Quote:
‘I demand Jack Straw pays the £7B he squandered on the Iraq war we didn’t want.’ Russell Brand (1975-)
The News:
US June vehicle sales –28% to 9.69 million units, Domestic 7.2M.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
08:30 SE Swedish Riksbank decides on rates (UBS says –25 bp from 0.50%).
09:25 GB Bank of England’s Besley speaks at financial regulation conference.
09:30 GB June Construction PMI (45.3 to 47.5 versus 45.9 May).
09:30 GB Bank of England’s Quarterly Credit Conditions.
09:30 GB Bank of England’s Miles testifies to Treasury Select Committee on his appointment to the MPC.
10:00 EZ16 May Unemployment (9.2% to 9.5% versus 9.2% April).
10:00 EZ16 May PPI (-0.5% to +0.3% M/M, -6.2% to –5.2% Y/Y, versus –1.0% and –4.6% April).
12:45 EZ16 ECB interest rate decision (Julius Baer and National Bank of Greece suggest –25 bp from 1.00%).
13:30 EZ16 ECB’s regular News Conference.
13:30 US June Non-Farm Payroll (-500K to –250K, Unemployed 9.5% to 9.7%, versus –345K and 9.4% May).
13:30 US June Average Earnings (+2.8% to +3.1% Y/Y, Workweek 33.0 to 33.3, versus +3.1% and 33.1 May).
13:30 US Weekly Jobless Claims (600K to 630K, Continuing Claims 6700K to 6800K, vs 627K and 6738K prior week).
15:00 US May Factory Orders (-0.7% to +2.0% M/M versus +0.7% April).
16:15 US Fed’s Evans speaks on the credit crisis, London.
Late US June Vehicle Sales (versus 9.9M Total and 7.4M Domestic May).
The Psychology:
Unemployment numbers released a day early due to tomorrow’s US holiday.
The Risk:
Treasury auctions in Britain, France, Japan and Spain.
Today’s most interesting chart: Eurodollar interest rate future
Matching highest closing price.
