Yes, it is a holiday, but there are some markets open -- and they aren't doing all that well. With financial markets in London, Japan, and the United States shuttered for holidays, trading volume is thin -- and stocks are lower. In Germany, the country's Ifo business-climate index fell short of expectations for May. The index did show a rise in activity during the month, but it only rose to 84.2 when 85 was expected. The survey is being called a "clear disappointment." One bit of data that wasn't disappointing was the ZEW indicator of German economic sentiment, which increased to 31.1 in May from April's reading of 13.0. This reading seems to indicate that many investors think the worst of the global crisis is over.
Elsewhere, watch for some reaction to North Korea's little nuclear stunt. For those who don't know, the country launched two short-range missiles on its east coast, in what some believe was an attempt to threaten U.S. spy planes that were monitoring the nuclear test site. At 10 AM, an underground nuclear device was detonated that was larger than a similar device detonated in October 2006. Shortly after 5 PM (local time) the missiles were launched.
Japan has stated that these acts are a threat to peace and stability on the region. President Obama stated that the actions were a "matter of grave concern to all nations," and U.K. Prime Minister Gordon Brown said that actions are a "danger to the world."
Regional stock markets suffered a bit from the news, but managed to finish the day mostly higher. Trading in South Korea was halted after the news caused shares to plunge more than 6%. Let's keep an eye on tomorrow's pre-market trading to see the impact this news may have on the American market.
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