Quote:
‘They say fatherhood keeps you young. I know from experience that it keeps you awake.’ Jonathan Dimbleby (1945-)
The News:
US August Vehicle Sales Total 14.1M, Domestic 10.2M because of government stimulus.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
02:30 AU Q2 GDP +0.6% Q/Q, +0.6% Y/Y, versus +0.4% and +0.4% Q1.
08:00 SE Swedish Riksbank starts a two-day rate-setting meeting (expected unchanged at record low 0.25%).
09:30 GB August Construction PMI (47.2 to 49.5 versus 47.0 July).
10:00 EZ16 revised Q2 GDP (-0.1% Q/Q, -4.5% to –4.7% Y/Y, versus –0.1% and –4.6%).
10:00 EZ16 July PPI (-1.0% to +0.4% M/M, -8.8% to –7.3% Y/Y, versus +0.3% and –6.6% June).
12:30 US August Challenger Job Cuts (versus –371K July).
13:15 US August ADP Employment Change (-396K to –160K versus –371K July).
13:30 US final Q2 Unit Labour Costs (-6.2% to –4.4%, Non-Farm Productivity +5.8% to +6.7%, vs –5.8%/+6.4%).
15:00 US July Factory Orders (+0.6% to +4.5% versus +0.4% June).
15:30 US Treasury’s Geithner’s press briefing ahead of G20 Finance Ministers’ meeting, London.
16:30 US Fed’s Lockhart speaks on lessons of the financial crisis, Atlanta.
19:00 US FOMC Minutes August 12th meeting.
The Psychology:
Stock markets wobble.
The Risk:
Banking instability returns to haunt us.Today’s most interesting chart: Eurodollar future
Instability at record high in apex of a ‘wedge’.
