Quote:
‘I get too hungry for dinner at eight.
I like the theatre, but never come late.
I never bother with people I hate.
That’s why the lady is a tramp.’ Lorenz Hart (1895-1943)
The News:
Standard & Poors downgrades US carmakers to junk; BMW, like Daimler, warns on profits.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
07:00 DE June Retail Sales –1.4% M/M, -3.9% Y/Y, versus +0.5% and +0.7% May.
09:00 EZ15 July Manufacturing PMI (47.3 to 47.6 versus 49.2 June).
09:30 GB July Manufacturing PMI (44.0 to 48.5 versus 45.8 June).
13:30 US July Non-Farm Payroll (-50K to –150K, Unemployment 5.5% to 5.6%, versus –62K and 5.5% June).
13:30 US July Hourly Earnings (+0.2% to +0.3%, Workweek 33.6 to 33.8 hours, versus +0.3% and 33.7 June).
15:00 US July Manufacturing ISM (48 to 51, Prices Paid 78 to 91, versus 50.2 and 3107K June).
15:00 US June Construction Spending (-1.0% to +0.4% versus –0.4% May).
The Psychology:
Holidays in Bermuda and Switzerland today, in Canada, Croatia and Iceland Monday.
The Risk:
Partial eclipse of the sun today.
Today’s most interesting chart: Bobl future
Strongest daily close since late May.
