Quote:
‘It is said that the Queen has come to love the Commonwealth, partly because it supplies her with regular cheering crows of flag-waving pica ninnies’. Boris Johnson (1964-)
The News:
‘President Obama believes that China is manipulating its currency’ said Timothy Geithner, treasury secretary nominee.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP November All Industry Activity Index –2.3% versus revised –0.4% October.
05:00 JP Bank of Japan Monthly Report.
08:30 DE January Manufacturing PMI (28.7 to 34.0, Services 41.0 to 46.8, versus 32.7 and 46.6 December).
09:00 EZ16 January Manufacturing PMI (30.4-36.5, Services 39-45, Composite 35.5-40.2, vs 33.9, 42.1 and 38.2 Dec).
09:30 GB Q4 GDP (-1.6% to –0.5% Q/Q, -1.8% to –0.8% Y/Y, versus –0.6% and +0.3% Q3).
09:30 GB December Retail Sales (-1.5% to +0.1% M/M, +0.9% to +2.3% Y/Y, versus +0.3% and +1.5% November).
12:00 CA December CPI (-1.1% to –0.2% M/M, +0.7% to +1.6% Y/Y, Core +1.7% to +2.8% Y/Y, versus –0.3%, +2.0% and +2.4% November).
The Psychology:
Lunar New Year holidays, year of the Ox in China which is off all week, start in many countries with Monday’s New Moon and eclipse of the sun.
The Risk:
Stock indices continue to flirt with pivotal support.
Today’s most interesting chart: Stoxx 50 Index
Cautiously re-testing November’s low.
