Quote:
‘When you see the abyss, and we have looked into it, then what? There isn’t much room at the edge – one person, then another, not many. If you are there, others cannot be there. If you are there, you become a protective wall. What happens? You become part of the abyss.’ Elie Wiesel (1928-)
The News:
Ernst & Young ITEM Club says UK growth to slow to 1.00% in 2009; house prices tumbling and consumer spending slowing.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB July Rightmove House Prices –1.8% M/M, -2.0% Y/Y, versus –1.2% and +0.1% June.
08:15 CH June PPI (versus +1.2% M/M, +3.9% Y/Y May).
15:00 US June Leading Indicators (-0.5% to +0.1% M/M versus +0.1% May).
16:00 US Treasury auction result of two-year and five-year TNote sales.
The Psychology:
Oceans Day holiday today in Japan.
The Risk:
Markets consolidate.
Today’s most interesting chart: Eurodollar interest rate future
Retreating from 3.00%.
