Quote:
‘How dull it is to pause, to make an end,
To rust unburnished, not to shine in use!
As though to breathe were life.’ Alfred Lord Tennyson (1809-1892)
The News:
Forty New Jersey politicians and four rabbis arrested on charges of corruption and money laundering.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
05:30 JP May All Industry Activity Index +0.7% versus +2.6% April.
08:30 DE July Manufacturing PMI (40 to 44, Services 44.8 to 47.2, versus 40.9 and 45.2 June).
09:00 DE July IFO (Climate 85.5 to 88.0, Assessment 82 to 85.9, Expectations 86.5 to 92.5, vs 85.9/82.4/89.5 June).
09:00 EZ16 July Manufacturing PMI (42.5 to 47.2, Services 44.5 to 48.5, Composite 44.5 to 47.2, vs 42.6/44.7/44.6).
09:30 GB Q2 GDP (-0.6% to +0.2% Q/Q, -5.4% to –4.8% Y/Y, versus –2.4% and –4.9% Q1).
15:00 US July University of Michigan Confidence Survey (62.5 to 68.0 versus 64.6).
15:30 US Treasury’s Geithner testifies at House Financial Services Committee, Washington.
The Psychology:
Bank of Canada Carney says ‘we’re on track for recovery, both in Canada and globally’.
The Risk:
While some companies do well, others resemble the walking dead.
Today’s most interesting chart: Dow Jones Industrial Average
Euphoria as the index trades above 9,000, for many indices a ninth consecutive up day, and its highest level this year; even the BBC World Service mentions this in today’s headlines. Be very careful.
