Quote:
‘I am a tormented person and even writing is clutching at clouds and shadows.’ Jean Rhys (c1890-1979)
The News:
Bank of Japan’s Yamaguchi says the country is not spiralling in to deflation.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB June Hometrack Housing Survey 0% M/M, -8.7% Y/Y, versus 0% and –9.6% May.
00:50 JP May Industrial Production +5.9% M/M, -29.5% Y/Y, versus +5.9% and –30.7% April.
00:50 JP May Large Retailers’ Sales –6.5% Y/Y, Retail Trade –2.8% Y/Y, versus –6.7% and –2.8% April.
05:00 JP May Vehicle Production –41.1% Y/Y versus –47.1% April.
09:30 GB May Net Consumer Credit (£0.1B to £0.3B, on Dwellings £0.9B to £1.1B, vs £0.3B and £1.0B April).
09:30 GB May Mortgage Approvals (45K to 48K versus 43K April).
10:00 EZ16 June Business Climate (-3.1 to –3.0 versus –3.17 May).
10:00 EZ16 June Consumer Confidence (-30, Economic 70 to 72, Industry –32 to –31, Services –24 to –22, versus –31, 69.3, –34 and -23 May).
13:30 US May Chicago Fed National Activity Index (versus –2.06 April).
14:30 US Fed’s Rosengren speaks on risk capital, Brussels.
00:01 GB June GfK Consumer Confidence (-26 to –24 versus –27 May).
00:30 JP May Jobless (Mizuho Securities 5.1%, Job-to-Applicant 0.45, versus 5.0% and 0.46 April).
00:30 JP May Household Spending (Mizuho Securities –2.2% Y/Y versus –1.3% April).
The Psychology:
Feast of St. Peter and St. Paul holidays in Malta, Peru and Venezuela.
The Risk:
Summer lull starts in earnest.
Today’s most interesting chart: LME 3-month Nickel
Strongest weekly close since September.
