Quote:
‘I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.’
Thomas Jefferson (1743-1826)
The News:
Greek Socialists in landslide victory defeating Karamanlis’ in the snap election he called. Ireland votes YES to Lisbon treaty.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
09:30 GB September Services PMI (53.5 to 56.0 versus 54.1 August).
09:30 EZ16 October Sentix Investor Confidence (-14 to –9 versus –14.6 September).
10:00 EZ16 August Retail Sales (-1.3% to +0.2% M/M, -2.9% to –1.8% Y/Y, versus –0.2% and –1.8% July).
15:00 US September Non-Manufacturing ISM (45 to 51 versus 48.4 August).
17:00 US Treasury auction result of 10-year TIPS.
23:30 US Fed’s Dudley speaks, New York.
The Psychology:
IMF wants more money to do more business.
The Risk:
Stock markets wobble again.
Today’s most interesting chart: Dow Jones Utilities Index
Testing August’s lows and channel support.
