Quote:
‘I used to keep a lot of cigarettes in the house in LA in case of earthquakes. I thought water and cigarettes would keep me going for a while.’ David Hockney (1937-)
The News:
US August foreclosure filings +18.0% Y/Y and likely to increase into 2010.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
(22:00) NZ Reserve Bank of New Zealand keeps rates unchanged at record low 2.50%; signs of patchy recovery.
00:50 JP July Machine Orders –9.3% M/M, -34.8% Y/Y, versus +9.7% and –29.7% June.
00:50 JP August Domestic CGPI 0% M/M, -8.5% Y/Y, versus +0.4% and –8.5% July).
12:00 GB Bank of England’s MPC interest rate decision (unanimously expected unchanged at 0.50%).
13:15 DE ECB’s Weber speaks on the world’s problems, Ploen, Germany.
13:30 US Weekly Jobless Claims (535K to 570K, Continuing Claims 6050K to 6300K, vs 570K and 6234K prior week).
13:30 US July Trade Balance (_$30B to -$25B versus -$27B June).
13:30 CA July Trade Balance (-C$0.6B to +C$0.9B versus –C$0.1B June).
14:00 CA Bank of Canada interest rate decision (unanimously expected unchanged at 0.25%).
16:00 US auction result of 30-year TBond.
17:30 US Fed’s Lockhart speaks economic interactions, Jacksonville, Florida.
18:00 US Treasury’s Geithner testifies on TARP funds, Washington.
00:50 JP final Q2 GDP (+0.5% to +1.2% Q/Q, +1.9% to +4.7% Y/Y, versus +0.9% and +3.7% Q2).
The Psychology:
Amsterdam’s 117-year old stockbroker Van der Moolen Holding files for bankruptcy.
The Risk:
US dollar weakness gathers pace.
Today’s most interesting chart: Nymex Crude Oil
Consolidating neatly at this summer’s levels.
