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Greek and German leaders meet

| Posted by: Paul Donovan | Tags: Paul Donovan

  • A contrast of central banks - this time not involving the ECB. The Bank of England's minutes (released yesterday) had a slightly hawkish tinge to them. Meanwhile remarks from the Reserve Bank of Australia deputy governor had a slightly dovish interpretation. Diversification continues.
  • The leaders of Greece and Germany meet - expect lots of empty rhetoric on both sides, and not much of substance. Markets were cheered by the news that the ECB was giving more cash to the Greek banks (Greek banks like getting more cash).
  • The Euro area PMI of business sentiment is expected to be serenely indifferent to the machinations of the Greco-German crisis. A small pick up in the pace of manufacturing and service sector sentiment is looked for.
  • The US ha new home sales (the housing data never seems to stop in the US), in the wake of generally stronger housing statistics on other measures. This data set may be a little more modest (weather could be blamed). Second tier business sentiment data and the normal weekly initial jobless claims are due.