Morning report
Posted 06:54 a.m., May 12, 2008
Global stock markets were mostly higher overnight as better-than-expected quarterly results from lender HSBC helped calm investors’ worries about the mortgage-fueled credit crisis. Oil prices eased slightly from Friday’s record highs, the dollar was modestly lower against other major currencies and gold prices also edged lower.
Gasoline pump prices, on the other hand, continued to climb. The average price of a gallon of regular unleaded in the Charleston area is $3.562 this morning, a record high, according to AAA’s Fuel Gauge Report. That’s up from $3.553 Sunday, $3.224 a month ago and $2.802 a year ago.
No major economic reports are due today. Coming up later in the week:
Tuesday – April retail sales. Consensus forecast: down 0.1 percent after rising 0.2 percent in March.
Wednesday – April consumer price index. Consensus forecast: up 0.3 percent, same as March.
Thursday – Weekly initial claims for unemployment benefits: 370,000, up from 365,000.
April industrial production. Consensus forecast: down 0.3 percent, after rising 0.3 percent in March.
Friday – April housing starts. Consensus forecast: 940,000 annual rate, down from 947,000 in March.
Preliminary University of Michigan consumer sentiment index. Consensus forecast: 62.5, down from 62.6 in April.
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