Quote:
‘I have offered to pay parts of his (Quentin Letts) defence in case that slime bag (Sur’Alan telly peer) Sugar sues him personally.’ Taki Theodoracopulos (1937-)
The News:
Earthquakes in Eastern Japan and East of the Andaman Islands.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB July RICS House Price Balance –8.1% versus revised –17.6% June.
00:01 GB July BRC Retail Sales Monitor like-for-like +1.8% Y/Y, total +3.6%, versus +1.4% June.
00:50 JP Bank of Japan keeps key rate at 0.10%.
06:00 JP July Consumer Confidence 39.7, Households 39.4, versus 38.1 and 37.6 June.
07:00 DE July Wholesale Price Index –0.5% M/M, -10.6% Y/Y, versus +0.9% and –8.8% June.
09:30 GB June Trade Balance (-£6.9B to -£6.0B, Non-EU -£3.6B to -£3.1B, versus -£6.2B and -£3.2B May).
09:30 GB June DCLG House Prices (-12.0% to –11.4% Y/Y versus –12.5% May).
10:30 GB auction result of £3.5B 2019 Gilt.
13:15 CA July Housing Starts (130K to 155K versus 140K June).
13:30 US Q2 Unit Labour Costs (-6.0% to –1.0%, Non-Farm Productivity +2.9% to +6.5%, vs +3.0% and +1.6% Q1).
15:00 US June Wholesale Inventories (-1.3% to –0.4% versus –0.8% May).
00:50 JP July Domestic CGPI (Mizuho Research Institute –0.2% M/M, -8.9% Y/Y, versus –0.3% and –6.6% June).
The Psychology:
The US FOMC starts a two-day rate-setting meeting (expected unchanged at 0.25%).
The Risk:
Interest rate markets looking for direction.
Today’s most interesting chart: Benchmark 30-year TBond yield
Lower as curve flattens.
