Quote:
‘Sorry if I’m rather manic – Britten sort of leaves you with your guts hanging out.’ Edward Gardner (1975-)
The News:
US Treasury’s Geithner will have a program to clean banks’ toxic assets by July.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP March Tertiary Industry Index –4.0% versus revised –1.3% February.
08:30 DE May Manufacturing PMI (35 to 40, Services 43.3 to 45.5, versus 35.4 and 43.8 April).
09:00 EZ16 May Manufacturing PMI (36.5 to 40.8, Services 42.8 to 46, Composite 40 to 43.7, vs 36.7/43.8/41.1 April).
09:30 GB April Retail Sales (-0.5% to +1.0% M/M, +1.4% to +3.0% Y/Y, versus +0.3% and +1.5% March).
09:30 GB Q1 Total Business Investment (-5.0% to –2.0% Q/Q, -11.8% to –3.3% Y/Y, versus –1.5% and –4.5% Q4).
09:30 GB Public Finances (-£20B to +£10B, Net Borrowing £3B to £12B, versus +£28.4B and £19.1B March).
13:30 US Weekly Jobless Claims (585K to 675K, Continuing Claims 6590K to 6710K, vs 637K and 6560K prior week).
13:30 CA March Wholesale Sales (-0.5% to +0.3% M/M versus -0.6% February).
13:30 CA March International Securities Transactions (C$2B to C$5.5B versus C$6.1B February).
15:00 US May Philadelphia Fed Survey (-28 to –10 versus –24.4 April).
15:00 US April Leading Indicators (-0.2% to +1.4% versus –0.3% March).
15:00 US Treasury’s Geithner testifies at House Financial Subcommittee, Washington.
15:30 CA Bank of Canada Review.
21:55 GB Bank of England’s Bean speaks at the Cutlers’ Feast, Sheffield.
00:00 US Fed’s Plosser speaks on the economic outlook, New York; Rosengren at 00:30, Massachusetts.
The Psychology:
Assumption Day holidays in several countries (and many taking the Friday off too).
The Risk:
The Bank of Japan starts a two-day MPC meeting.
Today’s most interesting chart: Dollar Index future
Keeling over, completing an important top.
