Europe/UK Today: ECB's Trichet, EMU Trade Balance
Data in the Eurozone begins with the release of EMU April new car registration at 07:00 BST. French INSEE provisional Q1 non-farm payrolls and wages data follow at 07:45 BST with the Italian March trade balance at 09:00 BST. EMU March trade balance is released at 10:00 BST. On the speaker front, ECB's Trichet speaks in Brussels at 08:00 BST, whilst ECB's Constancio and Weber are also scheduled to speak in Lisbon from 09:15 BST. Finally ECB's Liikanen speaks in Brussels at 10:00 BST. There are no major data releases in the UK.
May 16
Europe/UK Today
Inferences from the March JOLTS data
The BLS released March JOLTS data this morning. These data attempt to measure gross hirings and separations through the end of the month. This is in contrast to the payroll numbers, which take a snapshot of employment as of the payperiod period that includes the 12th of the month. hus, the March JOLTS data provide some sense of the dynamics underpinning both the March and April payroll behavior.
May 15
Economic Research
TIC Data...Overseas Investors Sold Corporates, Not Hot On Spread
Overseas activity in the U.S. bond market in March was mixed. While overall purchases were strong, overseas investors liquidated corporate bonds. The strength in the data primarily reflected massive purchases in the Treasury market. The TIC data suggests that the credit stresses are having a strong and lingering effect on the behavior of overseas investors who appeared to be shying away from the spread product markets during the first quarter.
May 15
US Fixed Income Commentary
U.S. Portfolio Survey: Mixed Bag...Treasury Allocations Rise
The SMR Portfolio Manager Survey for the week ended May 13 mixed optimism about the direction of interest rates, but a shortening of duration profiles. The most striking change in portfolio allocstions was a significant increase in Treasury allocations that appeared to come at the expense of MBS allocations.
May 14
U.S. Portfolio Survey
UK May Inflation Report Flash: Only Limited Scope For A Rate Cut
The Bank of England's May Inflation Report shows only a very limited scope for further cuts in interest rates. Interestingly, the central projections now show inflation hovering towards 4% in the second half of 2008, while the BoE acknowledges the possibility for a technical recession for the very first time.
May 13
BoE Inflation Rpt

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Friday, 16 May
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Factory Orders Annual Revisions
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Freddie Mac will announce 3- and 6-month bills.
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Housing Starts
Apr
EST
930K
Vs Prev's 947K
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U of Mich Consumer Sentiment
pMay
EST
61.0
Vs Prev's 62.6
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Sandra Braunstein, director of the Federal Reserve's division of consumer and community affairs, and Goldman Chief Economist Jan Hatzius speak as part of a panel discussion on the mortgage market during the Chicago Fed conference
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US Secretary Treasury Paulson speaks about US Housing and credit markets in Washington
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SATURDAY EVENT -(05/17/08)- Atlanta Fed Pres Lockhart will speak to the Southern Center for Intl Studies at a program on 'Globilization and Emerging Economies' in Atlanta
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SATURDAY EVENT -(05/17/08)- Dallas Fed Pres Fisher gives the commencement address at the Admiral Farragut Academy in St. Petersburg, FL
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NZ Output Prices (QoQ)
DUE Vs Prev's 1.5%
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NZ Input prices (QoQ)
DUE Vs Prev's 1.3%
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GDP (QoQ)
0.8%
Vs Prev's 0.9%
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Capacity Utilisation (YoY)
Mar
DUE Vs Prev's 2.1%
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Tokyo Dept. Store Sales (YoY)
Apr
DUE Vs Prev's -0.7%
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Govt Economic Review
May
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Consumer Confidence
Apr
35.2
Vs Prev's 36.7
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Industrial Prod (rev MoM)
Mar
-3.4%
Vs Prev's -3.1%
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Korea Export Prices (YoY)
Apr
15.7%
Vs Prev's 13.4%
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Korea Import Prices (YoY)
Apr
31.3%
Vs Prev's 28.0%
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Singapore Trade Balance
Apr
S$2.083b
Vs Prev's S$1.640b
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India FX Reserves
Mar
US$309.7b
Vs Prev's US$301.2b
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Hong Kong GDP (YoY)
Q1
7.1%
Vs Prev's 6.6%
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W.European New Car Registrations (%yoy)
Apr
9.5
Vs Prev's -10.2
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EMU New Car Registrations (%yoy)
Apr
9.6
Vs Prev's -9.5
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EU-15 New Car Registrations (%yoy)
Apr
9.4
Vs Prev's -10.3
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Eurozone Trade Balance sa (EUR bln)
Mar
-2.4
Vs Prev's 1.6
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Eurozone Trade Balance nsa (EUR bln)
Mar
-2.3
Vs Prev's 0.8
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ECB's Trichet speaks at EU Commission conference in Brussels, Belgium.
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ECB's Liikanen speaks at EU Commission conference in Brussels, Belgium.
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ECB's Constancio & Weber to speak at a conference, in Lisbon, Portugal, to May 18.
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Provisional INSEE Non-Farm Payrolls (% QoQ)
Q1
0.2
Vs Prev's 0.4f
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Provisional INSEE Wages Growth (%qoq)
Q1
1.1
Vs Prev's 0.3f
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Total Trade Balance (EUR bln)
Mar
-0.545
Vs Prev's -0.449.0
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EU Trade Balance (EUR bln)
Mar
0.667
Vs Prev's 0.864.0
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Services Sector Sales (yoy%)
Mar
-5.0
Vs Prev's 7.8
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