Economic Events on May 12, 2010

The Mortgage Bankers’ purchase index was released at 7:00 AM EDT, and there was a week to week decrease of 9.5% last week, since the second financial stimulus program for home sales came to a close in the previous week.

At 8:30 AM EDT, the International Trade report for March will be released.  The consensus is a deficit of $41 billion, which would be a increase of $1.3 billion over February.  The expected increase in the trade gap is being attributed to higher oil prices.

At 10:30 AM EDT, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update after a volatile week for oil prices.

At 2:00 PM EDT, the Treasury budget for April will be released.  The consensus is a deficit of $40 billion, after a deficit of $65.4 billion in March due to spending on stimulus projects and TARP outlays.  Historically, the U.S. Treasury runs a surplus in April.

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