Quote:
‘I am extraordinarily patient, provided I get my own way in the end’. Margaret Thatcher (1915-)
The News:
Bank of Japan to buy 1 Trillion Yen of shares held by financial institutions.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP January Monetary Base +3.9% Y/Y versus +1.8% December.
01:30 JP December Labor Cash Earnings –1.4% Y/Y, Overtime –11.2% (biggest fall in 15 years), vs –0.7%/–6.8% Nov.
03:30 AU Reserve Bank of Australia cuts Official Cash Rate by 100 basis points to record low 3.25%.
03:45 JP auction result of ten-year JGB: bid-to-cover 2.2; average yield 1.30%; tail 0.17.
07:00 DE December Retail Sales -0.2% M/M, -0.3% Y/Y, versus –0.4% and –3.0% November.
07:15 CH December Trade Balance (versus +CHF 2150M November).
09:30 GB January Construction PMI (27 to 30 versus 29.3 December).
10:00 EZ15 December PPI (-3.0% to +0.1% M/M, +0.1% to +2.8% Y/Y, versus –1.9% and +3.3% November).
10:30 GB auction result of £3.75B 3.25% 2011 Gilt.
15:00 US December Pending Home Sales (-5.0% to +2.0% versus –4.0% November).
Late US January Vehicle Sales (Total 9.8M to 11.0M, Domestic 7.4M to 8.7M, versus 10.3M and 7.8M December).
The Psychology:
Ever more desperate authorities throwing money about the place.
The Risk:
Stock markets hover nervously on key support levels.
Today’s most interesting chart: US TBond future
Bouncing from retracement and ‘cloud’ support.
