Quote:
‘To sit in solemn silence in a dull, dark dock,
In a pestilential prison, with a life long lock,
Awaiting the sensation of a short, sharp shock,
From a cheap and chippy chopper on a big black block!’ Sir W. S. Gilbert (1836-1911)
The News:
US Fed says banks will need to hold substantially more capital than usually required while Larry Summers says the vast majority of US banks are well capitalised.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
From today DE April CPI for the different German states.
00:01 GB April Hometrack Housing Survey –0.3% M/M, -10.1% Y/Y, versus –0.6% and –10.3% March.
07:00 DE March Import price Index –0.4% M/M, -7.1% Y/Y, versus –0.1% and –6.4% February.
07:10 DE May GfK Consumer Confidence 2.5 versus revised 2.5 April.
09:30 GB March BBA Mortgages (versus £2.817B February).
09:30 GB Bank of England reports on Asset Purchase Facility.
11:45 EZ16 ECB’s Trichet speaks on trends in global finance, New York.
00:50 JP March Large Retailers’ Sales (Mizuho Research Institute –7.4% Y/Y versus –8.1% February).
00:50 JP March Retail Trade (Mizuho Securities –3.6% M/M, -6.4% Y/Y, versus –0.2% and –5.7% February).
The Psychology:
Suspected cases of swine ‘flu in France, Spain and the US as 1,600 suffer in Mexico.
The Risk:
The more the authorities talk up the economy the less they will be believed.
Today’s most interesting chart: ICE Sugar
Highest price since Oct 2008.
