Quote:
‘The past is a stepping stone, not a millstone.’ Robert Plant (1949-)
The News:
Total US August Vehicle Sales 11.46M, Domestic 8.66M, lowest August since 1983 as incentives lifted.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
06:45 CH Q2 GDP +0.9% Q/Q, +3.4% Y/Y, versus +1.0% and +2.3% Q1; exports slowed, domestic demand strong.
07:00 GB Aug Nationwide House Prices –0.9% M/M, +3.9% Y/Y, vs –0.5% and +6.6% Jul. 08:15 CH July Retail Sales.
08:30 SE Swedish Riksbank interest rate decision (most expect +25 basis points to 0.75%).
09:30 GB August Construction PMI (51.3 to 54.5 versus 54.1 July).
10:00 EZ16 Q2 revised GDP (+1.0% Q/Q, +1.7% Y/Y, versus +1.0% and +1.7%).
10:00 EZ16 July PPI (0% to +0.4% M/M, +3.0% to +4.4% Y/Y, versus +0.3% and +3.0% June).
12:45 EZ16 ECB interest rate decision (unanimously expected unchanged at 1.00%); 13:30 news conference.
13:00 GB Bank of England’s Haldane speaks, Beijing. Fed’s Pianalto & Rosengren at a Vacant Properties Summit.
13:30 US final Q2 Unit Labour Costs (+0.3% to +1.7%, Non-Farm Productivity –2.0% to –1.9%, vs +0.2%/-0.9% Q1).
13:30 US Weekly Jobless Claims (465K to 485K, Continuing Claims 4400K to 4500K, vs 473K and 4456K prior week).
14:00 US Fed’s Bernanke testifies on the causes of the banking crisis is at the Financial Crisis Inquiry Commission.
15:00 US July Factory Orders –1.2% +2.2% versus –1.2% June).
15:00 US July Pending Home Sales (-2.0% to +3.0% M/M versus –2.6% June).
00:50 JP Q2 Capital Spending (Mizuho Securities –8.0%, Ex-Software –1.7% to –8.9%, versus –11.5%/–12.9% Q1).
The Psychology:
T.
The Risk:
Spain to auction 3.0% 2015 Bono and the US 10-year TIPS.
Today’s most interesting chart: Nymex Natural Gas
One standard deviation below the L/T mean.
