Quote:
‘I accepted this assignment as a challenge, with strictly malicious intentions. I hoped to paint something that will ruin the appetite of every son of a b*tch who ever eats in this room.’ Mark Rothko (1903-1970)
The News:
Central banks extend current currency swap facility until February 2010.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB Bank of England Financial Stability Report: says ‘banks will remain sensitive to further shocks for some time’.
00:30 JP June Tokyo CPI –1.5% Y/Y, Ex-fresh Food –1.3%, versus –0.8% and –0.7% Y/Y May.
00:30 JP May National CPI –1.1% Y/Y (record), Ex-fresh Food –1.1%, versus –0.1% and –0.1% Y/Y April.
00:50 JP April All Industry Activity Index +2.6% versus revised –1.8% March.
07:00 DE May Import Price Index 0% M/M, -10.4% Y/Y, versus –0.8% and –8.6% April.
From today DE June CPI for the different German states.
10:30 CH June KOF Indicator (-1.88 to –1.58 versus –1.86 May).
13:30 US May Personal Income (0% to +1.5%, Spending 0% to +0.6%, versus +0.5% and –0.1% April).
13:30 US May Core PCE (+0.1% to +0.2% M/M, +1.8% to +1.9% Y/Y, Deflator 0% to +0.2% Y/Y, versus +0.3, +1.9% and +0.4% April).
15:00 US June University of Michigan Confidence Survey (67 to 70 versus 69 June).
18:00 US Fed’s Fisher speaks on the economy, Dallas.
Psychology:
Pop star Michael Jackson dies suddenly at his home in Los Angeles.
The Risk:
Fitch cuts California’s general obligation debt to A-, the lowest of any US state, stays on watch negative.
Today’s most interesting chart: Shatz future
Rallying strongly from corrective move lower.
