Mizuho Corporate Bank

Start the Day 09 August 2010

http://www.mizuho-cb.co.uk/

Quote: ‘I can count all the lovers I’ve had on one hand – if I’m holding a calculator.’
Sebastian Horsley (1962-2010)
The News: Japanese finance minister Noda warns on excessive yen strength.
The Numbers: British Summer Time, with expectations and previous figures in brackets.
00:50 JP June Trade Balance +769B yen, Current Account +1047B, versus 391B and 1205B May.
00:50 JP July M2 Money Supply +2.7% Y/Y, Bank Lending Ex-Trusts –1.9%, versus +2.9% and –2.1% June.
05:30 JP July Bankruptcies –23.1% Y/Y versus –19.3% June.
06:00 JP July Economy Watchers’ Survey Current 49.8, Outlook 46.6, versus 47.5 and 48.3 June.
07:00 DE July Trade Balance +€14.1B, Current Account +€12.9B, versus revised +€9.8B and +€1.8B June.
09:30 EZ16 August Sentix Investor Confidence (2 to 8 versus –1.3 July).
00:01 GB July BRC Retail Sales Monitor (versus +1.2% June).
00:01 GB July RICS House Price Balance (0% to +8.0% versus +9.0% June).
Websites www.mizuho-cb.co.uk , www.mizuhosecurities.com , Bloomberg MIZH.
The Psychology: The Bank of Japan starts a two-day rate-setting meeting (expected unchanged at 0.10%).
The Risk: Lots of hot air as to what the Fed will do next.
Today’s most interesting chart: Benchmark 10year Bund yield Retesting record low.
DE10YT=RR, Yield_1 [Candle][MA 200][MA 50] Daily
01Apr10 - 11Aug10
Yield
DE10YT=RR , Yield_1, Candle
06Aug10 2.561 2.580 2.510 2.536
3.2
DE10YT=RR , Close(Yield_1), MA 200
06Aug10 3.021
DE10YT=RR , Close(Yield_1), MA 50 3.15
06Aug10 2.639
3.1

3.05

2.95

2.9

2.85

2.8

2.75

2.7

2.65

2.6

2.55

2.5
08Apr10 15Apr 22Apr 29Apr 06May 13May 20May 27May 03Jun 10Jun 17Jun 24Jun 01Jul 08Jul 15Jul 22Jul 29Jul 05Aug

Produced by London Branch - Nicole Elliott +44-20-7786-2509 (email Nicole.Elliott@mhcb.co.uk)

The information contained in this paper is based on or derived from information generally available to the public from sources believed to be reliable. No representation or
warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This paper has been prepared
solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading
strategy.

Charts provided by Reuters.