Quote:
‘Power is the ultimate aphrodisiac.’ Henry Kissinger (1923-)
The News:
Chinese President Hu Jintao leaves Italy in a hurry because of ethnic unrest in northwest China.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB June Nationwide Consumer Confidence 58 vs 53 May.
00:50 JP June M3 Money Supply +1.7% Y/Y versus +1.8% May.
00:50 JP May Machine Orders –3.0% M/M, -38.3% Y/Y, versus –5.4% and –32.8% April.
00:50 JP May Trade Balance 387B Yen, Current Account 1015B, versus 184B and 966B April.
05:00 JP June Bankruptcies +7.4% Y/Y versus –6.7% May.
06:00 JP June Economy Watchers’ Survey Current 42.2, Outlook 45.6, vs 36.7 and 43.3 May.
06:45 CH June Jobless 3.8% versus 3.5% May.
10:00 EZ16 Q1 final GDP (-2.6% to -2.5% Q/Q, -5.1% to –4.7% Y/Y, versus –2.5% and –4.8%).
10:30 GB auction result of £1B 1.25% 2027 Index Linked Gilt.
11:00 DE May Industrial Production (-1.0% to +2.0% M/M, -21.2% to –19.1% Y/Y, versus –1.9% and –21.6% April).
15:00 US Treasury’s Barr testifies at House subcommittee on proposed consumer protection agency.
17:55 US Fed’s Evans speaks at chamber of commerce, Indiana. 18:00 US Treasury auction result 10-year TNotes.
20:00 US May Consumer Credit (-$15B to +$4.4B versus -$15.7B April).
The Psychology:
The Bank of England starts a two-day MPC meeting (expected unchanged at 0.50%).
The Risk:
G8 (and more) leaders’ summit starts in Italy (to July 10th). Presidential elections in Indonesia.
Today’s most interesting chart: Dow Jones Industrial Average
Closing below ‘neckline’.
