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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
- Japanese Labour and Thanksgiving holiday today
Published On Mon, Nov 23 2009, 07:25 GMT - US House Committee postpones vote on banking reforms
Published On Fri, Nov 20 2009, 07:44 GMT - South Korea to limit FX forwards; Taiwan frets over ‘hot money'
Published On Thu, Nov 19 2009, 07:55 GMT - Short term interest rates drop closer to zero
Published On Wed, Nov 18 2009, 07:34 GMT - More dive in to top quality government bonds
Published On Tue, Nov 17 2009, 07:39 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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