Quote:
‘It is not true that life is one damn thing after another – it is one damn thing over and over.’ Edna St Vincent Millay (1892-1950)
The News:
The World Health Organisation declares the first influenza pandemic since 1968 which will be with us for months, if not years, to come. It has already affected 28,774 people in 74 countries killing 144 to date.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
06:00 JP May Consumer Confidence 36.3, Households 35.7, versus 33.2 and 32.4 April.
07:00 DE May Wholesale Prices +0.1% M/M, -8.9% Y/Y, versus +0.1% and –8.1% April.
09:45 GB Bank of England’s Fisher speaks, Coventry.
10:00 EZ16 April Industrial Production (-1.7% to +1.0% M/M, -21.7% to –18.3% Y/Y, vs –2.0% and –20.2% March).
12:30 EZ16 ECB’s Trichet speaks at a Bulgarian National Bank event, Sophia; and again at 16:30.
13:30 US May Import Price Index (-0.2% to +3.2% M/M, –18.0% to –16.7% Y/Y, versus +1.6% and –16.3% April).
14:00 NO Bank of England’s Dale speaks at Norges Bank MPC Conference, Oslo.
15:00 US June University of Michigan Confidence Survey (65.0 to 73.2 versus 68.7 May).
The Psychology:
G8 finance ministers meet in Lecce, Italy, today and tomorrow.
The Risk:
Iranian presidential elections today.
Today’s most interesting chart: US TNote future
Small ‘bullish engulfing’ candle at the bottom of a very steep ‘wedge’ with benchmark yields at 4.00%.
