Quote:
‘Put not your trust in money, but put your money in trust.’ Oliver Wendell Holmes Sr (1809-1894)
The News:
Finance minister Yosano pledges $3B (in dollars) to lend to small firms from state-owned Japan Bank for International Cooperation.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP April Corporate Services Prices –2.4% Y/Y versus –2.1% March.
04:45 JP auction result of 20-year JGB: bid-to-cover ratio 3.52, average yield 2.111%; stop 2.114%.
07:00 DE final Q1 GDP –3.8% Q/Q, -6.9% Y/Y, versus –3.8% and –6.9%.
07:10 DE June GfK Consumer Confidence 2.5 versus 2.5 May.
08:15 CH Q1 Payrolls (versus 3963 Q4).
09:00 EZ16 March Current Account (versus -€8.1B February).
10:00 EZ16 March Industrial New Orders (-0.5% to +1.8% M/M, -33.2% to –31.1% Y/Y, versus –0.6%/–34.5% Feb).
14:00 US March Case-Shiller House Price Index (-19.1% to –17.9% Y/Y versus –18.63% February).
15:00 US May Consumer Confidence (39.7 to 47.3 versus 39.2 April).
00:50 JP Bank of Japan Minutes of April 28th MPC meeting.
00:50 JP April Trade Balance (Mizuho Securities –40B Yen versus +10B March).
The Psychology:
North Korea accuses the US of ‘hostile intent’ and prepares to test more rockets.
The Risk:
Budget deficits ballooning.
Today’s most interesting chart: NZD
Strongest weekly close since early October and moving averages turn bullish.
