Quote:
‘If it weren’t for baseball, many kids wouldn’t know what a millionaire looked like.’ Phyllis Diller (1917-)
The News:
General Motors shares hit a 54 year low, under $10.00.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
04:45 JP auction result of ten-year JGB: average yield 1.704%; stop 1.718%; bid-to-cover ratio 3.09.
06:45 CH June CPI +0.2% M/M, +2.9% Y/Y, versus +0.8% and +2.9% May.
08:30 SE Swedish Riksbank interest rate decision (split between unchanged and +25 basis points to 4.50%).
09:30 GB Q2 Bank of England Credit Conditions Survey.
09:30 GB June Services PMI (49.0 to 50.5 versus 49.8 May).
10:00 EZ15 May Retail Sales (-0.3% to +1.6% M/M, -1.9% to +0.1% Y/Y, versus -0.7% and –3.0% April).
10:00 CH Swiss National Bank Quarterly Bulletin.
10:00 IS Iceland Central Bank interest rate decision (expected unchanged at 15.50%).
12:45 EZ15 ECB interest rate decision (unanimously expected +25 basis points to 4.25%); 13:30 news conference.
13:30 US June Non-farm Payrolls (-9130K to -15K, Unemployment 5.2% to 5.6%, versus -49K and 5.5% May).
13:30 US June Average Earnings (+0.1% to +0.4% M/M, Workweek 33.6 to 33.7 hours, versus +0.3% and 33.7 May).
13:30 US Weekly Jobless Claims (370K to 395K, Continuing Claims 3082K to 3142K, vs 384K and 3139K prior week).
15:00 US June Non-Manufacturing ISM (48.5 to 53.6 versus 51.7 May).
The Psychology:
US holiday tomorrow so markets close at 18:00 GMT.
The Risk:
France and Spain Treasury bond auctions.
Today’s most interesting chart: LME 3-month Copper
New record high; Aluminium also close.
