Quote:
‘The reason angels can fly is because they take themselves lightly.’ G. K. Chesterton (1874-1936)
The News:
MBIA Inc. sues Merrill Lynch & Co. for losses on debt securities it insured.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:30 JP March Jobless 4.8%, Job-to-Applicant Ratio 0.52, versus 4.4% and 0.59 February.
00:30 JP March Household Spending –0.4% Y/Y versus –3.5% February.
00:30 JP April Tokyo CPI –0.2% Y/Y, Ex-Fresh Food 0% Y/Y, versus +0.2% and +0.4% March.
00:30 JP March National CPI –0.3% Y/Y, Ex-Fresh Food –0.1% Y/Y, versus –0.1% and 0% February.
02:30 JP March Labour Cash Earnings –3.7% Y/Y vs –2.7% Feb. 06:00 April Vehicle Sales –23% Y/Y vs –31.5% Mar.
09:30 GB March Net Consumer Credit (-£0.2B to +£0.5B, on Dwellings £1.3B to £1.8B, vs -£0.2B and £1.5B February).
09:30 GB March Mortgage Approvals (32K to 42K versus 38K February).
09:30 GB April Manufacturing PMI (39.0 to 41.5 versus 39.1 March).
14:45 US Fed’s Bullard speaks to bankers, Arkansas.
15:00 US April Manufacturing ISM (35 to 42, Prices paid 32.5 to 37.0, versus 36.3 and 31.0 March).
15:00 US April final University of Michigan Confidence Survey (51.9 to 63.0 versus 61.9).
15:00 US March Factory Orders (-2.7% to +1.0% versus +1.8% February).
Late US April Vehicle Sales (9.1M to 10.2M versus 9.8M March).
The Psychology:
May Day holidays in much of the world today; holidays Monday in Ireland, Japan, UK et al.
The Risk:
Thin markets cause sudden swift moves.
Today’s most interesting chart: US Dollar Index
Precariously poised, here and in several major currencies.
