Something for the weekend
- The Greco-German crisis in 45 seconds. There will be a crisis meeting over the weekend, because a European crisis is not a proper European crisis without a crisis meeting over the weekend. There really is nothing intelligent to say on the situation in the meantime.
- The US consumer has slipped back effortlessly into their role as saviour of the global economy and unremitting hedonist. The strength of the consumer data yesterday supports the idea of a growth normalisation. Michigan consumer sentiment data is due today, but is perhaps a little overshadowed by yesterday's data.
- Japan's consumers surprised to the upside in terms of spending, with the labour market data coming out in line with expectations. However the consumer price inflation data that is the focus of the Bank of Japan was more mixed, with some weakness in the Tokyo data.
- Euro M3 money supply data is due; the improved willingness of banks to lend should eventually start to flow through. Were Greece to leave the Euro broad M3 would weaken as Greek banks ceased to provide Euros (and if bank deposit withdrawal took place elsewhere in the Euro area).