Quote:
‘I have never seen such greed and moral turpitude – this case is going to make Bernard Madoff look warm and fuzzy.’ Courtney Love (1965-)
The News:
China Q1 GDP +6.1% Y/Y, lowest since Q4 1999’s +6.0%.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB March BRC Retail Sales Monitor –1.2% versus –1.8% February.
07:00 EU27 March New Car Registrations –9.1% Y/Y versus –18.0% February.
08:15 CH March PPI M/M, Y/Y, versus –0.6% and –1.8% February.
10:00 EZ16 March Core CPI (+0.3% to +0.8% M/M, +1.0% to +1.5% Y/Y, versus +0.4% and +1.7% February).
10:00 EZ16 February Industrial Production (-4.0% to –2.0% M/M, -19.5% to –15.7% Y/Y, vs –3.5% and –17.3% Jan).
13:30 US March Housing Starts (500K to 600K, Building Permits 500K to 585K, versus 583K and 564K February).
13:30 US Weekly Jobless Claims (635K to 675K, Continuing Claims 5820K to 5950K, vs 654K and 5840K prior week).
13:30 CA February Manufacturing Shipments (-3.0% to +4.0% M/M versus -5.4% January).
15:00 US April Philadelphia Fed Survey (-40 to -28 versus –35 March).
18:00 US Fed’s Lockhart speaks on the world economy, New York; Yellen at 00:00.
00:50 JP February Tertiary Industry Index (Mizuho Securities –1.3% M/M versus +0.4% January).
The Psychology:
Too many claiming to find ‘green shoots’ in the economy; ‘Eats, Shoots, Leaves’.
The Risk:
Treasury auctions in Britain, France and Spain.
Today’s most interesting chart: LME 3-month Zinc
Gapping through trendline resistance.
