Quote:
On changing his mind: ‘Events dear boy, events.’ Harold Macmillan (1853-1936)
The News:
Japanese finance minister Yosano says government will do everything to keep the economy afloat.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:01 GB February BRC Retail Sales Monitor –1.8% versus +1.1% January.
00:01 GB February RICS House Price Balance record low –78% versus revised –77% January.
05:00 JP January Leading Economic Index 77.1, Coincident 89.6, versus 80.0 and 92.4 December.
05:00 JP February Machine Tool Orders –83.9% versus –84.1% January.
07:00 DE February final CPI +0.6% M/M, +1.0% Y/Y, versus +0.6% and +1.0%.
07:00 DE January Trade Balance +€8.5B, Current Account +€4.2B, versus revised +€7.3B and +€12.7B December.
08:30 EU Finance Ministers continue their meeting, Brussels.
09:00 DE ECB’s Weber speaks at the Bundesbank’s annual press conference, Frankfurt.
09:30 GB January Industrial Production (-1.8% to –0.4% M/M, -10.4% to –9.3% Y/Y, versus –1.7% and –9.4% Dec).
09:30 GB January Manufacturing Production (-2.0% to –0.5% M/M, -12.2% to –10.9% Y/Y, vs –2.2%/–10.2% Dec).
12:30 US Fed’s Bernanke speaks on financial reform, Washington.
14:00 US January Wholesale Inventories (-1.5% to –0.4% versus –1.4% December).
23:50 JP January Machine Orders (Mizuho Securities –5.5% M/M, -41.1% Y/Y, versus –1.7% and –26.8% December).
23:50 JP February Domestic CGPI (Mizuho Securities –1.2% M/M, -1.9% Y/Y, versus –1.0% and –0.2% January).
00:01 GB February NIESR GDP (versus –1.7% January).
The Psychology:
Stock markets slip again to multi-year lows.
The Risk:
Governments keep on promising the earth and this does not stop the rot.
Today’s most interesting chart: Topix Index
Lowest since December 1983.
