Quote:
‘Come sleep, O sleep, the certain knot of peace,
The baiting-place of wit, the balm of woe,
The poor man’s wealth, the prisoner’s release,
Th’indifferent judge between the high and the low.’ Sir Philip Sidney (1554-1586)
The News:
French police to inspect CIC Bank and its links to Madoff funds.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
05:30 AU Reserve Bank of Australia interest rate decision: unchanged at 3.00% because ‘economic conditions not as weak as expected a few months ago’.
08:30 EU27 finance ministers’ meeting, Brussels.
09:30 GB May Industrial Production (-0.3% to +08.% M/M, -11.7% to –10.7% Y/Y, versus +0.3% and –12.3% April).
09:30 GB May Manufacturing Production (-0.3% to +1.0% M/M, -12.2% to –11.1% Y/Y, vs +0.2% and –12.7% April).
11:00 DE May Factory Orders (-2.5% to +4.0% M/M, -33.4% to –29.1% Y/Y, versus 0% and –37.1% April).
13:30 CA May Building Permits (-4.0% to +5.0% M/M versus –5.4% April).
15:00 CA June Ivey Purchasing Managers (48.8 to 55.0 versus 48.4 May).
00:01 GB June Nationwide Consumer Confidence (51 to 57 versus 53 May).
The Psychology:
Michael Jackson memorial service today with tickets re-selling on E-Bay for thousandsnelliott1.
The Risk:
Treasury auctions in Austria, Britain, the Netherlands and US.
Today’s most interesting chart: Benchmark Schatz yield
Looking set to re-test the all-time low yield at 1.097% and then break lower.
