Quote:
‘A difficult achievement for true lovers
Is to lie mute, without embrace or kiss,
Without a rustle or a smothered sigh,
Basking each in the other’s glory.’ Robert Graves (1895-1985)
The News:
US General Growth Properties Inc. files for biggest ever real estate bankruptcy with debts of $27.29B.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP February Tertiary Industry Index –0.8% M/M versus +0.4% January.
01:00 US Fed’s Yellen speaks on the economic crisis, New York; Fisher at 03:00, Beijing; Trichet at 04:00, Tokyo.
06:00 JP March Consumer Confidence 29.6, Households 28.9, versus 27.6 and 26.7 February.
06:30 JP March Tokyo Department Store Sales –12.9% Y/Y, Nationwide –13.1%, vs –11.7% and –11.5% February.
08:15 CH February Retail Sales (versus +1.2% January).
10:00 EZ16 February Trade Balance (-€6B to -€3.5B S/A versus -€5.5B January).
10:00 CH Swiss National Bank chairman Roth speaks at shareholders’ meeting, Berne.
12:00 CA March CPI (+0.1% to +0.6% M/M, +1.2% to +1.7% Y/Y, versus +0.7% and +1.4% February).
12:00 CA March Core CPI (+0.1% to +0.4% M/M, +1.8% to +2.1% Y/Y, versus +0.5% and +1.9% February).
13:30 US Fed’s Hoenig speaks at a Fed conference, Washington; Bernanke at 17:30.
15:00 US April University of Michigan Confidence Survey (55 to 63 versus 57.3 March).
The Psychology:
Good Friday holidays in some countries, ahead of the Orthodox Easter on Monday, as Trinidad and Tobago hosts the Fifth Summit of the Americas today and tomorrow.
The Risk:
Many markets still looking for direction.
Today’s most interesting chart: Taiwan Stock Index
Biggest drop in 3 months, from a 7 month high, dragged down by financials.
