Quote:
‘If the fruits rotted, or the venison putrefied, before he could spend it, he offended against the common law of nature, and was liable to be punished.’ John Locke (1632-1704)
The News:
Explosions kill 9 and wound 42 at two luxury hotels in Jakarta, Indonesia.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
10:00 EZ16 May Trade Balance (+€01.B to +€2.0B versus -€0.3B April).
10:00 EZ16 May Construction Output (versus +0.6% M/M and –4.7% Y/Y April).
12:00 CA June CPI (+0.1% to +0.6% M/M, -0.5% to +0.1% Y/Y, versus +0.7% and +0.1% May).
12:00 CA June Core CPI (-0.5% to +0.1% M/M, +1.6% to +2.0% Y/Y, versus +0.4% and +2.0% May).
13:30 CA June Leading Indicators (-0.5% to +0.4% versus –0.1% May).
13:30 US June Housing Starts (479K to 564K, Building Permits 480K to 557K, versus 532K and 518K May).
00:01 GB July Rightmove House Prices (versus –0.4% M/M and –5.5% Y/Y June).
The Psychology:
Japan Ocean’s Day holiday Monday 20th July; also Prophet’s Ascension holiday in several Middle Eastern states.
The Risk:
Great excitement, and discussion, over bank profits.
Today’s most interesting chart: Euribor future
New record high; Short Sterling futures too.
