Quote:
‘A dwelling-house, as such, contributes nothing to the revenue of its inhabitant’. Adam Smith (1723-1790)
The News:
Russian President Medvedev says to spend $43B on the military to counter NATO expansion.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:00 JP Bank of Japan concludes two-day MPC meeting keeping rates at 0.10%; Monthly Report.
08:15 CH January Retail Sales (versus +3.6% Y/Y December).
09:30 GB Bank of England MPC Minutes of March 4th/5th meeting.
09:30 GB February Jobless Claims (+75K to +95K, Unemployment 3.9% to 4.1%, vs +73.8K and 3.8% January).
09:30 GB January ILO Unemployment (6.4% to 6.6%, versus 6.3% December).
09:30 GB January Average Earnings (+2.8% to +3.2% 3M/Y/Y, Ex-bonus +3.2% to +3.6%, vs +3.2%/+3.6% Dec).
12:30 US February CPI (+0.2% to +0.5% M/M, -0.2% to +0.2% Y/Y, versus +0.3% and 0% January).
12:30 US February Core CPI (0% to +0.2% M/M, +1.6% to +1.8% Y/Y, versus +0.2% and +1.7% January).
12:30 US Q4 Current Account (-$165B to -$116B versus -$174B Q3).
12:30 CA January Wholesale Sales (-5.0% to +0.1% M/M versus –3.4% December).
18:15 US FOMC interest rate decision (many expect –10 to –15 basis points from 0.25%, others unchanged, ING 0%).
19:30 EZ16 ECB’s Weber speaks on mitigating the global crisis, Germany.
20:10 GB Bank of England’s King speaks at a bankers’ dinner, London.
23:50 JP January All Industry Activity Index (Mizuho Securities –2.3% versus –2.7% December).
The Psychology:
Quibbling over bonuses a side issue as bail out plans still unclear and lacking focus.
The Risk:
Ten-year Bund and 30-year Canadian Treasury bond auctions.
Today’s most interesting chart: Swiss Conf bond future
Strongest daily close in months.
