Quote:
‘Someone’s got to kick start the economy.’ Simon Humphrey Parker Bowles (1941-)
The News:
The US government gives AIG another $30B as EU leaders refuse to give Eastern Europe €180B.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:01 GB February Hometrack Housing Survey –0.8% M/M, -10.0% Y/Y, versus –1.0% and –9.4% January.
01:30 JP January Labour Cash Earnings –1.3% Y/Y, Overtime record –14.8%, versus –0.8% and –11.2% December.
05:00 JP February Vehicle Sales –32.4% Y/Y versus –27.9% January.
08:30 CH February PMI (versus 35.0 January); SNB chairman Roth speaks at 18:30, Frankfurt.
09:30 GB February Manufacturing PMI (33 to 36 versus 35.8 January).
09:30 GB January Net Consumer Credit (£0.3B to £0.5B, on Dwellings £1.0B to £1.5B, versus £0.3B and £1.9B Dec).
09:30 GB January Mortgage Approvals (30K to 33K versus 31K December).
10:00 EZ16 February CPI (+0.8% to +1.3% Y/Y versus +1.1% January).
13:30 US January Personal Income (-0.4% to +0.2%, Spending –0.5% to +0.6%, versus –0.2% and –1.0% Dec).
13:30 US January Core PCE (0% to +0.2% M/M, +1.4% to +1.7% Y/Y, Deflator +0.4% to +0.7%, vs 0%, +1.7%, and +0.6% January).
13:30 CA December GDP (-0.6% to –0.5% M/M, Q4 –4.0% to –2.3% Y/Y, versus -0.7% and +1.3% November/Q3).
15:00 US February Manufacturing ISM (31.8 to 38.0, Prices Paid 25 to 38, versus 35.6 and 29 January).
15:00 US January Construction Spending (-2.5% to –0.7% versus –1.4% December).
16:30 US Fed’s Rosengren speaks to bankers, Washington. Lacker at 17:45 in Virginia.
23:50 JP February Monetary Base (versus +3.9% Y/Y January).
The Psychology:
Holidays in Bulgaria, Cyprus, Ethiopia and Greece as Slovakia auctions four-year Treasuries.
The Risk:
The economy remains ‘a shambles’ throughout 2009 and beyond as Warren Buffet says.
Today’s most interesting chart: S&P 500
Clearly the lowest monthly close since October 1996.
