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The country is not spiralling in to deflation

Mon, Jun 29 2009, 06:41 GMT
by Nicole Elliott

Mizuho Corporate Bank

Quote:

‘I am a tormented person and even writing is clutching at clouds and shadows.’ Jean Rhys (c1890-1979)

The News:

Bank of Japan’s Yamaguchi says the country is not spiralling in to deflation.

The Numbers:

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

00:01 GB June Hometrack Housing Survey 0% M/M, -8.7% Y/Y, versus 0% and –9.6% May.

00:50 JP May Industrial Production +5.9% M/M, -29.5% Y/Y, versus +5.9% and –30.7% April.

00:50 JP May Large Retailers’ Sales –6.5% Y/Y, Retail Trade –2.8% Y/Y, versus –6.7% and –2.8% April.

05:00 JP May Vehicle Production –41.1% Y/Y versus –47.1% April.

09:30 GB May Net Consumer Credit (£0.1B to £0.3B, on Dwellings £0.9B to £1.1B, vs £0.3B and £1.0B April).

09:30 GB May Mortgage Approvals (45K to 48K versus 43K April).

10:00 EZ16 June Business Climate (-3.1 to –3.0 versus –3.17 May).

10:00 EZ16 June Consumer Confidence (-30, Economic 70 to 72, Industry –32 to –31, Services –24 to –22, versus –31, 69.3, –34 and -23 May).

13:30 US May Chicago Fed National Activity Index (versus –2.06 April).

14:30 US Fed’s Rosengren speaks on risk capital, Brussels.

00:01 GB June GfK Consumer Confidence (-26 to –24 versus –27 May).

00:30 JP May Jobless (Mizuho Securities 5.1%, Job-to-Applicant 0.45, versus 5.0% and 0.46 April).

00:30 JP May Household Spending (Mizuho Securities –2.2% Y/Y versus –1.3% April).

The Psychology:

Feast of St. Peter and St. Paul holidays in Malta, Peru and Venezuela.

The Risk:

Summer lull starts in earnest.

Today’s most interesting chart: LME 3-month Nickel

Strongest weekly close since September.

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Published on  Mon, Jun 29 2009, 06:51 GMT