Quote:
‘(Joseph McCrindle) belonged to a generation of old money, a New Yorker whose grandmother lived in a whole house on Fifth Avenue.’ Brian Sewell (1931-)
The News:
Demonstrations in Iran cities contesting re-election of president Ahmadinejad.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
05:00 JP Bank of Japan starts a two-day MPC meeting (expected unchanged at 0.10%).
08:15 CH May PPI (versus –0.2% M/M and –3.6% Y/Y April).
10:00 EZ16 Q1 Employment (versus –0.3% Q/Q and 0% Y/Y Q4).
12:00 DE Bundesbank’s Weber attends budget committee hearing on ‘bad banks’, Berlin.
13:30 US June Empire State Manufacturing Survey (-10.0 to +2.5 versus –4.55 May).
13:30 CA April Manufacturing Shipments (-1.8% to +1.5% M/M versus –2.7% March).
13;30 CA April New Motor Sales (0% versus +6.3% March).
13:45 US Fed’s Tarullo speaks systemic risk regulation, South Carolina.
14:00 US April Long-term TIC Flows (+$30B to +$65B versus +$55.8B March).
14:30 US Fed’s Evans speaks on the financial crisis, Chicago.
15:30 CA Bank of Canada releases review of the financial system.
18:00 US June NAHB Housing Market Index (12 to 16 versus 16 May).
23:00 US Fed’s Duke speaks on the Fed’s responses to the crisis, Washington.
The Psychology:
G8 finance ministers say their economies are stabilising, confidence is improving. Are considering curbs on commodity speculation aimed especially at reducing volatility in energy products.
The Risk:
China’s Li Yang says the world economy will take 5 years to get over this recession.
Today’s most interesting chart: EUR/GBP
Lowest weekly close for the Euro on retracement support.
