Quote:
‘I think insecurity makes me want to succeed. I have to find things to do.’ Richard Caring (1949-)
The News:
Fed’s Warsh says, ‘the panic’s hasty retreat should not be confused with robust recovery’.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
06:00 JP June Bank of Japan Monthly Report. 04:45 auction result of 20-year JGB: bid-to-cover 3.6; stop 2.2128%.
08:15 CH April Retail Sales (versus +1.2% March). Government also publishes updates on growth/inflation forecasts.
09:30 GB Bank of England MPC Minutes of June 3/4th meeting.
09:30 GB May Jobless Claims (+47K to +85K, Claimant Count Unemployed 4.8% to 5.0%, vs +57.1K and 4.7% April).
09:30 GB April ILO Unemployment (7.2% to 7.5% versus 7.1% March).
09:30 GB April Average Earnings (-0.6% to +0.7% 3MY/Y, Ex-bonus +2.7% to +2.9%, vs –0.4% and +3.0% March).
10:00 CH June ZEW Survey (versus –3.9 May).
10:00 EZ16 April Trade Balance (-€3.3B to +€0.5B S/A versus -€2.1B March).
13:00 NO Norges bank interest rate decision (-25 bp or unchanged at 1.50%). 13:45 News Conference.
13:30 US May CPI (+0.1% to +0.5% M/M, -1.2% to –0.5% Y/Y, versus 0% and –0.7% April).
13:30 US May CPI Ex-food & Energy (-0.2% to +0.2% M/M, +1.7% to +1.9% Y/Y, versus +0.3% and +1.9% April).
13:30 US Q1 Current Account (-$112B to -$74B versus -$132.8B Q4).
13:30 CA May Leading Indicators (-1.0% to –0.3% versus –1.1% April).
13:30 CA April Wholesale Sales (-1.4% to +0.3% M/M versus –0.6% March).
14:00 US Fed’s Bernanke speaks on financial literacy, Washington. 21:30 GB Bank of England’s King speaks.
The Psychology: Today
President Obama and Chancellor Darling to unveil changes in financial oversight.
The Risk:
US White House refuses to help the state of California with its budget deficit.
Today’s most interesting chart: Dow Jones Industrial Average
Closing below immediate trendline support and below the 50-day moving average, like several other indices.
