Quote:
‘There is no such thing as an omen. Destiny does not send us heralds. She is too wise or too cruel for that.’ Oscar Wilde (1854-1900)
The News:
Iranian police detain dozens of the hundreds of the pro-reform protesters in Tehran.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
04:45 JP auction result of twenty-year JGB: bid-to-cover 2.90, average yield2.107%, stop 2.114%.
06:00 JP June Supermarket Sales –4.4% Y/Y versus –2.0% May.
09:30 GB Bank of England’s MPC Minutes of 8/9th July.
10:00 EZ16 May Industrial New Orders (0% to +3.2% M/M, -36.0% to –26.0% Y/Y, vs –1.0% and –35.5% April).
11:00 GB Q3 CBI Quarterly Industrial Trends (-50 to –40 versus –51 Q2).
13:30 CA May Retail Sales (-0.2% to +1.5% M/M, Ex-autos –0.3% to +1.1%, versus –0.8% and –0.5% April).
15:00 US May House Price Index (-0.5% to +0.4% M/M versus –0.1% and –6.8% Y/Y April).
15:00 US Fed’s Bernanke testifies at the Senate Banking Committee, Washington.
00:50 JP June Trade Balance (Mizuho Securities +440B Yen versus +298B May).
The Psychology:
This century’s longest full solar eclipse, lasting up to 6 ½ minutes, hits India and China today.
The Risk:
Stock markets lose steam after seven consecutive up days.
Today’s most interesting chart: Benchmark US 5-year TNote yield
Yields dropping towards the trendline as we re-think how long interest rates will stay low.
