Quote:
‘Had we but world enough, and time,
This coyness, lady, were no crime.
The grave’s a fine and private place,
But none I think do there embrace.’ Andrew Marvell (1621-1678)
The News:
Chinese securities regulators plan to allow the issue exchangeable bonds which will eventually be swapped for shares in yet another attempt to prop up the stock market.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP Bank of Japan Minutes of July 14/15th meeting.
06:00 JP July Supermarket Sales +0.9% Y/Y versus –0.9% June.
09:00 EZ15 June Current Account (versus -€7.3B May).
09:30 GB Q2 GDP (0% to +0.3% Q/Q, +1.4% to +1.7% Y/Y, versus +0.2% and +1.6% Q1).
10:00 EZ15 June Industrial New Orders (-2.5% to +0.1% M/M, -12.0% to –5.0% Y/Y, versus –3.5% and –4.4% May).
15:00 US Fed’s Bernanke speaks on financial stability, Jackson Hole.
The Psychology:
Bank Holiday in London Monday 25th, the last Monday in August and Notting Hill Carnival.
The Risk:
The whole financial system is extremely fragile and could topple sooner rather than later.
Today’s most interesting chart: Nymex Crude Oil
Bouncing from retracement support, as are metals and currencies against the US dollar.
