Quote:
‘procrastination is the
art of keeping
up with yesterday’ Don Marquis (1878-1937)
The News:
Many banks planning to issue shares as Abu Dhabi plan to sell their Barclays shares.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP May Monetary Base +7.9% Y/Y, versus +8.2% April.
02:30 JP auction result of ten-year JGB: average yield 1.527%, stop 1.534%, bid-to-cover 3.37.
05:30 AU Reserve Bank of Australia keeps Cash Target interest rate unchanged at 3.00%.
06:45 CH Q1 GDP –0.8% Q/Q, -2.4% Y/Y, versus revised –0.6% and –0.6% Q4.
08:30 CH May PMI (36 to 40 versus 34.7 April).
09:30 GB April Net Consumer Credit (£0 to £0.4B, on Dwellings £0 to +£1.2B, versus +£01.B and +£0.8B March).
09:30 GB April Mortgage Approvals (39K to 43K versus 39K March).
10:00 EZ16 April Unemployment (9.0% to 9.2% versus 8.9% March).
15:00 US April Pending Home Sales (-2.0% to +4.0% versus +3.2% March).
18:20 US Fed’s Fisher speaks on regional economies, Texas.
late US May Vehicle Sales (9M to 10M, Domestic 6.7M to 7.3M, versus 9.3M and 7.0M April).
00:01 GB May Nationwide Consumer Confidence (48 to 54 versus 50 April).
The Psychology:
Glee as stock indices squeeze to their highest this year, some well above 200-day averages.
The Risk:
Initial day’s moves are reversed later on.
Today’s most interesting chart: Norwegian krone
Yesterday’s best performer.
