Quote:
‘In the old days the Bank of England would not only see the problem but moved to the rescue before it became a matter of public concern. That is a huge difference between the past and the present.’ Lord James of Blackheath (1938-)
The News:
US cash for ‘gas guzzlers’ program runs out of cash.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB July GfK Consumer Confidence –25 versus –25 June.
00:30 JP July Tokyo CPI record –1.8% Y/Y, Ex-Fresh Food record –1.7%, versus –1.5% and –1.3% June.
00:30 JP June National CPI record –1.8% Y/Y, Ex-Fresh Food record –1.7%, versus –1.1% and –1.1% May.
00:30 JP June Jobless 5.4% (highest since 2002’s high 5.5%), Job-to-Applicant record low 0.43, vs 5.2%/0.44 May.
00:30 JP June Household Spending +0.2% Y/Y versus +0.3% May.
06:00 JP June Housing Starts 749K Y/Y, Construction Orders –28.0%, versus 758K and –41.9% May.
10:00 EZ16 July CPI (-0.6% to 0% Y/Y versus –0.1% June).
10:00 EZ16 June Unemployment (9.6% to 9.8% versus 9.5% May).
10:30 CH July KOF Indicator (-1.6 to –1.07 versus –1.65 June).
13:30 US Q2 GDP (-2.9% to +0.7% Q/Q, Personal Consumption –1.0% to +0.5%, Price Index +0.2% to +1.9%, Employment Cost Index +0.1% to +0.5%, versus –5.5%, +1.4%, +2.8% and +0.3% Q1).
13:30 CA May GDP (-0.7% to 0% M/M versus –0.1% April).
14:45 US July Chicago Purchasing Managers Index (40 to 45 versus 39.9 June).
The Psychology:
Mizuho Financial Group reports fourth consecutive quarterly loss.
The Risk:
Stockbrokers’ euphoria.
Today’s most interesting chart: Euribor future
New record high, implied Libor below 1.00%.
