Economic Calendar (6/11/2009)
Thursday, June 11, 2009
Bank of England’s Barker on the Wires
BoE’s Barker: Seeing some signs of upturn in economy; Rates could stay low for a while
- Very concerned about what will happen beyond this pick-up
- Manufacturing orders starting to come back but it may relate to stocking issue
- Companies’ access to credit are mixed
UK Data Released
UK’s Manufacturing Production came out stronger than expected at 0.2% from the previous -0.1%. No change from -0.1% was forecast.
UK’s Trade Balance missed forecasts at -7.0B from the previous -6.6B. A rise to -6.4% was forecast.
UK’s Industrial Production came out better than expected at 0.3% from the previous -0.6%. A rise to -0.1% was forecast.
ECB’s Mersch on the Wires
ECB’s Mersch: Members were unanimous that current interest rate level of 1.0% id appropriate
- Very low rates have negative side effects
- Current situation stays the same, covered bond plan might be enough
- Against pan-European stress tests for banks
French Industrial Production Released
French Industrial Production came out worse than forecast at -1.4% from the previous -1.4%. A rise to -0.3% was forecast today.
ECB’s Liikanen on the Wires
ECB’s Liikanen: Must avoid “debt spiral” once economic situation stabilizes; More worried about longer-term economic outlook than just 1-year – Media
Australia’s Treasurer Swan on the Wires
Australia’s Treasurer Swan: Global recession to impact Australia’s employment
***Note: May Employment change expected on June 10th with -30K expected versus +27.3K prior
Japan’s Senior Ministry of Finance Official Comments
Japan Senior MoF Official: Does not think US will ask other nations to conduct stress test on banks
- Some bright signs seen in global economy but outlook is still uncertain
- Does not expect G8 Fin Mins to focus on rising bond yields
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