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Data takes over

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  • The UK Parliament has effectively ruled out British action against Syria, although as this does not preclude others taking action (of course) it probably has more bearing on the UK political outlook than on the international situation. UN inspectors leave Syria on Saturday.
  • Japan had a raft of data out overnight. Unemployment dropped unexpectedly, but household spending was weaker than had been hoped. Business sentiment improved but export orders weakened. In sum it does not change the economic outlook a great deal.
  • UK consumer confidence improved more than expected, ahead of the release of bank lending data later today. The Euro area offers confidence data too, with markets eager to see signs of the economy bottoming. Euro unemployment is unlikely to improve (unemployment is a lagging indicator).
  • US income and spending data should show the American consumer resolutely marching to the shopping mall to spend money. Fed President Bullard speaks, following from some comments from Lacker yesterday that were biased towards hawkishness.

Listen to the audio version of this briefing.