Quote:
‘Sixteen tons, what do you get?
Another day older and deeper in debt.
Say brother, don’t you call me ‘cause I can’t go
I owe my soil to the company store.’ Merle Travis (1917-1983)
The News:
Up to 30,000 angry Chinese steel workers clash with riot police and the general manager of Jianlong Steel is beaten to death because of his big pay package last year.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB July Hometrack Housing Survey 0% M/M, -7.7% Y/Y, versus 0% and –10.4% June.
05:30 JP June Corporate Services Prices record –3.2% Y/Y versus –3.0% May.
07:00 DE June Import Prices +0.4% M/M, -11.3% Y/Y, versus 0% and –10.4% May.
07:10 DE August GfK Consumer Confidence 3.5 versus revised 3.0 July.
09:00 EZ16 June M3 Money Supply (+3.4% to +4.2% Y/Y versus +3.7% May).
15:00 US June New Home Sales (335K to 377K versus 342K May).
18:00 US auction result of 20-year TIPS.
The Psychology:
Thousands to strike in South Africa this week demanding larger pay rises.
The Risk:
Kuwaiti financier Al-Braikan found dead in his home after US SEC files a fraud suit against his firm.
Today’s most interesting chart: Canadian dollar
Testing pivotal support with best weekly close since October. Several other currencies doing something similar.
