Quote:
How to stay young: ‘Don’t drink. Don’t drink wine or liquor. Don’t smoke – anything. Stay in yourroom. Watch reality TV.’ Johnny Depp (1963-)
The News:
Ex-People’s Bank Of China governor Wu Xiaoling warns ‘overcapacity (and) excess money supply could generate asset bubbles’ and possibly the central bank may raise reserve requirements.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP June Trade Balance +508B Yen versus +298B May.
09:30 GB June Retail Sales (-1.2% to +1.2% M/M, +1.5% to +2.5% Y/Y, versus –0.6% and –1.6% May).
09:30 GB June BBA Mortgage Approvals (versus £3.116B May).
13:30 US Weekly Jobless Claims (500K to 600K, Continuing Claims 6200K to 6860K, vs 522K and 6273K prior week).
14:30 US Fed’s Tarullo testifies on systemic risk, Senate Banking Committee, Washington.
15:00 US June Existing Home Sales (4.7M to 5.0M annualised versus 4.77M May).
15:30 CA Bank of Canada Monetary Policy Report.
15:30 US Fed governors meet to discuss proposed changes to regulations on mortgages.
18:20 US Fed’s Fisher speaks on the economic outlook, California.
The Psychology:
Presidential election in Kyrgyzstan today.
The Risk:
Markets dither as they look for direction.
Today’s most interesting chart: LME 3-month Aluminium
Stepping steadily higher.
