Quote:
‘We do not regard Englishmen as foreigners. We look on them only as rather mad Norwegians’. Halvard Lange (1902-1970)
The News:
US Congressional Oversight Panel says ‘stress tests’ should be repeated if adverse scenarios exceeded.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB May BRC Retail Sales Monitor -0.8% Y/Y versus +4.6 April.
00:01 GB May RICS House Price Balance –44.1% versus revised –58.7% April.
00:50 JP April Leading Index 76.5, Coincident 85.8, versus 76.3 and 85.1 March.
07:00 JP May Machine Tool Orders –79.3% versus –80.4% April.
07:00 DE April Trade Balance +€9.4B, Current Account +€5.8B, versus +€11.3B and revised +€11.0B March.
09:30 GB April DCLG House Prices (-15.0% to –13.0% Y/Y versus –13.6% March).
10:30 GB Bank of England’s Tucker speaks to British Insurers, London.
10:30 CH KOF Research Institute publishes economic outlook for Switzerland.
11:00 DE April Industrial Production (-1.5% to +3.5% M/M, -21.5% to –18.7% Y/Y, versus 0% and –20.4% March).
15:00 US April Wholesale Inventories (-1.7% to +0.5% versus –1.6% March).
15:30 US Treasury’s Geithner testifies on his department’s budget, Senate Appropriations Committee.
00:50 JP May Domestic CGPI (Mizuho Securities –0.3% M/M, -5.1% Y/Y, versus –0.4% and –3.8% April).
00:50 JP April Machine Orders (Mizuho Securities +0.4% M/M versus –1.3% March).
The Psychology:
Treasury auctions yet again, today In Austria, Japan, the Netherlands, UK and US.
The Risk:
Eurogroup finance ministers meet again today in Luxembourg.
Today’s most interesting chart: Benchmark US 5-year TNote yield
Highest since October.
