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May M&A headlines an eventful close to the month   May 25 - May 29
Fri, 29 May 04:16 PM EST/09:16 PM GMT
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May ended with a shortened yet lively week of trading. Many global markets were closed on Monday for holidays, including Memorial Day in the US, and on Tuesday US markets saw a very broad-based selloff. US equities bounced back midweek, but saw another dip on Friday. Traders saw several notable M&A announcments lead to ever more rumors of consolidation to position around as the week progressed. Chinese equities stumbled hard for a second time this month as the Shanghai Composite declined 6.5% on Thursday from a seven-year high the day before on concerns over tight liquidity and stricter margin requirements. In Europe, Greece's position became even more tenuous as deposit outflows accelerated. Despite Greek officials' declarations that an accord is near, any comprehensive deal still feels a ways away as a June IMF payment deadline approaches. The April Eurozone M3 money supply data provided more tantalizing evidence the ECB's QE program is starting to work as intended: the three-month average growth in M3 money accelerated to its fastest pace since 2009, building on the similarly good results seen in the March reading. Japan was an outlier: the Nikkei extended its winning streak to eleven consecutive sessions, its longest streak since 1988 while the Yen declined to a 12 year low against the Dollar. The US Treasury market easily digested coupon, bill and floating rate note supply to see the benchmak10-year yield decline by 10 basis points. For the week, the DJIA -1.2%, the S&P500 -0.9% and the Nasdaq -0.4%.

As expected Q1 US GDP turned negative in the second reading, dropping to -0.7% from the +0.2% advance report. The contraction was slightly less than expected. Personal consumption was revised slightly lower with the decrease primarily reflecting negative contributions from exports, nonresidential fixed investment, and state and local government spending. The advance April durable goods report was slightly stronger: the -0.5% decline in the headline figure was mainly due to the volatile civilian ...
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