Quote:
‘We must believe in luck; for how else can we explain the success of those we dislike.’ Jean Cocteau (1899-1963)
The News:
US billionaire Wilbur Ross warns the regulators that proposed rules will put investors off banks.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP June Retail Trade –0.3% M/M, -3.0% Y/Y, versus +0.1% and –2.7% May.
00:50 JP June Large Retailers’ Sales –6.7% Y/Y versus –6.5% May.
06:00 JP July Small Business Confidence 41.1 versus 38 June.
From today DE July CPI for the different German states.
09:00 EZ16 Q2 ECB bank lending survey.
09:30 GB June Net Consumer Credit (£0 to £0.5B, on Dwellings £0.3B to £1.4B, versus £0.3B and £0.3B May).
09:30 GB June Mortgage Approvals (44K to 52K versus 43.4K May).
13:30 US June Durable Goods Orders (-2.0 % to +2.0%, Ex-Transport –1.0% to +1.3%, vs +1.8% and +1.1% May).
13:30 US Fed’s Dudley speaks on the US economy and inflation, New York. 18:00 US auction result of five-year TNote sale.
19:00 US Fed’s Beige Book of economic conditions.
23:00 US Fed’s Bernanke third instalment of PBS TV interview.
00:50 JP June Industrial Production (Mizuho Research Institute +2.9% M/M, -23.0% Y/Y, vs +5.7% and –29.5% May).
The Psychology:
The net worth of US households dropped $11.2 trillion in 2008, according to the Fed.
The Risk:
Parliamentary elections in Moldova today, a re-run of April’s.
Today’s most interesting chart: FTSE 100
Small ‘bearish engulfing’ candle after 11 white ones.
