Quote:
‘One of television’s greatest contributions is that it brought murder back into the home, where itbelongs.’ Sir Alfred Hitchcock (1899-1980)
The News:
US officials suggest Unemployment benefits might be extended as the New York Times says 1.5 million Americans will exhaust their entitlement in the coming months.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
02:30 JP June Labour Cash Earnings record –7.1% Y/Y, Overtime –17.7% 11 months decline, vs –2.5%/–17.6% May.
06:00 JP July Vehicle Sales –4.2% Y/Y versus –13.5% June.
07:00 DE June Retail Sales –1.8% M/M, -1.6% Y/Y, versus –1.3% and –2.9% May.
08:30 CH July PMI (versus 41.8 June).
09:30 GB July Manufacturing PMI (46.5 to 49.2 versus 47.0 June).
15:00 US July Manufacturing PMI (43.5 to 49.0, Prices Paid 48 to 55, versus 44.8 and 50 June).
15:00 US June Construction Spending (-2.0% to +1.0% M/M versus –0.9% May).
Late US July Vehicle Sales (Total 9.6M to 10.5M, Domestic 7.1M to 7.6M, versus 9.7M and 7.2M June).
00:50 JP July Monetary Base (versus +6.4% Y/Y June).
The Psychology:
Holidays in Canada, Iceland and Ireland today.
The Risk:
Stock markets wonder why Treasury Bond prices are rallying.
Today’s most interesting chart: US Dollar Index future
Lowest weekly close since September.
