Quote:
‘Some on commission, some for the love of learning,
Some because they have nothing better to do
Or because they hope these walls of books will deaden
The drumming of the demon in their ears.’ Louis MacNeice (1907-1963)
The News:
GM to file for bankruptcy protection today as the government gives it another $30B to burn.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB May Hometrack Housing Survey 0% M/M, -9.6% Y/Y, versus –0.3% and –10.1% April.
02:30 JP April Labour Cash Earnings –2.5% Y/Y, Overtime Pay –18.8%, versus –3.9% and –20.8% March.
06:00 JP May Vehicle Sales –19.0% Y/Y versus –28.6% April.
09:30 GB May Manufacturing PMI (43 to 46.9 versus 42.9 April).
13:30 US April Personal Income (-0.5% to +0.3% M/M, Spending –0.4% to +0.1%, versus –0.3% and –0.2% March). ]
13:30 US April Core PCE (+0% to +0.3% M/M, PCE Deflator +0.2% to +0.6% Y/Y, vs +0.2% and +0.6% March).
13:30 CA March GDP (-0.5% to –0.1% M/M, Q1 –7.0% to –4.9% Y/Y, versus –0.1% February and –3.4% Q4 2008).
13:30 CA April Industrial Product Prices (-0.3% to +1.0% M/M, Raw Materials +1.0% to +8.5%, vs +0.3%/+12.1%).
15:00 US May Manufacturing ISM (38.6 to 46.0, Prices Paid 33.1 to 36.7, versus 40.1 and 32 April).
15:00 US April Construction Spending (-2.5% to +0.2% M/M versus +0.3% March).
The Psychology:
Whit Monday holidays June in many European countries; also New Zealand and Kenya.
The Risk:
More and more different businesses clamour for government money to help them limp along.
Today’s most interesting chart: Dollar Index future
One of the biggest ever monthly falls and back down to where it was at the beginning of October.
