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New Zealand House Sales –13% in April, lowest level in 16 years

Mon, May 12 2008, 07:13 GMT
by Nicole Elliott

Mizuho Corporate Bank

Quote:

‘When you’re offered a position on a board, you sort of grab it.’ Derek Bonham (1943-2007)

The News:

New Zealand House Sales –13% in April, lowest level in 16 years.

The Numbers:

British Summer Time, with expectations and previous figures in brackets.

00:50 JP April M2 Money Supply +1.9% Y/Y, Broad Liquidity Y/Y +2.8%, versus revised +2.3% and +3.3% March.

00:50 JP April Bank Lending including Trusts versus +1.1% March. 05:30 JP April Bankruptcies 8.3% Y/Y versus 8.0% March.

05:30 JP Bank of Japan’s Shirakawa press conference: must ‘pay utmost attention to the downside risks’.

06:00 JP April Economy Watcher’s Survey Current 35.5, Outlook 36.1, versus 36.9 and 38.2 March.

07:00 JP April Machine Tool Orders +0.3% versus +3.3% March.

09:30 GB April PPI Input (+0.8% to +2.0% M/M, +21.3% to +22.0% Y/Y, versus +1.8% and +20.6% March).

09:30 GB April PPI Output (+0.4% to +1.0% M/M, +6.2% to +6.8% Y/Y, versus +0.9% and +6.2% March).

09:30 GB March Trade Balance (-£7.8B to -£7.0B, non-EU -£4.4B to -£3.8B, versus -£7.5B and -£4.0B February).

13:30 CA March New Housing Price Index (+0.1% to +0.4% versus +0.3% February).

14:15 US Fed’s Evans speaks on the economy, Illinois.

15:30 EZ15 ECB’s Trichet speaks at three-day forum on the economy, Milan.

19:00 US April Monthly Budget Statement ($120B to $190B versus $177B March).

00:01 GB April BRC Retail Sales (versus –1.6% March).

The Psychology:

Whit Monday and Buddha’s Birthday holidays in several countries.

The Risk:

Thin markets.

Today’s most interesting chart: German Bund

Rethinking interest rates.

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Published on  Mon, May 12 2008, 07:16 GMT

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Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk