Quote:
‘When it comes to balance sheets, on the left hand side nothing is right and on the right hand side nothing is left.’ Tadao Noda (1947-)
The News:
Bernanke says the economic outlook is worsening while Obama says it should improve and stocks were a long term buy because they are cheap.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(Late) US February Vehicle Sales 9.08M, Domestic 6.4M, versus Total 9.6M and 6.9M January.
00:01 GB February Nationwide Consumer Confidence 43 versus 40 January.
09:30 GB February Services PMI (39 to 43 versus 42.5 January).
10:30 GB February BRC Shop Price Index. Auction result of £2.75B 4.25% 2039 Gilt.
12:30 US February Challenger Job Cuts (versus +222% January).
13:15 US February ADP Employment Change (-770K to –500K versus –522K January).
14:00 US Fed’s Fisher speaks on the economy, Texas.
15:00 US February Non-Manufacturing ISM (37 to 44 versus 42.9 January).
15:00 US Treasury’s Geithner testifies to the Senate Finance Committee, Washington.
17:00 US Fed’s Lockhart speaks on the economic outlook, Miami. 18:00 CA auction result of 30-year real return bond.
19:00 US Fed’s Beige Book.
23:50 JP Q4 Capital Spending (-21.2% to –10.9% versus –13.0% Q3).
The Psychology:
The Bank of England starts a two-day MPC meeting threatening immediate Quantitative Easing.
The Risk:
Currency moves random as each currency marches at its own pace and reacts to different problems.
Today’s most interesting chart: Dow Jones Transports
Lowest since May 2003.
