After weeks of talks with its international creditors, Greece requested to bundle its four payments to the IMF into one lump-sum totalling €1.5 billion and pay this on June 30. On the commodities side, crude oil fell sharply from mid-week as speculators prepared for the OPEC’s semi-annual meeting on Friday. The key decision the cartel had to make was whether to raise its official output target to around 31 million barrels of oil per day.
U.S. fund managers recommended increasing equity exposure in a model portfolio in May, a Reuters poll showed, raising allocations in mainly North American and British shares at the expense of those in the euro zone.
“It’s a spectacle of excess at the highest level,” quoted an art consultant to the N.Y. Times. Perhaps it was. Christie’s, even not counting its archrival Sotheby’s, had bagged $1 billion in sales during its May auction week-- rivaling even the frenzied bidding for Manhattan high rise condos.
The euro tumbled on Tuesday and the region's stocks and bonds jumped after the European Central Bank signaled it would speed up its 1 trillion euro bond-buying program for the next two months ahead of an expected summer lull.