Quote:
‘All products have the same gastronomic value, regardless of their price.’ Ferran Adrià (1962-)
The News:
More protests planned in Iran which yesterday saw the biggest demonstrations since 1979.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
05:00 JP Bank of Japan leaves key rate unchanged at 0.10%.
05:00 JP May Tokyo Condominium Sales –19.4% Y/Y (21st consecutive decline) versus –8.5% April.
07:00 EU27 May New Car Registrations –4.4% Y/Y versus –11.9% April.
09:30 GB May CPI (-0.1% to +0.5% M/M, +1.6% to +2.3% Y/Y, versus +0.2% and +2.3% April).
10:00 DE June ZEW Indicator (Sentiment 25 to 45, Situation –97 to –86, versus 31.1 and –92.8 May).
10:00 EZ16 June ZEW (30 to 38 versus 28.5 May).
10:00 EZ16 May CPI (0% to +0.2% M/M, 0% to +0.3% Y/Y, versus +0.4% and 0% April).
10:00 EZ16 Q1 Labour Costs (+2.6% to +4.1% Y/Y versus +3.8% Q4).
13:30 US May PPI (0% to +1.2% M/M, -4.9% to –3.3% Y/Y, versus +0.3% and –3.7% April).
13:30 US May PPI Ex-food & Energy (-0.2% to +0.3% M/M, +3.0% to +3.5% Y/Y, versus +0.1% and +3.4% March).
13:30 US May Housing Starts (450K to 525K, Building Permits 479K to 530K, versus 458K and 498K April).
13:30 CA Q1 Labour Productivity (-1.2% to 0% versus –0.5% Q4).
14:15 US May Industrial Production (-1.7% to +0.3%, Capacity Utilisation 67.9% to 69.0%, vs –0.5% and 69.1% Apr).
16:30 DE ECB’s Weber speaks on financial stability, Cologne.
18:15 US Fed’s Warsh speaks on financial market developments, New York.
The Psychology:
BRIC countries meet and Russia will discuss the US dollar as reserve currency, Yekaterinburg.
The Risk:
Re-thinking stocks versus bonds.
Today’s most interesting chart: Topix Index
Dragged lower by banks, here and many other indices.
