Initial Guidance | 28 May 2015

● US mortgage applications post 5th consecutive decline | Consumer Affairs
● US Redbook Retail Sales Index +1.8 month to date in May vs. year ago | MNI
● ECB Nowotny: ‘No Flexibility’ On Rules To Support Greece | MNI
● China factory PMI seen as lackluster in May despite stimulus moves | Reuters
● UK to quit EU unless reforms go through, says UK foreign minister | Guardian
● Russia masses heavy firepower on border with Ukraine | Reuters