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A very slow recovery means rates could stay close to zero for years
Wed, Jul 1 2009, 06:40 GMT
by Nicole Elliott
Quote:
‘Nine-tenths of wisdom consists in being wise in time.’ Theodore Roosevelt (1858-1919)
The News:
US Fed’s Yellen says a very slow recovery means rates could stay close to zero for years.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP Q2 Tankan: Large Manufacturers -48, Outlook -30, Non-Manufacturing -29, Outlook -21, All Industry Capex –9.4%, versus –58, -51, -31, -30, -6.6% Q1.
06:00 JP June Vehicle Sales –13.5% versus –19.4% May.
07:00 DE May Retail Sales +0.4% M/M, -2.9% Y/Y, versus +0.5% and revised –0.3% April.
08:00 SE Swedish Riksbank starts a two-day rate-setting meeting (expected unchanged at 0.50%; UBS says –25bp).
08:30 CH June PMI (40 to 42 versus 39.8 May).
09:30 GB June Manufacturing PMI (45 to 48 versus 45.4 May).
10:30 GB auction result of 2.25% 2014 Gilt. German Bund €6B 3.50% 2019.
12:30 US June Challenger Job Cuts (versus +7.4% May).
13:15 US June ADP Employment Change (-280K to –532K versus –532K May).
15:00 US June Manufacturing ISM (40.0 to 47.5, Prices Paid 44 to 48, versus 42.8 and 43.5 May).
15:00 US May Pending Home Sales (-3.0% to +7.0% M/M, Y/Y, versus 6.7% and 3.3% April).
15:00 US May Construction Spending (-1.9% to +0.8% M/M versus +0.8% April).
16:15 US Fed’s Evans speaks on the credit crisis, London.
Late US June Vehicle Sales (versus 9.9M Total and 7.4M Domestic May).
The Psychology:
Holidays in Canada, Egypt, Hong Kong and Thailand.
The Risk:
Mizuho to sell 3B new shares to raise about $7B capital.
Today’s most interesting chart:
Hungarian forint Trying to break below ‘triangle’ consolidatio
Published on Wed, Jul 1 2009, 07:04 GMT
Archive
- US Major Nidal Malik Hasan shoots dead 12 and wounds 31 at largest army base, Texas
Published On Fri, Nov 6 2009, 07:31 GMT - General Motors to axe 10,000 European jobs
Published On Thu, Nov 5 2009, 07:19 GMT - Taxpayers vote against US Democrats in state elections
Published On Wed, Nov 4 2009, 07:31 GMT - Reserve Bank of India buys 200 tonnes of gold for $6.8B from the IMF
Published On Tue, Nov 3 2009, 07:34 GMT - CIT Group Inc. files for Chapter 11 protection
Published On Mon, Nov 2 2009, 07:47 GMT
Mizuho Corporate Bank
| 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
Legal disclaimer and risk disclosure
The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.Related reports
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