Quote:
‘If it looks right, it is right.’ Dorothy Draper (1889-1969)
The News:
Hundreds queue at Allen Stanford’s banks in Caribbean and Latin America to withdraw savings.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
04:00 JP Bank of Japan keeps rates at 0.10% saying financial environment severe, economy worsening sharply.
05:30 JP January Tokyo Department Store Sales –9.6% Y/Y, Nationwide –9.1%, versus –10.4% and –9.4% December.
09:30 GB January Public Finances (-£20.2B to +£1.5B, Net Borrowing -£10B to -£4.4B, vs +£44.2B and +£14.9B Dec).
09:30 GB January M4 Money Supply (+0.8% to +1.5% M/M, +15.4% to +17.6% Y/Y, vs +1.4% and +16.1% Dec).
10:00 CH February ZEW Survey (versus –66.7 January).
13:30 US January PPI (-1.1% to +2.0% M/M, -3.3% to –1.1% Y/Y, versus –1.9% and –0.9% December).
13:30 US January PPI Ex-Food&Energy (-0.4% to +0.4% M/M, +3.5% to +3.9% Y/Y, versus +0.2% and +4.3% Dec).
13:30 US Weekly Jobless Claims (585K to 660K, Continuing Claims 4800K to 4882K, vs 623K and 4810K prior week).
13:30 CA January Leading Indicators (-0.9% to –0.4% M/M versus –0.6% December).
15:00 US February Philadelphia Fed Survey (-34 to –20 versus –24.3 January).
15:00 US January Leading Indicators (-0.3% to +0.3% versus +0.3% December).
17:00 GB Bank of England’s Gieve speaks, the London School of Economics.
18:15 US Fed’s Lockhart speaks on the economy, Alabama.
23:50 JP December All Industry Activity Index (Mizuho Securities –2.8% M/M versus –2.3% November).
The Psychology:
Investors’ increasingly frayed nerves.
The Risk:
Treasury auctions in France, Spain, the UK plus the US refunding announcement.
Today’s most interesting chart: Spot Gold in Euros
Record high €776 per ounce.
