Quote:
‘Once I built a railroad,
Now it’s done,
Brother, can you spare a dime?’ Yip Harburg (1898-1981)
The News:
The Wall Street Journal reports that the US Fed says Citigroup and Bank of America, maybe Fifth Third Bancorp, Wells Fargo and Regions Financial Corp, need more capital.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
From today DE April CPI for the different German states.
00:50 JP March Retail Trade –1.1% M/M, -3.9% Y/Y, versus –0.3% and –5.8% February.
00:50 JP March Large Retailers’ Sales –8.1% Y/Y versus –8.2% February. 10:30 GB auction result of 4.00% 2022 Gilt.
10:40 GB Bank of England’s Haldane speaks at student association, Amsterdam.
11:00 GB April CBI Distributive Trades (-50 to –30 versus –44 March).
14:00 US February S&P/CaseShiller Home Price Index (-19.6% to –17.5% versus –18.97% January).
15:00 US April Consumer Confidence (26 to 35 versus 26 March).
16:00 CH Swiss National Bank’s Roth speaks, Zurich, as negotiations over double-taxation treaty with the US begin.
The Psychology:
Holiday in Israel today; Israel and Japan tomorrow.
The Risk:
US FOMC starts a two-day rate-setting meeting today (half calling for –12 basis points to 0.13%).
Today’s most interesting chart: EUR/CHF
Dipping to the lowest level for the Euro since the Swiss National Bank intervened.
