Chrysler Files for Chapter 11 & Markets Stay Optimistic - Holiday in Europe

-As was widely expected, Chrysler, the US automaker, filed for chapter 11, which helped to eliminate some of the indecisiveness surrounding the problematic sector.
- It is reported that the scheduled May 4th unveiling of the infamous “Stress Test” would be postponed till later in the week as regulators and officials debate the means, manor and tone to use on the release. The reason for this cautious stance is to preserve the stock prices of the banks that will need capital re-injections to “stay afloat”.
- In the UK, Nationwide house price series, following a trend set a few months ago, posted a better-than-expected outcome in April with prices falling only -0.4% hinting that the y/y pace of decline has bottomed out.