Quote:
‘No drinking, no smoking, and no fooling around.’ Gertrude Baines (1894-)
The News:
US Treasury secretary Geithner says majority of banks are well capitalized.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP March Trade Balance +Y11B, Adjusted –Y97B, versus +Y82B and –Y71B February.
06:00 JP March Supermarket Sales –4.0% Y/Y versus –5.4% February.
09:30 GB Bank of England Minutes of 8th/9th April MPC meeting; Peter Brierley speaks on banking regulation, London.
09:30 GB March Jobless Claims (+90K to +150K, Claimant Unemployment 4.4% to 4.8%, vs +138K and 4.3% Feb).
09:30 GB February Average Earnings (+0.8% to +2.0% 3M/Y/Y, Ex-bonus +3.2% to +3.4%, vs +1.8%/+3.5% Jan).
09:30 GB February ILO Unemployment (6.6% to 6.9% versus 6.5% January).
09:30 GB March Public Finances (£14B to £25B, Net Borrowing £14B to £21B, vs £4.4B and £9B Feb).
09:30 GB March M4 Money Supply (+1.2% to +1.5% M/M, +19.2% to +19.9% Y/Y, vs +1.4% and +18.7% Feb).
12:30 GB Chancellor Alastair darling presents his Budget in parliament.
13:30 CA March Leading Indicators (-1.4% to +0.3% M/M versus –1.1% February).
14:00 US Treasury’s Geithner speaks on the recession at the Economic Club of Washington.
15:00 US February House Price Index (-1.5% to +0.2% M/M versus +1.7% January).
The Psychology:
South Africa parliamentary election day public holiday.
The Risk:
Markets move sideways today.
Today’s most interesting chart: Swiss benchmark 10-year TBond yield
Re-testing 2.00%.
