Quote:
‘A toast to that invincible bunch
The dinosaurs surviving the crunch
Let’s hear for the ladies who lunch.’ Stephen Sondheim (1930-)
The News:
Japan’s LDP suffers crushing defeat in Tokyo assembly elections and PM Aso plans to dissolve lower house and call e general election August 30th.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
06:00 JP June Consumer Confidence 38.1, Households 37.6, versus 36.3 and 35.7 May.
08:15 CH June PPI (-0.2% to +0.4% M/M, -5.7% to –5.1% Y/Y, versus –0.3% and –5.0% May).
11:30 EZ16 ECB’s Trichet speaks at a seminar organised by IFO, Munich.
14:30 CA Q2 Bank of Canada senior loan officer survey and business outlook future sales.
19:00 US June Monthly Budget Statement (-$110B to +$53B versus +$33.5B May).
19:00 US House Financial Services Committee hearing on investigations into insider trading by government officials.
00:01 GB June RICS House Price Balance (-42% to –36% versus –44.1% May).
00:01 GB June BRC Retail Sales Monitor.
The Psychology:
Nabucco gas pipeline agreement due to be signed today.
The Risk:
Yen crosses gather downside momentum.
Today’s most interesting chart: Benchmark US two-year TNote yield
Re-thinking rates.
