Quote:
‘When I find a short seller, I want to tear his heart out and eat it before his eyes while he’s still alive’. Dick Fuld (1946-)
The News:
US May Vehicle Sales down ‘just’ 34.0% to 9.83M.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB May Nationwide Consumer Confidence 53 (six month high) versus revised 51 April.
09:30 GB May Services PMI (48 to 51 versus 48.7 April).
10:00 EZ16 revised Q1 GDP (-2.5% Q/Q, -4.8% to -4.5% Y/Y, versus –2.5% and –4.6%).
10:00 EZ16 April PPI (-1.5% to –0.2% M/M, -5.5% to –3.8% Y/Y, versus 8.9% March).
10:30 GB May BRC Shop Price Index.
12:30 US May Challenger Job Cuts (versus +47.0% Y/Y April).
13:15 US May ADP Employment Change (-575K to –425K versus –491K April).
15:00 US May Non-Manufacturing ISM (40.5 to 46.5 versus 43.7 April).
15:00 US April Factory Orders (-1.5% to +1.8% versus –0.9% March).
15:00 US Fed’s Bernanke testifies on the economy at House Budget Committee, Washington.
19:30 US Fed’s Hoenig speaks, Wyoming
The Psychology:
One by one currencies are elbowing the US dollar out of the way, Australian, New Zealand dollars and Brazilian real leading this week.
The Risk:
Potential imbalance between fixed income and stock index markets.
Today’s most interesting chart: Bank of England Trade Weighted pound
Rallying strongly despite political disarray.
