Quote:
‘Never discourage creativity for you will be sure to succeed.’ Bertrand Russell (1872-1970)
The News:
Brazil slashes Selic rate by 100 basis points to 9.25% as economy goes into recession.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
(21:00) NZ Reserve Bank of New Zealand keeps rates unchanged at 2.50%; likewise South Korea at 2.00%.
00:01 GB May NIESR GDP versus –1.5% April.
00:50 JP Q1 final GDP –3.8% Q/Q, -14.2% Y/Y, Deflator +0.9% vs –4.0%, –15.2% and +1.1%.
09:00 EZ16 ECB Monthly Bulletin.
09:30 GB Bank of England Quarterly inflation attitudes. 10:30 auction result of £725M 0.75% 2047 Index linked Gilt.
10:00 DE Kiel Economic Institute economic forecasts.
13:30 US May Retail Sales (-0.3% to +1.4% M/M, Ex-autos –0.5% to +1.2%, versus –0.4% and –0.5% April).
13:30 US Weekly Jobless Claims (580K to 640K, Continuing Claims 6730K to 6800K, vs 621K and 6735K prior week).
13:30 CA Q1 Capacity Utilisation (69.5% to 73.8% versus 74.7% Q4).
15:00 US April Business Inventories (-1.3% to +1.4% versus –1.0% March).
17:00 US auction result of 30-year TBonds.
18:05 US Fed’s Lockhart speaks on the economic outlook, Atlanta.
18:50 CA Bank of Canada governor Carney speaks on the global economy, Montreal.
The Psychology:
Corpus Christi holidays in a few countries.
The Risk:
Too many markets slightly precariously poised.
Today’s most interesting chart: Nymex Cruse Oil
Energy products strongest since November.
