Sunder’s List

World markets sharply lower: Stoxx 50 -2.2%, Germany -1.8%, France -2.2%, Italy -1.7%, Spain -2.6%, U.K. -1.7%. Dow -1.21% to 12429. S&P -1.36%.

Economists expect India’s gross domestic product to be up 6.1% year on year in the quarter ended in March. But an unexpected sharp contraction in industrial output, which slumped 3.5% in March from the year earlier, has raised concerns that growth could have dropped below 6% for the first since late 2008. (MW)

India would not be alone: Brazil’s economy contracted in each of the first three months of the year. Economists slashed their economic growth forecasts to 3% from 3.2% a week earlier. (Reuters)

Après Grexit, Spexit? The Spanish are too big to rescue, they have no political hang-ups about rupturing their relations with the European Union, they are already fed up with austerity, and there is a bigger Spanish-speaking world for them to grow into. There are few good reasons for the country to stay in the euro — and little sign it has the will to endure the sacrifices the currency will demand of them. (The Atlantic, MW)

And you would think all this uncertainty is bullish for gold? Think again! As of May 15, hedge funds, pension funds and other money managers also had slashed their bets that gold prices will rise in the futures market, to the lowest level since early 2009. (WSJ) [stockquote]GOLDBEES[/stockquote]

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