Mizuho Corporate Bank

Start the Day 10 August 2010

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

Quote: ‘Debt is the slavery of the free.’ Publilius Syrus (c. 100 BC)
The News: Seventy per cent of US economists lower their economic growth forecasts.
The Numbers: British Summer Time, with expectations and previous figures in brackets.
00:01 GB July BRC Retail Sales Monitor +0.5% versus +1.2% June. 07:00 JP PM Naoto Kan news conference.
00:01 GB July RICS House Price Balance -8.0% versus +9.0% June. 06:45 CH Q3 Consumer Confidence 16 vs 14 Q2.
07:00 DE July Wholesale Price Index –0.3% M/M, +5.3% Y/Y, versus –0.2% and +5.1% June.
09:30 GB June Trade Balance (-£8.2B to -£7.3B, Non-EU -£4.6B to -£4.0B, versus -£8.1B and -£4.5B May).
09:30 GB June DCLG House Prices (+9.3% to +10.5% Y/Y versus +11.0% May).
12:30 US July NFIB Small Business Optimism (85 to 92 versus 89 June).
13:15 CA July Housing Starts (175K to 192K versus 192.8K June).
13:30 CA June House Price Index (+0.1% to +0.3% M/M versus +0.3% May).
13:30 US Q2 Unit Labour Costs (-0.7% to +2.5%, Non-Farm Productivity –0.8% to +1.0%, vs –1.3% and +2.8% Q1).
15:00 US June Wholesale Inventories (+0.1% to +0.7% versus +0.5% May). 18:00 US 10-year TNote auction.
19:15 US Fed’s FOMC interest rate decision (unanimously expected unchanged at 0.25%).
00:01 GB July Nationwide Consumer Confidence (57 to 65 versus 63 June).
00:50 JP July Domestic CGPI (Mizuho Securities –0.1% M/M, -0.1% Y/Y, versus –0.4% and +0.5% June).
00:50 JP June Machine Orders (Mizuho Securities +3.3% M/M, -0.5% Y/Y, versus –9.1% and +4.3% May).
Websites www.mizuho-cb.co.uk , www.mizuhosecurities.com , Bloomberg MIZH.
The Psychology: South African public sector unions stage a one-day strike rejecting the government’s wage deal.
The Risk: San Francisco Fed says chances of recession in next 18/24 months higher than chance of expansion.
Today’s most interesting chart: Benchmark 10year Gilt yield Dipping towards 2009’s low.
GB10YT=RR, Yield_1 [Candle] Weekly
27May08 - 30Aug10
Yield
GB10YT=RR , Yield_1, Candle
15Aug10 3.220 3.270 3.217 3.244 5.2

4.8

4.6

4.4

4.2

3.8

3.6

3.4

3.2

Jul08 Sep Nov Jan09 Mar May Jul Sep Nov Jan10 Mar May Jul

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.

 Mizuho Corporate Bank

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.