Quote:
‘You know women are getting divorced soon if they start coming in four times a week. It’s a away of upping the maintenance charges.’ Michael Charalambous (the Armani of the crimperati)
The News:
US Fed says ‘economic activity is levelling out’.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
05:00 JP July Tokyo Condominium Sales –9.1% Y/Y versus –23.0% June.
07:00 DE Q2 GDP +0.3% Q/Q, -5.9% Y/Y, versus –3.8% and –6.7% Q1.
08:15 CH June PPI (0% to +0.6% M/M, -6.1% to –5.5% Y/Y, versus 0% and –5.6% June).
09:00 EZ16 ECB Monthly Report.
10:00 EZ16 Q2 GDP (-1.1% to 0% Q/Q, -5.9% to –4.6% Y/Y, versus –2.5% and –4.9% Q1).
13:30 US July Retail Sales (+0.2% to +2.0%, Ex-autos –0.3% to +0.3%, versus +0.6% and +0.3% June).
13:30 US Weekly Jobless Claims (526K to 590K, Continuing Claims 6240K to 6370K, vs 550K and 6310K prior week).
13:30 US July Import Price Index (-3.0% to +1.9% M/M, -19.3% to –17.0% Y/Y, versus +3.2% and –17.4% June).
15:00 US June Business Inventories (-1.3% to –0.4% versus –1.0% May). 17:00 US auction result of 30-year TBond.
00:50 JP Bank of Japan Minutes of the July MPC meeting.
00:50 JP June Tertiary Industry Index (Mizuho Research Institute –0.7% versus –0.1% May).
The Psychology:
Hopes that the world is no longer in recession.
The Risk:
Markets looking for direction.
Today’s most interesting chart: US TNote
Massive intra-day price fluctuations on auction and the Fed.
