Quote:
‘Press Rice Krispies into the tread of your car tyres for that expensive gravel drive experience.’ Chris Donald (1960-)
The News:
Rumour that stress test shows Bank of America needs $34B in new capital, and they are one of ten banks that need more money.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB April Nationwide Consumer Confidence 50 versus 41 March.
03:30 US Fed’s Yellen says recession might end in H2 2009; speaks again at 22:30 via satellite, Australia.
08:00 CH SNB’s Jordan speaks, Zurich.; Chairman Roth at 18:15.
09:30 GB April Services PMI (45.5 to 47.4 versus 45.5 March).
10:00 EZ16 March Retail Sales (-0.3% to +0.4% M/M, -3.1% to –2.2% Y/Y, versus –0.6% and –4.0% February).
10:30 GB April BRC Shop Price Index.
12:30 US April Challenger Job Cuts.
13:00 NO Norges Bank interest rate decision (expected –50 basis points to 1.50%. 13:45 News Conference.
13:15 US April ADP Employment Chance (-733K to –560K versus –742K March).
13:30 CA March Building Permits (-3.0% to +5.0% M/M versus –15.9% February).
14:30 US Fed’s Stern and FDIC’s Bair talk about ‘too big to fail’, Washington.
15:00 CA April Ivey Purchasing Managers (36 to 47 versus 43.2 March).
The Psychology:
Another holiday in Japan today. Czech upper house votes on Lisbon treaty.
The Risk:
Treasury auctions in Britain, Canada, Germany and the US.
Today’s most interesting chart: Australian dollar
Strongest since early October.
