Quote:
‘I am the family face;
Flesh perishes, I live on,
Projecting trait and trace
Through time to times anon,
And leaping from place to place
Over oblivion.’ Thomas Hardy (1840-1928)
The News:
Reuters says 10 of the 19 biggest US banks need more capital.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
05:30 AU Reserve Bank of Australia keeps interest rates at 3.00%.
06:45 CH Q2 Consumer Confidence –38 versus –23 Q1.
09:30 GB April Construction PMI (29 to 32 versus 30.9 March).
10:00 EZ16 March PPI (-0.7% to –0.2% M/M, -3.1% to –2.6% Y/Y, versus –0.5% and –1.8% February).
15:00 US April Non-Manufacturing ISM (39.5 to 44.0 versus 40.8March).
15:00 US Fed’s Bernanke testifies on the economy at Joint Economic Committee on the economy, Washington.
18:15 US Fed’s Stern at Law Institute, Minneapolis.
00:01 GB April Nationwide Consumer Confidence (42 to 43 versus 41 March).
The Psychology:
Holiday in Japan, South Korea and Thailand today as ECOFIN finance ministers meet, Brussels.
The Risk:
Thin markets see some moves ‘extend’ a little further.
Today’s most interesting chart: South African rand
Strongest since early October.
