Quote:
‘It is the folly of too many to mistake the echo of a London coffee-house for the voice of the kingdom.’ Jonathan Swift (1667-1745)
The News:
US CIT Group Inc faces bankruptcy as government bailout talks end.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP May Tertiary Industry Index –0.1% versus +2.2% April.
02:30 AU Reserve Bank of Australia Bulletin.
08:30 SE Swedish Riksbank publishes Minutes of July 1st MPC meeting; Governor Ingves press release on situation.
10:00 CH July ZEW Survey (versus 9.7 June).
13:30 US Weekly Jobless Claims (480K to 605K, Continuing Claims 6750K to 6900K, vs 565K and 6883K prior week).
14:00 US May Net Long-term TIC flows (-$20B to +$35B versus +$11B April).
14:30 US Assistant Treasury Secretary Allison testifies on home foreclosures, Senate Banking Committee.
15:00 US July Philadelphia Fed Survey (-10.8 to +5 versus –2.2 June).
18:00 US July NAHB Housing Market Index (14 to 18 versus 15 June).
The Psychology:
US Treasury’ Geithner meets French Finance Minister Lagarde.
The Risk:
Equity indices probe this year’s highs.
Today’s most interesting chart: US Dollar Index future
Dropping below ‘triangle’ consolidation.
