Quote:
‘History will tell whether Alan Greenspan was the man who made millions of Americans rich – or the man who could not bear to tell them they had only imagined it.’ FT’s John Kay
The News:
The Bank of England’s Quarterly Bulletin says global imbalances had contributed to the financial crisis and recession because of the misallocation of funds and mispricing of risk. These dangers might return as the economy recovers.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB September Rightmove House Prices +0.6% M/M, -1.5% Y/Y, versus –2.2% M/M and –3.1% Y/Y August.
13:30 CA July International Securities Transactions (versus C$10.5B June).
15:00 US August Leading Indicators (0% to +1.00% versus +0.6% July).
The Psychology:
Monday 21st to Wednesday 23rd September Japanese and Eid Al-Fitr holidays in many countries.
The Risk:
Thin markets.
Today’s most interesting chart: EUR/GBP
Weakest pound since December 2008.
