A key determinant in momentum last week was the indication that global growth continues to falter as developed economies suffer from austerity driven policies and weak investment. US first quarter growth saw the second reading fall well below the first, printing at -0.70% versus 0.20% prior. UK GDP was unmoved, printing in-line with the prior figures, even though expansion was forecast for the economy. Spanish GDP managed to buck the trend of most other GDP reports, with growth accelerating modestly to 2.70% annualized versus 2.60% prior as the economy rebounds after years of secular decline. Swiss and Italian GDP did not fare as well, with Switzerland experiencing a quarterly contraction as Italy managed to avert an annualized decline in GDP, with the measure climbing to 0.10% year over year. US housing data continued to improve with home prices rising at a 5% annualized pace according to the latest S&P Case-Shiller home price index. This was further supported by gains in new home sales which rose by 6.80% over the prior month and pending home sales, which gained 3.40% over the same period. The Yen crossed a major threshold, with USDJPY breaking higher towards 13-year highs as Japanese unemployment improves while spending and inflation collapse in-line with expectations of the Bank of Japan.