Quote:
‘The new accounting rules, the stress tests: they’re all part of a major effort to put lipstick on a pig.’ Martin Weiss (1946-)
The News:
President Obama’s approval rating drops to 56% on worries over budget deficit.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
08:30 CH Swiss National Bank interest rate decision (unanimously expected unchanged at 0.25%).
09:30 GB May Retail Sales (-1.2% to +1.6% M/M, -1.8% to +1.0% Y/Y, versus +0.9% and +2.6% April).
09:30 GB May Public Finances (£14B to £18B, Net Borrowing £15B to £21B, versus £5.2B and £8.5B April).
09:30 GB May M4 Money Supply (+16.3% to +17.6% Y/Y versus +17.4% April).
09:30 GB Bank of England publishes Trends in Lending Report.
11:00 GB June CBI Industrial Trends Survey (-54 to –35 versus –56 May).
12:00 CA May CPI (0% to +0.6% M/M, -0.6% to 0% Y/Y, versus –0.1% and +0.4% April).
12:00 CA May Core CPI (-0.1% to +0.3% M/M, +1.3% to +1.8% Y/Y, versus +0.1% and +1.8% April).
13:30 US Weekly Jobless Claims (586K to 632K, Continuing Claims 6800K to 6870K, vs 601K and 6816K prior week).
15:00 US June Philadelphia Fed Survey (-24 to –6 versus –22.6 May).
14:30 US Treasury’s Geithner testifies at Senate Banking Committee.
18:30 at House Financial Services panel.
15:00 US May Leading Indicators (+0.7% to +1.3% versus +1.0% April).
16:00 EU Leaders summit, Brussels. 22:00 news conference.
19:15 CA Bank of Canada governor Carney speaks, Saskatchewan. 00:50 JP Bank of Japan Minutes May MPC meeting.
The Psychology:
People living in hope of economic recovery yet know there are few job ofers.
The Risk:
Knee-jerk reactions to market moves as Q2 draws to a close.
Today’s most interesting chart: Paris CAC Index
Closing below trendline, 200 and 50-day averages.
