Quote:
‘When the reviews are bad I tell my staff that they can join me as I cry all the way to the bank.’ Liberace (1919-1987)
The News:
Chinese yuan weakens again ahead of US Treasury’s Geithner’s visit starting Saturday.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP Bank of Japan Minutes of April 28th MPC meeting.
00:50 JP April Trade Balance +69B Yen, Adjusted –52B, versus +10B and –50B March.
From today DE May CPI for the different German states.
09:30 GB April BBA Mortgage Lending (25K to 29K versus 26K March).
15:00 US April Existing Home Sales (4.47M to 4.80M versus 4.57M March).
15:00 US March House Price Index (-0.6% to +1.0% M/M versus +0.7% February).
15:00 US FDIC’s Blair announces bank and thrift earnings, Washington. 18:00 US auction result of five-year TNote.
00:50 JP April Large Retailers’ Sales (Mizuho Research Institute –7.1% Y/Y versus –8.1% March).
00:50 JP April Retail Trade (Mizuho Securities –0.1% M/M, -3.7% Y/Y, versus –1.1% and –3.9% March).
The Psychology:
The UK has just 242,000 millionaires vs 489,000 in 2007, average wealth shrinking by 25% on falling property and share prices. The Centre for Economics and Business Research had predicted 760,000 by 2010.
The Risk:
Many currencies strengthening against the US dollar, pushing through recent extremes.
Today’s most interesting chart: Benchmark US 5-year TNote yield
Highest since November.
