Quote:
‘There is no wisdom like frankness.’ Benjamin Disraeli (1804-1881)
The News:
US Fed gets bids for just $1.7B for its TALF programme versus $4.7B in March’s debut.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB March Nationwide Consumer Confidence 41 versus 43 February.
00:01 GB March NIESR GDP estimate –1.5% versus –1.8% February.
00:50 JP February Current Account 1116B Yen, Trade Balance 202B, vs -172B and -844B January.
05:30 JP March Bankruptcies 14.1% versus 10.4% February.
06:00 JP March Economy Watchers’ Survey Current 28.4, Outlook 35.8, versus 19.4 and 26.5 February.
07:00 DE February Trade Balance +€8.7B, Current Account +€5.6B, vs revised +€7.0B and +€2.3B January.
11:00 DE February Factory Orders (-6.0% to +1.0% M/M, -39.0% to –34.5% Y/Y, versus –8.0% and –37.9% January).
13:15 CA February Housing Starts (120K to 150K versus 134.7K January).
15:00 US February Wholesale Inventories (-1.3% to +0.5% versus –0.9% January).
17:35 US Fed’s Fisher speaks on its response to economic problems, Tokyo.
19:00 US Fed Minutes of March 17/18th FOMC meeting.
00:50 JP February Machine Orders (Mizuho Securities –4.3% M/M, -34.1% Y/Y, versus –3.2% and –39.5% January).
The Psychology:
Passover holiday in Israel today. Many on Easter holidays from Thursday to Monday.
The Risk:
The Bank of England starts a two-day MPC meeting, auctions £1.1B 1.25% 2022 IL Gilt, and the US SEC meets to discuss reinstating the ‘uptick rule’.
Today’s most interesting chart: S&P future
Retreating from trendline and retracement resistance.
