Quote:
‘The public is a wild animal. It’s better not to feed them too well’. Tom Waits (1949-)
The News:
US Fed also joins in with Quantative Easing (last seen 1960’s) as politicians quibble over bonuses.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP January All Industry Activity Index –1.7% versus –2.7% December.
05:30 JP February Tokyo Department Store Sales –11.7% Y/Y, Nationwide –11.5%, versus –9.6% and –9.1% January.
07:15 CH February Trade Balance +CH 731M, exports –22.4%, versus +CH2031M January.
09:30 GB February Public Finances (£0.3B to £11B, Net Borrowing £3B to £10B, vs -£25.1B and -£3.3B January).
09:30 GB February M4 Money Supply (+1.3% to +2.4% M/M, versus +2.5% and +17.5% Y/Y January).
10:00 CH March ZEW Survey (versus –57.7 February).
11:00 GB March CBI Industrial Trends (-65 to –46 versus –56 February).
11:00 CA February CPI (-0.5% to +0.7% M/M, +0.5% to +1.4% Y/Y, Core +1.2% to +1.7% Y/Y, versus –0.3%, +1.1% and +1.9% January).
12:30 US Weekly Jobless Claims (620K to 690K, Continuing Claims 5270K to 5400K, vs 645K and 5317K prior week).
12:30 CA January International Securities Transactions (-C$2.5B to +C$3.5B versus –C$2.8B December).
14:0 US March Philadelphia Fed Survey (-45 to -30 versus –41.3 February).
14:00 US February Leading Indicators (-1.1% to 0% versus +0.4% January).
14:30 US Fed’s Tarullo testifies on modernising bank supervision, Washington.
15:00 EU27 Leaders’ start a two-day summit, Brussels.
The Psychology:
Vernal Equinox holiday in Japan tomorrow.
The Risk:
Markets break well out of recent ranges.
Today’s most interesting chart: US TNote future
Bursting higher from a downward-sloping ‘wedge’.
