Quote:
‘I don’t diet. I just don’t eat as much as I’d like to.’ Linda Evangelista (1965-)
The News:
‘From a technical perspective the recession is very likely over at this point’ says Bernanke.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
08:15 CH July Retail Sales (versus +0.9% June).
09:30 GB August Jobless (+10k to +35K, Unemployed 4.9% to 5.1%, versus +24.9K and 4.9% July).
09:30 GB July Average Earnings (+1.8% to +2.5% Y/Y, Ex-bonus +1.9% to +2.5%, versus +2.5% and +2.5% June).
09:30 GB July ILO Unemployment (7.8% to 8.2% versus 7.8% June).
10:00 EZ16 August CPI (+0.2% to +0.4% M/M, -0.3% to –0.1% Y/Y, Core +1.1% to +1.4%, vs –0.7%/-0.2%/+1.3).
10:00 CH September ZEW Survey (versus 18.6 August).
13:30 US August CPI (-0.1% to +0.5% M/M, -2.0% to –1.5% Y/Y, versus 0% and –2.1% July).
13:30 US August Core CPI (-0.1% to +0.2% M/M, +1.2% to +1.6% Y/Y, versus +0.1% and +1.5% 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 US Q2 Current Account (-$100B to +$94B versus -$101.5B Q1).
13:30 CA July Manufacturing Sales (-5.3% to +7.0% M/M versus +1.9% June).
14:00 US July TIC Flows (+$25B to +$73.5B versus +$90.7B June).
14:15 US August Industrial Production (-0.2% to +1.2%, Capacity Utilisation 68.1% to 70%, vs +0.5% and 68.5%).
18:00 US September NAHB Housing Market Index (18 to 22 versus 18 August).
00:50 JP July Tertiary Industry Index (Mizuho Securities –0.6% versus +0.1% June).
The Psychology:
The Bank of Japan starts a two-day rate-setting meeting as the new government takes office.
The Risk:
US dollar weakness gathers pace.
Today’s most interesting chart: NOK
Strongest Norwegian krone since early October 2008.
