Quote:
‘If you could choose one characteristic to get you through life, choose a sense of humour.’ Jennifer Jones (1919-)
The News:
South Korea intervenes to smooth and slow losses on the won.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP February Monetary Base +6.4% Y/Y versus +3.9% January.
03:30 AU Reserve Bank of Australia keeps rates unchanged at 3.25%.
03:45 JP auction result of 10-year JGB: average yield 1.296%; stop 1.30%; bid-to-cover ratio 2.93.
06:45 CH Q4 GDP –0.3% Q/Q, -0.6% Y/Y, versus revised –0.1% and +1.4% Q3.
07:00 DE January Wholesale Price Index M/M, Y/Y, versus –3.0% and –3.3% December.
09:30 GB February Construction PMI (32 to 35 versus 34.5 January).
10:30 GB auction result of 3.25% 2011 Gilt.
11:00 EZ16 ECB’s Weber speaks after a regular Franco-German economic meeting, Paris.
13:00 US Fed’s Lockhart speaks on the US economy, Tampa.
13:30 CA Bank of Canada interest rate decision (-50 or –25 basis points from a current 1.00%).
15:00 US January Pending Home Sales (-5.0% to –0.8% versus +6.3% December).
15:00 US Fed’s Bernanke testifies on the budget and economy Senate Budget Committee, Washington.
17:30 EZ16 ECB’s Trichet speaks, Frankfurt.
Late US February Vehicle Sales (versus Total 9.6M and Domestic 6.9M January).
The Psychology:
US SEC warns that con-artists are posing as their officials. Gordon Brown meets Obama.
The Risk:
Politicians still do not understand the financial issues and problems.
Today’s most interesting chart: FTSE 100
Closing under October’s low; lowest since April 2003.
