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Mizuho Corporate Bank

Start the Day 09 August 2010

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 , , 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
DE10YT=RR , Yield_1, Candle
06Aug10 2.561 2.580 2.510 2.536
DE10YT=RR , Close(Yield_1), MA 200
06Aug10 3.021
DE10YT=RR , Close(Yield_1), MA 50 3.15
06Aug10 2.639











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Produced by London Branch - Nicole Elliott +44-20-7786-2509 (email

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
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Charts provided by Reuters.