Quote:
‘It’s in the bag.’ Louis Vuitton (1821-1892)
The News:
American Express Co to issue CD’s to diversify funding sources.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB August RICS House Price Balance +10.7% versus –8.1% July.
09:30 GB August CPI (+0.1% to +0.6% M/M, +1.3% to +1.7% Y/Y, versus 0% and +1.8% July).
09:30 GB July DCLG House Prices (-10.1% to –7.4% Y/Y versus –10.7% June).
09:45 GB Bank of England’s King, Bean, Barker, Dale and Miles testify at Treasury Select Committee, London.
10:00 DE September ZEW Survey (Sentiment 50 to 70, Situation –74 to –58, versus 56.1 and –77.2 August).
10:00 EZ16 September ZEW Survey (57 to 61 versus 54.9 August).
10:00 EZ16 Q2 Labour Costs (+3.0% to +3.9% Y/Y versus +3.7% Q1).
13:30 US September Empire State Manufacturing Survey (5 to 18 versus 12.08 August).
13:30 US August Retail Sales (+0.8% to +3.2%, Ex-autos 0% to +0.8%, vs –0.1% and –0.6% July).
13:30 US August PPI (+0.5% to +2.0% M/M, -5.5% to –4.9% Y/Y, versus –0.9% and –6.8% July).
13:30 US August Core PPI (0% to +0.2% M/M, +2.1% to +2.4% Y/Y, versus –0.1% and +2.6% July).
13:30 CA Q2 Labour Productivity (-1.5% to +1.5% Q/Q versus +0.3% Q1).
13:30 CA July New Vehicle Sales (+5.0% to +6.5% M/M versus –0.6% June).
15:00 US July Business Inventories (-1.2% to –0.5% versus –1.1% June).
15:00 US Fed’s Bernanke speaks on the economic crisis, Washington.
The Psychology:
President Obama does not favour another stimulus package.
The Risk:
More verbal intervention to slow Yen strength.
Today’s most interesting chart: CHF
Strongest Swiss franc so far this year.
