Quote:
‘I particularly liked the e-mails I got from northerners saying that they were the friendliest people in the world and then telling me to eff-off.’ Dr. Timothy Leunig (1930-2002)
The News:
The Bank of England decides not to expand its £125B Quantative Easing scheme.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP June Domestic CGPI –0.3% M/M, record -6.6% Y/Y, versus revised –0.5% and –5.5% May.
07:00 DE June Wholesale Price Index +0.9% M/M, -8.8% Y/Y, versus +0.1% and –8.9% May.
09:30 GB June PPI Input (+0.3% to +2.4% M/M, -12.8% to –7.3% Y/Y, versus +0.4% and –9.4% May).
09:30 GB June PPI Output (+0.2% to +0.6% M/M, -1.0% to –0.4% Y/Y, versus +0.4% and –0.3% May).
12:00 CA June Employment Change (-55K to -20K, Unemployment 8.5% to 8.9%, versus –41.8K and 8.4% May).
13:30 US May Trade Balance (-$34B to -$ 25.5B versus -$29.2B April).
13:30 US June Import Price Index (+0.8% to +4.0% M/M versus +1.3% May).
13:30 CA May Trade Balance (-C$1.7B to +C$0.6B versus –C$0.2B April).
13:30 CA May New Housing Price Index (-0.5% to –0.2% M/M versus –0.6% April).
15:00 US July University of Michigan Confidence Survey (65 to 72 versus 70.8 June).
15:00 US Treasury’s Geithner testifies before House Financial Services Committee on derivatives, Washington.
The Psychology:
The morbidly obese (BMI over 40) are more likely to suffer badly from swine flu.
The Risk:
Markets hold current levels and may gap over the weekend.
Today’s most interesting chart: Short Sterling future
A little instability at record highs.
