Quote:
‘Narcissist: psychoanalytic term for the person who loves himself more than his analyst; considered to be the manifestation of a dire mental disease whose successful treatment depends on the patient learning to love the analyst more and himself less.’ Thomas Szasz (1920-)
The News:
CIT expected to be given a temporary reprieve after talks with bondholders this weekend.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB July Rightmove House Prices +0.6% M/M, -3.1% Y/Y, versus –0.4% M/M and –5.5% Y/Y June.
07:00 DE June PPI –0.1% M/M, -4.6% Y/Y, versus 0% and –3.6% May.
09:30 GB June M4 Money Supply (+0.2% to +0.8% M/M, +13.9% to +15.4% Y/Y, versus +0.2% and +16.6% May).
09:30 GB July Bank of England Report on Trends in Lending.
13:30 CA May Wholesale Sales (versus –0.6% M/M April).
13:30 CA May International Securities Transactions (versus C$9.05B April).
15:00 US June Leading Indicators (-0.4% to +0.8% versus +1.2% May).
18:30 US Fed’s Lockhart speaks on the economy, Nashville.
00:50 JP Bank of Japan Minutes of June 15/16th MPC meeting.
The Psychology:
Japan Ocean’s day holiday and Ascension of the Prophet’s in several Middle Eastern countries.
The Risk:
India’s driest monsoon season in 80 years wreaking havoc on agriculture.
Today’s most interesting chart: Short Sterling future
New record high.
