Quick Overview

• The ISM index of U.S. manufacturing activity dropped from 53.3 to 51.4 in May.
  

• U.S. construction spending was at a record high annual rate of $1.07 trillion in April, up 0.5% on the month and up 8.2% YoY.
  

• The purchasing managers index for the eurozone, fell from 49.2 in April to a 22-month low of 48.7 in May. A figure below 50 represents contraction.

• Dallas Federal Reserve Bank President Fisher implied that the fed may be close to the end of raising the federal funds rate. On the news the DowJones Industrial Average jumped 82.39 points, or 0.79%, to 10549.87. it's highest finish in 2 1/2 months. The same news pushed Treasury-bond prices higher and yields lower, leaving the yield of the 10-year Treasury note at 3.894%, its lowest level in14 months.

• Growth in the world’s tanker fleets is outstripping demand, forcing charter rates down to new lows and putting pressure on shipping company share prices – Lloyd's List reports.
  

• Copper inventories fell 900 tons to 44,325 tons.
  
  

• Australia's GDP increased 0.7% in the first quarter of 2005, less than expected.