Quick Overview

• The Institute of Supply Management's index of services stayed at 55.4 in April
  

• US mortgage applications rose 13% last week as buyers rushed to secure federal tax credits.
  

• EU retail unchanged in March and up 0.3% YoY.
  

• EU manufacturing and services increased from 55.9 to 57.3 in April
  

• The U.S. Department of Energy said:
  Supplies of crude oil rose 2.8 million barrels last week to 360.6 million barrels
  Supplies of gasoline rose 1.2 million barrels
  Supplies of heating oil were unchanged.
  Refinery use rose from 89.0% to 89.6%.
  Gasoline demand rose 3.5% YoY
  Distillate demand rose 5.1% YoY
  

• (Bloomberg) Some analysts interviewed expect a shortage of corn and cotton to occur sometime this year in China.