Quick Overview

• U.S. Consumer confidence edged up in the latest week because of moderating gasoline prices, ABC News and the Washington Post said.
  
  

• The U.S. Census Bureau said housing starts were at an annual rate of 1.957 million units in May, up 5.0% from April's pace and more than expected. YoY housing starts are down 1.7%.
  
  

• JP Morgan expects the Fed to raise rates in June and August to
  5.5%. JP Morgan expects further moves in December 2006 and February 2007 to take the benchmark rate to 6.0%, according to a research note.
  
  

• A group of 12 large corporations (including eBay, Eli Lilly, Google, Microsoft and Procter & Gamble) will push Congress to pass a comprehensive federal consumer-privacy law, citing mounting concern that consumer trust in Internet safety is eroding.

• Sweden raised rates to 2.25% from 2.00% as expected. The Riksbank said it is reasonable to assume further interest rate hikes are needed and says market expectations for rates over next year may be too low.
  

• Bank of Japan Governor said policy decisions should be taken "early" if warranted by economic conditions, rekindling speculation the central bank would soon raise interest rates from zero.
  

• Producer prices in Germany were up 0.1% in May and up 6.2%YoY,
  
  

• India's sugarcane ethanol output is enough to cover the government's plan to blend 5% ethanol with gasoline starting in October 2006, the U.S. Dep. Of Agriculture said.
  
  

• The Chicago Mercantile Exchange is planning to launch futures
  contracts tied to the Chinese yuan.
  
  

• The Australian Bureau of Agricultural & Resource Economics said that Australia's wheat crop will total 22.8 million tons this winter, down from 25.1 million tons last year, due to dry weather.