• Canada's composite index of leading indicators was up 0.4% in April at 203.6.
  

• The Organization for Economic Cooperation and Development (OECD) reduced its 2005 growth forecast for the Euro zone from 1.9% to 1.2%.

• The volume of cargo passing through China's ports every year is expected to rise by more than 50 percent in the next five years.
  

• An index of services in Japan was down 1% in March, weaker than expected.