Quote:
‘Politicians are like nappies – they should be changed frequently, and for the same reason’. Barry Cryer (1935-)
The News:
Toyota forecasts its first full year loss ($4.9B) in 70 years; credit rating cut to Aa1, outlook negative.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:30 AU Reserve Bank of Australia Quarterly Policy Statement: sees slowdown less severe than elsewhere.
05:00 JP December Leading Economic Index 79.8, Coincident Index 92.3, versus revised 81.8 and 94.9 November.
07:15 CH January Jobless 2.9% versus 2.8% December.
09:30 GB January Input PPI (-1.5% to +3.6% M/M, +0.8% to +5.2% Y/Y, versus –2.0% and +4.3% December).
09:30 GB January Output PPI (-0.5% to +0.6% M/M, +1.4% to +4.1% Y/Y, versus 0% and +4.7% December).
09:30 GB December Industrial Production (-2.7% to +0.3% M/M, -9.5% to –4.5% Y/Y, versus –2.3% and –6.9% Nov).
09:30 GB December Manufacturing Production (-2.2% to +0.2% M/M, -9.4% to –4.9% Y/Y, vs –2.9% and –7.4%).
11:00 DE December Industrial Production (-6.0% to –0.5% M/M, -12.1% to –7.7% Y/Y, vs –3.1% and –6.4% Nov).
12:00 CA January Net Employment Change (-60K to –10K, Unemployment 6.7% to 7.0%, vs –20.4K and 6.6% Dec).
13:30 US January Non-Farm Payrolls (-750K to -400K, Unemployment 7.3% to 7.6%, versus -524K and 7.2% Dec).
13:30 US January Hourly Earnings (+0.1% to +0.3% M/M, Workweek 33.1 to 33.4 hours, vs +0.3% and 33.3 Dec).
20:00 US December Consumer Credit (-$12B to +$1.5B versus -$7.9B November).
22:45 US Fed’s Yellen speaks to bank directors, Hawaii.
The Psychology:
Waitangi Day holiday in New Zealand.
The Risk:
Suggestion banks should no longer use ‘mark-to-market’ accounting.
Today’s most interesting chart: GBP/JPY
Breaking above top of downward-sloping ‘wedge’ formation, stalling at the lower edge of a thick Ichimoku ‘cloud’, leading Yen crosses higher.
