QUICK OVERVIEW

• The net worth of the median U.S. family — one with an equal number of families richer and poorer — fell to $77,300 in 2010 from $126,400 three years earlier (down 40%), after adjusting for inflation, the Federal Reserve said in a new report. (FT) Several US banks want to tap the value of ‘intangible’ assets such as intellectual property held by their borrowers as a way of meeting higher capital requirements.

• The FT reports the unnamed banks “seek deals in which an insurer agrees to buy a borrower’s intellectual property – anything from a mobile phone patent to a logo or recipe – for a fixed price in case of default.” The banks and insurers are haggling over the prices; banks believe they should be lower than that of CDS. However one deal is close to being submitted to the Fed for approval.

• US current account trade deficit grew to $137.3 billion in first quarter, largest since 2008.

• In April, overall foreign holdings of U.S. long-term securities reached 5.16 trillion U.S. dollars, up 21 billion dollars, or 0.4% MoM. It was the fourth consecutive monthly increase.

• Singapore's jobless rate edges up to 2.1% in Q1 The unemployment rate in the Philippines fell to 6.9 % in April

• The Japanese central bank kept key interest rate unchanged at zero to 0.1%

• The Annual inflation in the Eurozone dropped to 2.4% in May, down from 2.6% in the previous month