tag:blogger.com,1999:blog-20610176904378689102024-02-24T23:29:31.402-08:00Econ GrapherCharting the world of finance and economics www.econgrapher.comEcon Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.comBlogger264125tag:blogger.com,1999:blog-2061017690437868910.post-7007985503441164672012-12-10T23:58:00.002-08:002012-12-10T23:58:41.222-08:00 Green Shoots In Brazil - Is It A GARP Opportunity?<span style="background-color: white; color: #333333; font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px;">Wind the clock back a couple of years and you wouldn't think of the Brazilian stock market as a value play - if anything it was part of the emerging market super-growth bloc that promised permanent double digit returns. But is it time to review the situation? Does the Brazilian stock market present a compelling value opportunity or has the market simply priced in a new lower-growth higher-risk environment?</span><br />
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<span style="background-color: white; line-height: 20px;"><span style="color: #333333; font-family: verdana, arial, helvetica, clean, sans-serif; font-size: x-small;"><b>Full story:</b> <a href="http://seekingalpha.com/article/1055571-green-shoots-in-brazil-is-it-a-garp-opportunity">http://seekingalpha.com/article/1055571-green-shoots-in-brazil-is-it-a-garp-opportunity</a></span></span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-42575142993265240562012-12-02T23:53:00.000-08:002012-12-02T23:53:27.368-08:00 Bear No More - It's Time To Get Beta In China<br />
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The Chinese stock market has had a volatile year, initially rallying before slumping as concerns about a hard landing culminated in speculation on the end of the Chinese economic growth model. If history shows us anything it's that people will always overreact; on the down side and the upside. But is it an overreaction to still be bearish on China?</div>
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In order to answer this question, we need to review a number of key economic and market themes. The bottom line is that there is a compelling outlook, but it's not as simple as it may seem.</div>
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<b>Full Story: </b><a href="http://seekingalpha.com/article/1040051-bear-no-more-it-s-time-to-get-beta-in-china">http://seekingalpha.com/article/1040051-bear-no-more-it-s-time-to-get-beta-in-china</a> </div>
Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-59673479263235601472012-10-09T19:53:00.001-07:002012-10-09T19:53:23.427-07:00Top 5 Videos on Warren Buffett<br />
Warren Buffett is primary shareholder, chairman and CEO of Berkshire Hathaway, and ranks amongst the world's wealthiest people. Warren Buffett made much of his billions through applying his keen business sense and his value oriented investment style - he sees his core talent as being a skilled allocator of capital; and owes much of his investment success to picking skilled managers and letting them get on with running the business. Clearly as one of the world's most successful investors, his methods and path to success have been closely studied by many aspiring investors around the world, and in a game where knowledge is power it makes sense to learn from this master of investing. The following 5 documentaries provide an insight into the life of Warren Buffett, how he made his money, what he thinks about, and how he invests.<br />
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<a href="http://www.financedocumentaries.com/2012/08/warren-buffett-revealed.html"><b>1. Warren Buffett Revealed</b></a><br />
This Bloomberg documentary provides an interesting look at this legendary investor, telling how he became interested in stocks early in his life and became a disciple of the 'father of value investing', Benjamin Graham (author of the book "Securities Analysis"). Buffett mastered the style of value investing and with instincts and gumption made a strong start, but he really took things to the next level when he orchestrated the takeover of Berkshire Hathaway; later focusing the business on insurance - allowing him access to a sizeable pool of investable assets<br />
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<a href="http://www.financedocumentaries.com/2011/05/worlds-greatest-money-maker-warren.html"><b>2. The World’s Greatest Money Maker</b></a><br />
This BBC documentary offers an intimate look at the life of Warren Buffett, how he made his money, how he operates, how he came to operate in the way he does, and how he thinks about his wealth. It also takes you on a tour of his office and the annual shareholders meeting of Berkshire Hathaway, not to mention a peak at his many eccentricities.<br />
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<a href="http://www.financedocumentaries.com/2012/09/biography-warren-buffett.html"><b>3. Biography – Warren Buffett</b></a><br />
This biographical documentary takes you through the life of Warren Buffett; how he developed his value investing philosophy, how he came to be majority owner and CEO of Berkshire Hathaway, his frugality, his upbringing, his key choices in life, his mentors, the turning points and defining moments.<br />
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<a href="http://www.financedocumentaries.com/2012/09/warren-buffett-going-global.html"><b>4. Warren Buffett – Going Global</b></a><br />
This video is more about an applied look at how Warren Buffett operates, the CNBC show follows Warren on one of his rare trips overseas, including a look at one of his first offshore acquisitions - ISCAR. This video shows how folksy, old fashioned, and down to earth the billionaire investor is, but it also shows how he is quick to realise a good deal and his talent for allocating capital. It also shows his brilliance for identifying great companies and strong capable management teams and letting them get on with the business for him.<br />
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<a href="http://www.financedocumentaries.com/2012/10/warren-buffet-mba-talk.html"><b>5. Warren Buffett MBA Talk</b></a><br />
Finally we get a talk from the man himself, with some key messages for the MBA students he is addressing on the importance of integrity, intelligence, and energy for success; but that there is more to it than intelligence and energy - without integrity a person can become dumb and lazy. He also opens the floor to some interesting and thought provoking questions, providing an eye opening look into how the man thinks and what he sees as the key issues in business and <span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;">investing.</span><br />
<br style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 20px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px;">Thanks to </span><a href="http://www.financedocumentaries.com/" style="background-color: white; color: #999999; font-family: Arial, sans-serif; font-size: x-small; line-height: 20px; text-decoration: none;">www.financedocumentaries.com</a><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px;"> for finding all these documentaries (and others!)</span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"> </span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"><br /></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;">Source: </span><a href="http://www.alleconomists.com/2012/10/top-5-videos-on-warren-buffett.html" style="background-color: white; color: #888888; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px; text-decoration: none;">http://www.alleconomists.com/2012/10/top-5-videos-on-warren-buffett.html</a>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-1305924087181492212012-08-11T13:33:00.000-07:002012-08-11T13:33:21.751-07:006 Documentaries on the European Sovereign Debt Crisis<span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 20px;">The European sovereign debt crisis has been a dominant force in the banking system, financial markets, and global economy over the past couple of years. Each day we have a different headline, either explaining how things are getting worse and worse, or how a big solution is imminent. But what is the cause of the crisis? How did it come about? And how will it ultimately play out? These documentaries provide a concise and engaging means of understanding the euro zone debt crisis.</span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 20px;"><br /></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"></span><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 20px;"><a href="http://www.financedocumentaries.com/2012/07/great-euro-crash-2012.html" style="color: #888888; text-decoration: none;"><b>1. The Great Euro Crash</b></a></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;">This documentary starts the viewing by explaining the well intentioned ideas underpinning the Euro. Along with the history of the Euro, it also explores the present crisis and looks at how the future shape of the Euro may evolve. There's a few interesting interviews with present and past power brokers of Europe.</span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><br /></span></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"></span><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><a href="http://www.financedocumentaries.com/2011/10/debtocracy.html" style="color: #888888; text-decoration: none;"><b>2. Debtocracy</b></a></span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;">The poster-child of the Euro crisis has to be Greece. Greece is a country that epitomises the crisis; it spent profligately, racking up large fiscal deficits and taking on more and more debt, all the while becoming less and less competitive with the rest of Europe. In many ways it was only a matter of time before Greece encountered a crisis. But what's next for Greece? This documentary explores the causes and potential solution to the Greek crisis.</span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><br /></span></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"></span><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><a href="http://www.financedocumentaries.com/2012/04/debt-and-redemption.html" style="color: #888888; text-decoration: none;"><b>3. Debt and Redemption</b></a></span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;">This documentary focuses on one of the many enabling factors of the crisis: derivatives and investment bankers. While ultimately it was poor economic policies, low productivity and competitiveness, and fiscal mismanagement that caused the crisis, this additional factor of mis-sold derivatives and financial contracts certainly didn't help.</span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><br /></span></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"></span><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><a href="http://www.financedocumentaries.com/2012/05/catastroika.html" style="color: #888888; text-decoration: none;"><b>4. Catastroika</b></a></span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;">In combating the debt crisis the governments of the various countries in Europe have taken on harsh austerity measures and aggressive programs to raise cash and revenues. Much of the austerity drive has been mandated by the terms of the various bailouts. This documentary looks particularly at the cash raising part - privatisations. Privatisations are often controversial, but have many potential benefits and some risks.</span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><br /></span></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"></span><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><a href="http://www.financedocumentaries.com/2012/02/britains-trillion-pound-horror-story.html" style="color: #888888; text-decoration: none;"><b>5. Britain's Trillion Pound Horror Story</b></a></span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;">The UK is not immune to the Euro crisis, sure it didn't join the currency union, but it's experience isn't too far removed from Ireland's. Britain has likewise accumulated a large sovereign debt load, but has recently embarked on significant austerity moves to sure up it's fiscal sustainability. </span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><br /></span></span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"></span><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;"><a href="http://www.financedocumentaries.com/2012/08/the-great-euro-crisis-2012.html" style="color: #888888; text-decoration: none;"><b>6. The Great Euro Crisis</b></a></span></span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"><span style="line-height: 20px;">The last stop on the video tour of the European debt crisis is "The Great Euro Crisis". This documentary probes into what may come of the Euro - will Greece stay in, will get kicked out, or will it opt out? One thing is for sure: the Euro will not look the same in 5 years time; but it remains to be seen what will come..</span></span><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 20px;">. </span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><br style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: 13px; line-height: 20px;" /><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px;">Thanks to </span><a href="http://www.financedocumentaries.com/" style="background-color: white; color: #999999; font-family: Arial, sans-serif; font-size: x-small; line-height: 20px; text-decoration: none;">www.financedocumentaries.com</a><span style="background-color: white; color: #666666; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px;"> for finding all these documentaries (and others!)</span><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"> </span><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><br style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;">Source: </span><a href="http://www.alleconomists.com/2012/08/6-documentaries-on-european-sovereign.html" style="background-color: white; color: #888888; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px; text-decoration: none;">http://www.alleconomists.com/2012/08/6-documentaries-on-european-sovereign.html</a>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-48968008361154229152012-07-13T16:28:00.001-07:002012-07-13T16:28:54.265-07:00Top 8 Documentaries on Financial Crime and FraudFinance has received a bad reputation through the financial crisis, and while not all that went on around the crisis was outright fraudulent, there have been through history some notable episodes. Be it from incompetence, poor governance, or deviousness; through history several figures have achieved noteriety for their sometimes spectacular misdeeds. This article lists the top 8 documentaries on financial crime and fraud. While these cases are extremely interesting and appalling, they are also very informative in terms of equipping yourself to notice some of the warning signs.<br />
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<b><a href="http://www.financedocumentaries.com/2011/06/madoff-affair.html">1. The Madoff Affair</a></b><br />
This one takes the number one spot due to the scale of the fraud and the temerity of the perpetrator. Indeed Madoff has become the word to describe ponzi schemes and investment scams. Madoff was ultimately responsible for losing billions and billions of dollars in a phony investment scheme that suckered in famous people, other financial institutions, and many individual investors. Watch and learn!<br />
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<b><a href="http://www.financedocumentaries.com/2011/05/enron-smartest-guys-in-room.html">2. Enron: The Smartest Guys in the Room</a></b><br />
This list would be incomplete without this one. In fact this documentary has become a key tool for classes that teach on corporate governance. What you had with Enron was a complete failure of corporate governance, where greed took over and rogue executives ran wild, serving their own selfish interests and dooming a company that employed thousands of people and was invested in by thousands.<br />
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<a href="http://www.financedocumentaries.com/2011/05/bigger-than-enron.html"><b>3. Bigger Than Enron</b></a><br />
Who was bigger than Enron? The auditors - the guys who should have picked up on the games they were playing over at Enron, but instead chose to cover up and hide the fraud. This lead to the demise of a once highly esteemed, 89 year old major accounting firm. A good case study on ethics and corporate responsibility.<br />
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<a href="http://www.financedocumentaries.com/2011/11/masterminds-crazy-eddie.html"><b>4. Masterminds - Crazy Eddie</b></a><br />
Remember Crazy Eddie? Eddie Antar cooked the books, faked inventory and sales, committed insurance fraud, and stock manipulation. The company's financials were doctored to present a booming profitable business, and of course, when the company listed on the stock exchange in an IPO, Antar got rich,while investors were duped into buying a shoddy company. Here's how he did it.<br />
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<b><a href="http://www.financedocumentaries.com/2012/06/american-greed-hedge-fund-manager.html">5. American Greed - Hedge Fund Manager</a></b><br />
Here's another version of Madoff - this is on a smaller, but by no means trivial scale. Samuel Israel set out to start a hedge fund, he started with the best of intentions, but one mistake lead to another. In the end he was dipping into client funds, making stupid investments, and ultimately falling for a scam himself as he tried desperately to make the money back. Warning: check your investment manager very carefully!<br />
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<b><a href="http://www.financedocumentaries.com/2011/05/25-million-pounds.html">6. 25 Million Pounds</a></b><br />
Ever heard of Barings Bank? Or a guy called Nick Leeson? Or have you seen the movie "Rogue Trader"? Basically this is a case where a young up and comer rose to management, started trading on the bank's book, initially making large profits, before losing billions, and hiding it through his having control over back office functions. This is a lesson on why you need good controls and processes!<br />
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<a href="http://www.financedocumentaries.com/2012/06/frontline-black-money.html"><b>7. Frontline - Black Money</b></a><br />
This PBS documentary investigates the influence of money in politics. Remember the saying "money is power"? Well here's how it works. Corruption, graft, blackmail, bribes, and other shady dealings dilute the proper functioning of democracy and add costs and inefficiency to doing business. This is financial crime on a larger scale.<br />
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<b><a href="http://www.financedocumentaries.com/2011/12/tricks-of-trade-outsmarting-investment.html">8. Tricks of the Trade: Outsmarting Investment Fraud</a></b><br />
The final documentary focuses more on how you can avoid investment fraud. This is a great documentary to cap the list off with, because it is important to realise what's a scam and what's a good opportunity. You shouldn't be discouraged by fraud and scams, rather you should learn from them so you can make the right financial moves.<br />
<br style="font-family: Arial, sans-serif; font-size: 13px; line-height: 20px; text-align: left;" /><span style="background-color: white; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px; text-align: left;">Thanks to </span><a href="http://www.financedocumentaries.com/" style="background-color: white; color: #999999; font-family: Arial, sans-serif; font-size: x-small; line-height: 20px; text-align: left; text-decoration: none;">www.financedocumentaries.com</a><span style="background-color: white; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px; text-align: left;"> for finding all these documentaries (and others!)</span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-66050816642308924392012-06-23T21:41:00.001-07:002012-06-23T21:49:14.812-07:00New Zealand - Safe Haven Or Value Trap?<span style="color: #333333; font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px;">New Zealand has attracted significant bond flows in recent months as the island nation's status as a safe-haven, or relatively-safe-haven, has been galvanized by Euro worries. But where is New Zealand's economy headed? And does the country deserve this 'relatively-safe-haven' status? And of course, what does this mean for New Zealand's share market - which for most people will be expressed as the </span><a href="http://seekingalpha.com/symbol/enzl" style="border: 0px; color: #579fc4; font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" title="">ENZL</a><span style="color: #333333; font-family: verdana, arial, helvetica, clean, sans-serif; font-size: x-small;"><span style="line-height: 20px;"> exchange traded fund?</span></span><br /><br />
<span style="color: #333333; font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px;"><b>Full Story:</b> </span><a href="http://seekingalpha.com/article/679401-new-zealand-safe-haven-or-value-trap">http://seekingalpha.com/article/679401-new-zealand-safe-haven-or-value-trap</a>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-48772515233521768472012-06-09T03:09:00.000-07:002012-06-09T03:09:59.368-07:005 Documentaries That Explain Investment Banking<span style="background-color: white; font-family: Arial, sans-serif; font-size: 13px; line-height: 20px; text-align: left;">Investment banking, what is it? Well it depends who you ask: some might say it's what those people on Wall Street do, others will say it's all about greed and using other people's money to maximise bonuses, and some will say it's an essential set of services for efficient allocation of capital and an important part of the workings of the financial system. Well I'm not going to give you an answer, but I will give you 5 documentaries on investment banking that will help shed light on the industry and help you come to your own conclusion as to what investment banking is all about.</span><br />
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1. <a href="http://www.financedocumentaries.com/2011/06/investment-banking.html">Investment Banking</a><br />
This documentary was put together by an Australian University in conjunction with UBS, and provides a good introduction to the key roles within an investment banking organisation. While the focus is on one institution it does provide an inside perspective on investment banking.<br />
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2. <a href="http://www.financedocumentaries.com/2012/06/wall-street-warriors-s01e01.html">Wall Street Warriors</a></div>
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The Wall Street Warriors series follows a variety of Wall Street professionals in a range of professions and variety of experience levels. It gives a real inside perspective on how these people live and what they do and what kind of people they are; quite an eye opener.</div>
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3. <a href="http://www.financedocumentaries.com/2011/07/goldman-sachs-documentary.html">Goldman Sachs: Power and Peril</a></div>
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CNBC put together a very interesting documentary on Goldman Sachs. This documentary takes a more critical view point on investment banking, and highlights some of the conflicts of interest and moral hazard present in the industry. </div>
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4. <a href="http://www.financedocumentaries.com/2011/05/super-rich-greed-game.html">Super Rich: The Greed Game</a></div>
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Adding further perspective, this BBC documentary shows how investment bankers, hedge fund managers and private equity investors have become 'super rich' and includes some interesting interviews and insights into how the big earners operate and the consequences of greed and success.</div>
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5. <a href="http://www.financedocumentaries.com/2011/06/cityboy-secrets-of-investment-bankers.html">Cityboy: Secrets of Investment Bankers</a></div>
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The final documentary rounds it off with a tell-all from a former investment banker who tells of the guts and glory of being a banker in the City of London, giving an insight into some of the excesses indulged by some in certain circles of high finance.</div>
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<span style="background-color: white; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px; text-align: left;">Thanks to </span><a href="http://www.financedocumentaries.com/" style="background-color: white; color: #999999; font-family: Arial, sans-serif; font-size: x-small; line-height: 20px; text-align: left; text-decoration: none;">www.financedocumentaries.com</a><span style="background-color: white; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px; text-align: left;"> for finding all these documentaries (and others!)</span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-31499291638192464152012-06-04T04:51:00.000-07:002012-06-04T04:51:03.562-07:00China Update - Housing Market and Manufacturing<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ3utS07NBFMTfh5TObaaZbS8kAezxOWNhBiYqsDIBY5PsMcDkfOL4BD_N0oGnfHAlecSjudILSj74uUJOry0Q3LlptH1kgagtFVp4xwBEBW97Ub_EZVl_Z3J4YVVXFmItk5RXH512N68/s1600/4jun12-ChinaPMI.jpg" imageanchor="1" style="clear: left; color: #33aaff; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="134" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ3utS07NBFMTfh5TObaaZbS8kAezxOWNhBiYqsDIBY5PsMcDkfOL4BD_N0oGnfHAlecSjudILSj74uUJOry0Q3LlptH1kgagtFVp4xwBEBW97Ub_EZVl_Z3J4YVVXFmItk5RXH512N68/s200/4jun12-ChinaPMI.jpg" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0976563) 1px 1px 5px; border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0976563) 1px 1px 5px; padding: 5px; position: relative;" width="200" /></a></div>
<span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;">The first bits of data that come out of China each month are the PMI (a measure of manufacturing) and the Soufun 100 Index (a measure of house prices). The housing sector and manufacturing sector remain critical to the near term prospects of China's overall economy and macro policy positioning. So with these two data points you can get a leading view on how China's economy. And what do they say?</span>
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<span style="background-color: white; color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13px; line-height: 18px;"><b>Full Story: </b></span><a href="http://www.alleconomists.com/2012/06/china-update-housing-market-and.html">http://www.alleconomists.com/2012/06/china-update-housing-market-and.html</a>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-48087405794779820722012-01-24T00:02:00.000-08:002012-01-24T00:02:45.567-08:00China Economic Update: The Softest of Landings<span style="background-color: white; color: #333333; font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px;">China recently released its major regular economic data dump, and the results were well, remarkably good. GDP growth tapered off ever so gently, retail sales growth accelerated, industrial production chugged along, fixed asset investment slowed slightly, trade volumes held up, property prices continued a gentle descent, and loan growth showed a cautious but somewhat easier pace, and inflation continued to ease-off. In essence the December data was consistent with a smooth and steady landing, with all the right spots showing the right signs. But where to next? Can we expect a continued pleasant ride, or are we on the cusp of turbulence? And what are the implications for investors?</span>
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Full story: <a href="http://seekingalpha.com/article/321399-china-economic-update-the-softest-of-landings">http://seekingalpha.com/article/321399-china-economic-update-the-softest-of-landings</a>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-91336745191841390462011-12-25T14:10:00.000-08:002011-12-25T14:10:03.797-08:00Top 10 Trading DocumentariesWith the popularity and feedback on my previous article on the top 10 <a href="http://econgrapher.blogspot.com/2011/12/top-10-financial-crisis-documentaries.html">financial crisis</a> documentaries, here's my take on the top 10 trading documentaries. In the list that follows, the topics covered range from quantitative trading, getting started as a trader, a day in the life of a famous trader, the demise of trading pits, a look at the global foreign exchange market, and a history of market bubbles. These documentaries are a great source of inspiration as well as learning, and anyone who has traded in the markets knows that inspiration and learning are critical inputs to success.<br />
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1. <a href="http://www.financedocumentaries.com/2011/06/trader-paul-tudor-jones.html">Trader - Paul Tudor Jones</a><br />
This documentary follows famous hedge fund trader Paul Tudor Jones, giving an insight into how a typical day looks, but also some of the unique personality traits and thoughts the man has. The documentary is somewhat dated, but is long on entertainment and inspiration, but perhaps a little short on education, but definitely worth a watch.<br />
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2. <a href="http://www.financedocumentaries.com/2011/05/million-dollar-traders-episode-1.html">Million Dollar Traders</a><br />
This 3 part reality TV show is an experiment by hedge fund manager, Lex van Dam, to see whether he can train a handful of ordinary people into becoming successful traders. Basically this is The Apprentice meets financial markets. Perhaps the most interesting learning that this series gives is the psychological aspects of trading, you see some of the traders blowout, some of the get caught like a deer in the headlights, while others keep their cool. This one is long on inspiration, entertainment, and insights.<br />
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3. <a href="http://www.financedocumentaries.com/2011/12/cnn-rookie-trader.html">Rookie Trader</a><br />
This is one for the beginners, it follows a CNN news anchor as he attempts to learn how to trade. He speaks with some trainers, coaches, and experts in trading to learn the basics e.g. market terminology, risk management, psychology, and basic operations. Informative for the beginners, and likely entertaining for the more advanced traders.<br />
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4. <a href="http://www.financedocumentaries.com/2011/12/billion-dollar-day.html">Billion Dollar Day</a><br />
Here's another oldie but a goodie, this one follows a day in the life of three foreign exchange traders/dealers in New York, London, and Hong Kong. While the fashion and the technology have certainly moved on, it's still an interesting watch from the perspective of understanding the various players in the forex market, particularly in terms of the commercial banks - who largely rule the market.<br />
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5. <a href="http://www.financedocumentaries.com/2011/05/quants-alchemists-of-wall-street.html">Quants: The Alchemists of Wall Street</a><br />
Some traders rely on luck, some on their instincts, some lucky ones use their employer's balance sheet, but another breed of traders takes the psychology and luck aspect out, instead focusing on the more scientific side of making money in the markets. The quants develop sophisticated algorithms and use highly advanced computing and connectivity technology to exploit statistical anomalies and patterns in the market. This documentary provides one of the best insights into this arcane corner of Wall Street.<br />
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6. <a href="http://www.financedocumentaries.com/2011/06/trillion-dollar-bet.html">Trillion Dollar Bet</a><br />
But market scientists are not infallible; this documentary looks at the rise and fall of Long Term Capital Management, a hedge fund founded by PhDs and Nobel prize winners; the big names of financial theory. While their meteoric rise and profitability were astounding, equally astounding was the fundamental flaws in their trading thesis and underlying assumptions that lead to their subsequent demise. A fascinating documentary and a good reminder that so-called 'long-tail' events can have a nasty habit of derailing the best laid plans.<br />
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7. <a href="http://www.financedocumentaries.com/2011/11/floored.html">Floored</a><br />
With the rise of technology came the fall of old ways of doing things, Floored is a documentary movie that chronicles the demise of the pit trading, or "open outcry" markets (the old days where markets were not trading engines housed in server farms, but a rowdy crowd of individuals shouting out and hand signalling orders to each other). Very interesting look at how the pits used to work, and an interesting look at how the old traders are adapting (or otherwise) to the new world of technology based markets and trading.<br />
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8. <a href="http://www.financedocumentaries.com/2011/06/birth-of-speculator-tricks-with-risk.html">Tricks With Risk</a><br />
As anyone who deals with financial markets should know, to make money you have to take on risk. How you manage or package the risk makes a great degree of difference as to how much you will make or lose in various scenarios. Indeed, some say the role of traders is to take on risk from those who do not want to hold the risk themselves; risk is a key stock in trade of a financial market participant. But as this documentary reveals, dealing in risk can get you burnt - and in the worst of times e.g. AIG, mismanaging risk can burn the entire system!<br />
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9. <a href="http://www.financedocumentaries.com/2011/12/betting-on-market.html">Betting on the Market</a><br />
Anyone who was around during the late 1990's can attest to the euphoria of the massive bull market. Valuations went to extremes, everyone was talking about the new economy, and of course everyone was an expert! There will certainly be another massive bull market at some point, and this euphoria will return, so take a look at this documentary for a glimpse at what will be to come. Brilliant little documentary for stock investors.<br />
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10. <a href="http://www.financedocumentaries.com/2011/11/tulipmania.html">Tulipmania</a><br />
Speaking of bubbles, why not look back in time to see one of history's most infamous bubbles, the dutch Tulip bulb trading bubble. Perhaps nothing illustrates best the excesses of crowd psychology than the tulip bubble, so this one makes the list as a reminder that all markets are ultimately driven by the thoughts and emotions of the people that are buying and selling.<br />
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Hopefully these documentaries help your trading, or at least entertain you during the holiday period. Please be sure to point out any I might have missed, or that should be in the top 10. Best wishes for 2012, may it be a year of profits and prosperity!<br />
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<span style="background-color: white; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px; text-align: left;">Thanks to </span><a href="http://www.financedocumentaries.com/" style="background-color: white; color: #999999; font-family: Arial, sans-serif; font-size: x-small; line-height: 20px; text-align: left; text-decoration: none;">www.financedocumentaries.com</a><span style="background-color: white; font-family: Arial, sans-serif; font-size: xx-small; line-height: 20px; text-align: left;"> for finding all these documentaries (and others!)</span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-25559853424777177172011-12-16T17:20:00.000-08:002011-12-16T17:20:59.097-08:00Top 10 Financial Crisis DocumentariesThe global financial crisis of 2008/9 has left a significant economic dent, with the global economy slow to rebound, and with a banking crisis transitioning to a sovereign debt crisis in some countries. Indeed many people have felt the impact on their own balance sheets; with house prices and stock prices well off their highs, and in some cases with fixed income assets wiped out. The crisis is sure to leave a lasting psychological impact on all who were touched by it. But of course, with great challenge comes great opportunity, and one of the opportunities is for learning. So after watching a series of crisis related documentaries, I present here what I think are among the top 10 financial crisis documentaries.<br />
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<li><a href="http://www.financedocumentaries.com/2011/05/fall-of-lehman-brothers.html">The Fall of Lehman Brothers</a><br />To me the very title of this documentary was one of the defining moments of the financial crisis. What was previously unthinkable became reality, and at this moment I believe the greatest shock-wave was sent out across the global financial markets. So if there's any documentary on the financial crisis to watch, I think this one tops the list.</li>
<li><a href="http://www.financedocumentaries.com/2011/06/americas-bankrupt-banks-inside-meltdown.html">America's Bankrupt Banks (Inside the Meltdown)</a><br />And of course, before there was Lehman's there was Bear Stearns. Bear Stearns was much closer to the sub-prime crisis and played the game in such a way that it was first to bear the full brunt of the collapse in the housing market. This documentary focuses on the collapse of Bear Stearns.</li>
<li><a href="http://www.financedocumentaries.com/2011/10/meltdown-men-who-crashed-world.html">Meltdown</a><br />The 4-part documentary from Al Jazeera released this year is one of the most talked about documentaries on the financial crisis. Meltdown takes you through all of the facets of the crisis, but places a particular emphasis on the human impact, and reviews some of the civil unrest that grew out of the discontent that the crisis left behind.</li>
<li><a href="http://www.financedocumentaries.com/2011/05/how-banks-never-lose.html">How the Banks Never Lose</a><br />This one takes you over the other side of the ocean to get a glimpse at the conditions that led up to the banking crisis in the UK, where a similar story was unfolding alongside the US banking crisis.</li>
<li><a href="http://www.financedocumentaries.com/2011/06/boom-bust-years-age-of-risk.html">The Boom & Bust Years (The Age of Risk)</a><br />This BBC documentary provides more background on the activity and conditions that lead to the crisis. Of course we are blessed with hindsight, but looking back it is at once appalling, mystifying, and embarrassing what was going on, and it seems to leave little wonder that a crisis was the logical conclusion.</li>
<li><a href="http://www.financedocumentaries.com/2011/06/breaking-bank.html">Breaking the Bank</a><br />We've got Lehman's and Bear Stearns on the list here, but another key bank (which actually survived) that played a pivotal role through the crisis was Bank of America. This documentary follows the actions of Bank of America CEO Ken Lewis, and the events that went on at the Treasury that prevented the collapse of the entire banking system.</li>
<li><a href="http://www.financedocumentaries.com/2011/06/maxed-out-hard-times-easy-credit-and.html">Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders</a><br />The list would be incomplete without a close look at consumer credit. The core cause of the crisis was really an unsustainable explosion in the growth of debt and credit. For a time debt was super cheap and super easy to get, so of course asset prices were sent to unsustainable levels, unsustainable industries were propped up, and people borrowed well beyond their means. Of course, because of this the recovery from this crisis has and will continue to be hard because people (and governments) still need to get back to more sustainable levels of borrowing.</li>
<li><a href="http://www.financedocumentaries.com/2011/10/debtocracy.html">Debtocracy</a><br />The last 3 documentaries on this list are not about the 2008 crisis, but are well worth a look for additional context. This one in particular talks about the Greek debt crisis that has precipitated in the wake of the financial crisis, and which has caused considerable contagion and escalation of economic distress in Europe, and much more water has yet to pass under the bridge.</li>
<li><a href="http://www.financedocumentaries.com/2011/09/prisoners-of-debt-inside-global-banking.html">Prisoners of Debt: Inside the Global Banking Crisis</a><br />This is not about the banking crisis of 2008, no this is about the 1980's third world debt crisis. It bears stark resemblance to today's banking, and of course Sovereign debt crises. I'm sure most people who watch this documentary will think "why didn't we learn?" </li>
<li><a href="http://www.financedocumentaries.com/2011/05/crash-of-1929.html">The Crash of 1929</a><br />Like number 9, this is not about the 2008/9 crash, but many people have drawn parallels to the great depression and the crash of 1929 with today's crisis. So to be able to participate in the debate it is well worth taking a look into what went on all the way back then. But also, in terms of the scale of the crisis and the impact, the 1929 crash is the closest comparison to the 2008 crash.</li>
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<span style="font-size: x-small;">Thanks to <a href="http://www.financedocumentaries.com/">www.financedocumentaries.com</a> for finding all these documentaries (and others!)</span></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com1tag:blogger.com,1999:blog-2061017690437868910.post-3497120429346016002011-10-21T12:27:00.001-07:002011-10-21T12:27:47.096-07:00China Update: Something For Everyone<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; background-color: rgb(255, 255, 255); ">China pretty much wrapped up its key economic data releases this week. As always there's plenty of stuff for everyone amongst all the various data-points and sources. So this article attempts to digest some of the data and figure out what it means for the near and medium term outlooks for China's economy and markets.</span><div><span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; background-color: rgb(255, 255, 255); "><br /></span></div><div><span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; background-color: rgb(255, 255, 255); "><a href="http://seekingalpha.com/article/300780-china-update-something-for-everyone">http://seekingalpha.com/article/300780-china-update-something-for-everyone</a></span></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-5995003828584298802011-10-08T13:05:00.000-07:002011-10-08T16:46:25.665-07:00China Property Update - What's going on?<div style="text-align: left;">Just a quick update on the Chinese property market. I tend to keep one eye on the Soufun 100-city index, and the other eye on the NBS 70-city data. Of course it is somewhat fraught to look at an aggregated-up index over such a vast and diverse country, but the trend is still very important for macro analysis of China given the strong link of fixed asset investment, government revenue, private wealth, and of course the banking and finance sector to real estate prices and activity.</div><div><br /></div><div>So in this update I'll show you the Soufun graphs with the September data, and pop in a few other relevant bits and pieces I've happened upon.</div><div><br /></div><div><b>First Glance:</b> I have been expecting a gradual turnaround in real estate prices; and slower gains are now looking to be turning into small losses. A key question, and a <a href="http://chovanec.wordpress.com/2011/10/03/economy-on-the-edge-of-a-nervous-breakdown/">key risk area</a> for China, will be the extent to which the property market slows. A route in prices wont be the end of China but it will mark a temporary end to its post-bubble-government-reflation-bubble.</div><div><br /></div><div>So, onto the Soufun (maybe not 'so-fun'?) data. In September prices fell a whopping -0.03% to an average 8,877 yuan per square meter. The current level is 313 yuan higher than the start of the year, and up about 6.1% from the same time last year. </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSKKOI1y4w-nAYK2YH5sIOULCIZYZv-zS60BZDzaMeWtHqHpzAOt7ONl8vscQGXbhiEIeYRHyf2x6m_532VS8vIJAUtpk86JOjq3K_2Zc-d6T2ES-_EFYBLKNf09v7VqHP2P8OyzsHrWTT/s1600/9oct11-chinasoufun-notsoufun.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSKKOI1y4w-nAYK2YH5sIOULCIZYZv-zS60BZDzaMeWtHqHpzAOt7ONl8vscQGXbhiEIeYRHyf2x6m_532VS8vIJAUtpk86JOjq3K_2Zc-d6T2ES-_EFYBLKNf09v7VqHP2P8OyzsHrWTT/s400/9oct11-chinasoufun-notsoufun.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5661219614979460194" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 259px; " /></a></div><div>Prices rose in 54 out of 100 cities, and fell in 44 cities (2 unch). The last point is noticeable - the graph below charts the no. of cities which recorded rising prices, and yes, that does look like a trend.</div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD5RtZdl7pMrwRVRd9UKbP1s_zUVy43urkzAKgLuQapsKFN8VHczsMcCizQbYWtG_qutQpPEDifuuixqupvnE7euFurmxja7wSGKxEtQDzbJgaaQX-3DcEQg0hWVrYeqDv3q7u6Vf2JDKb/s1600/9oct11-chinapricerisers.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD5RtZdl7pMrwRVRd9UKbP1s_zUVy43urkzAKgLuQapsKFN8VHczsMcCizQbYWtG_qutQpPEDifuuixqupvnE7euFurmxja7wSGKxEtQDzbJgaaQX-3DcEQg0hWVrYeqDv3q7u6Vf2JDKb/s400/9oct11-chinapricerisers.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5661219611277507858" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 259px; " /></a></div><div>So, the Soufun data so looks like the start of a trend, but of course we'll need to see another couple of months before we can rule out fluctuations. Also the NBS data will be out - usually around the 18/19th of the month, so it will be good to check that dataset for confirmation.</div><div><br /></div><div>Now, onto another couple of charts I found in a <a href="http://www.chinadaily.com.cn/cndy/2011-10/01/content_13830061.htm">China Daily article</a>. The data in the charts are for 1-18 Sep in the relevant years. Key points: volume has tanked compared to levels seen during the the pre-2008 bubble, and the post-2008 reflation bubble. Prices have doubled over 5 years (but then <a href="http://seekingalpha.com/article/260391-does-it-make-sense-to-be-bearish-on-china">incomes have also doubled</a> over the past 5 years). </div><div><a href="http://www.chinadaily.com.cn/cndy/attachement/jpg/site1/20111001/f04da2db11220ff0a4e81c.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img src="http://www.chinadaily.com.cn/cndy/attachement/jpg/site1/20111001/f04da2db11220ff0a4e81c.jpg" border="0" alt="" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 238px; height: 735px; " /></a></div><div>If you saw a stock chart with a surging price, and with volume which trailed off to low levels, what would you think? The answer has to be that the market is getting a bit fatigued at the current price level. But having said that, I still think there are fundamental forces which should logically support higher prices (e.g. urbanization, rising incomes, the culture part of needing to own a house, demand for property as a store of value/inflation hedge, etc). </div><div><br /></div><div>The dual forces of price exhaustion and government <a href="http://www.centralbanknews.info/2011/08/peoples-bank-of-china-adjusts-reserve.html">policy</a> aimed at improving house price affordability, will likely continue to weigh on property prices in the near term though. I struggle to see a catastrophic unwinding, rather a period of price dullness; with the market naturally taking a breather, and the government breathing down the neck of developers and bankers. </div><div><br /></div><div>To me it seems there is enough fundamental strength to support a baseline demand and price level for property in China. But like many, I am paying a lot of attention to the "<a href="http://www.alsosprachanalyst.com/economy/china-september-pmi-improves-for-second-month.html/trackback">landing</a>" of China, and whether it be soft, hard or something in between. In any case the <a href="http://www.bespokeinvest.com/thinkbig/2011/9/30/wither-china.html">market</a> will be pricing (or <a href="http://humblestudentofthemarkets.blogspot.com/2011/10/too-many-bullets-for-stocks-to-dodge.html#links">overpricing</a>) any further signs of a harder landing, or more relevantly - the likelihood of the formation of perfect storms; and that is a non-zero probability risk. </div><div><br /></div><div>Proceed with caution (and optimism).</div><div><br /></div><div>Econ Grapher</div><div><br /></div><div><a href="http://econgrapher.blogspot.com/2011/10/china-property-update-whats-going-on.html">http://econgrapher.blogspot.com/2011/10/china-property-update-whats-going-on.html</a></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-29170535966864811122011-10-07T20:11:00.000-07:002011-10-07T20:30:50.514-07:00Crisis Cycles - Banking QuestionJust a quick post. I happened to watch a documentary the other day on a banking crisis. <div><br /></div><div>In essence the banks had gotten too greedy, had a lapse in controls and governance, faced attractive incentives to lend (and credit conditions were very loose). </div><div><br /></div><div>In addition, a promising new market of customers had a voracious appetite to borrow, and lapped up all the easy credit offered by the banks. </div><div><br /></div><div>But then the lending boom began to unwind, as borrowers came under pressure from heavy debt loads. </div><div><br /></div><div>Large amounts of defaults ensued and the very survival of the banking system came into question. </div><div><br /></div><div>The turn of events highlighted the fragility of the banking system, and the perils of a lack of controls, particularly in an environment of easy credit; and spurred resolve to implement regulatory change to solve the problems and fix the system, and guard against future bubbles and crises.</div><div><br /></div><div>Fascinating stuff, but what am I talking about? Time for a quiz! Select from the options below of what banking crisis I'm talking about:</div><div><ol><li>The 2007 subprime mortgage crisis</li><li>The 2008-9 global financial crisis</li><li>The 1997 Asian financial crisis</li><li>The US savings and loan crisis</li><li>The 1980's Third world debt crisis</li><li>Other?</li></ol><div>If you can't guess, watch the documentary here: <a href="http://www.financedocumentaries.com/2011/09/prisoners-of-debt-inside-global-banking.html">banking crisis</a></div></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-19666441805574269332011-09-22T01:52:00.000-07:002011-09-22T01:59:23.786-07:00Pictorial representation of the US Quantitative Easing program<div style="text-align: left;">The US <a href="http://www.centralbanknews.info/2011/09/fomc-announces-400b-twist-to-qe-program.html">FOMC</a> announced further quantitative easing activity today; it's going to sell about $400B of treasuries with maturities less than 3 years, and buy about $400B securities with maturities greater than 6 years. This will push down long term rates at the expense of short term rates. Economically it may impact on investment decisions at the margin, but the success of the program remains to be seen.</div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "></span><div><div style="text-align: center;"><span class="Apple-style-span"><br /></span></div><div>For your convenience a pictorial representation of the Fed's quantitative easing program to date is included below:</div><div><br /></div></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="http://images2.wikia.nocookie.net/__cb20080202231409/uncyclopedia/images/1/11/Beating-a-dead-horse.gif" border="0" alt="" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 300px; height: 232px; " /></span><div></div></div><div><br /></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-32547838480614633932011-09-17T22:47:00.000-07:002011-09-17T23:08:31.199-07:00Macro Graph Dump: BRIC - 18 Sep 2011<div style="text-align: left;">Here's a couple BRIC [Brazil Russia India China] economic charts, and a few throw-away thoughts on emerging markets in general.</div><div><br /></div><div><b>1. BRIC Y/Y GDP Growth</b></div><div>The BRIC economies have made an obvious bounce-back from the GFC, but the notables are Russia and Brazil. Russia has seen certain less sustainable bits of its economy falter and is currently sustaining growth at sub-pre-crisis levels. Brazil got a good boost thanks mostly to the low base comparator effect and is settling into more normal growth... India and China are powering along as per usual.</div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2MgmVHvoQy9yN9dGMIyUoIvdRF5uh8TPLJrTPI5rBbR4V9h6hOiDOP3HD9y-EeNzR08LDIXz_13oclq-0EIHLev4Pg-9v5YkK47t55e7uxkNqjEFNChmw6EOuvB8j7LpIZnfmDfvmWvpU/s400/19sep11-BRICGDP.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5653573323537035106" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 246px; " /></span></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>2. BRIC Inflation</b></div><div>On the inflation front, rising prices remains the greater problem for many emerging markets. There have been some tentative signs of a peak in inflation rates in places like China and Russia. But India is still seeing some inflation impulse (and just recently hiked <a href="http://www.centralbanknews.info/2011/09/reserve-bank-of-india-hikes-repo-rate.html">interest rates</a> again). Keeping a keen eye on the inflation-growth mix in these economies.</div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcfM_falch1nJ6i113V5WLzNz1kyQND6ZKzuLc3IpjCZ2m7KNrr8s5Qxh_RM8aL7s8F1EuLYXCfOVD_XX80mKzsWIQwsvusbkc-6MkcspjQjBBXus7f9M1u4uchUgU6anB1cYbpLdI3ax_/s400/19sep11-BRICCPI.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5653573325769870466" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 287px; " /></span></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>3. BRIC Monetary Policy Rates</b></div><div>The key bit to watch with the growth-inflation mix is the monetary policy track. Brazil announced a shock cut to its <a href="http://www.centralbanknews.info/2011/09/brazil-central-bank-drops-selic-rate.html">selic rate</a> recently, which means either political pressure is hitting or the BCB knows something we don't. As noted India is still in tightening mode, while Russia did some tinkering around the edges last week with policy <a href="http://www.centralbanknews.info/2011/09/central-bank-of-russia-keeps-refi-rate.html">rate bands</a>. China seems to be on hold for now and likely wont ease in the near term. Very interesting area to monitor, these emerging markets are much better positioned on a monetary policy front to meet a slow down in growth cf. developed markets who're delving into the monetary dark arts.</div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizDp3ZqGweYLjv-j4B-ZDH7oEcjV_-fwTDa8SPau_XO0j6_ojiqAs1GRwA_TSpA4xEmb9klHL6rU2tVhXuw17Y1YSK6DWuosAJyU6b4WuJ8TU4vnlbW1n6FGUjD9wBR9wQN7L7vAl6KdbE/s400/19sep11-BRICMPR.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5653573327271851106" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 287px; " /></span></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>Sources:</b></div><div><a href="http://www.tradingeconomics.com/">Trading Economics</a></div><div><a href="http://www.centralbanknews.info/">Central Bank News</a></div><div>+Various statistics & news websites</div><div><br /></div><div><b>Original Post:</b> <a href="http://econgrapher.blogspot.com/2011/09/macro-graph-dump-bric-18-sep-2011.html">http://econgrapher.blogspot.com/2011/09/macro-graph-dump-bric-18-sep-2011.html</a></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-24780036037106355022011-09-17T22:31:00.000-07:002011-09-17T22:46:33.048-07:00Monetary Policy Week in Review - 17 September 2011 (Guest Post)<span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; background-color: rgb(255, 255, 255); "><span class="Apple-style-span" style="font-family: Verdana, sans-serif; ">The past week in monetary policy saw 13 central banks review interest rate levels and monetary policy settings. Those that changed rates were: Belarus +300bps to 30.00%, Kenya +75bps to 7.00%, and India +25bps to 8.25%. Russia and Denmark also adjusted the bands of their deposit and lending rates, while holding their main rates steady. The Banks that held rates unchanged were: Mauritius 5.50%, Mozambique 16.00%, Russia 8.25%, New Zealand 2.50%, Switzerland 0-0.25%, Georgia 7.50%, Latvia 3.50%, Denmark 1.55%, Sri Lanka 7.00%, and Chile 5.25%. Also making headlines in central banking was the announcement from the ECB of joint US dollar <a href="http://www.centralbanknews.info/2011/09/ecb-announces-joint-usd-liquidity.html" style="text-decoration: none; color: rgb(55, 120, 205); ">liquidity operations</a> as a move to augment European banking system liquidity. </span><br /><div class="separator" style="clear: both; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; text-align: center; "><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhh5GPfpUEv2sq1JCcqJ5y6YOb0whyi43iPgKocR4TJx1OKopUMQVy0nIjq8GHTZrNEub4g6FmvRuA0Nu3sfjEZxUgBqEJPy3AUjhk_oTyTWcc-8A5zpe3xs-BtvsRDFSJR5Lqm7ggVoWC6/s1600/monetarypolicyrates-17Sep2011.jpg" imageanchor="1" style="text-decoration: none; color: rgb(55, 120, 205); margin-left: 1em; margin-right: 1em; "><img border="0" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhh5GPfpUEv2sq1JCcqJ5y6YOb0whyi43iPgKocR4TJx1OKopUMQVy0nIjq8GHTZrNEub4g6FmvRuA0Nu3sfjEZxUgBqEJPy3AUjhk_oTyTWcc-8A5zpe3xs-BtvsRDFSJR5Lqm7ggVoWC6/s400/monetarypolicyrates-17Sep2011.jpg" width="400" style="border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-width: initial; border-color: initial; position: relative; padding-top: 8px; padding-right: 8px; padding-bottom: 8px; padding-left: 8px; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-color: transparent; border-right-color: transparent; border-bottom-color: transparent; border-left-color: transparent; -webkit-box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; border-top-left-radius: 0px 0px; border-top-right-radius: 0px 0px; border-bottom-right-radius: 0px 0px; border-bottom-left-radius: 0px 0px; background-position: initial initial; background-repeat: initial initial; " /></a></div><a name="more"></a><div style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Unsurprisingly, many central banks commented on the impact of global developments on their policy outlook; with the signs of slowing growth in the US and Europe and continued financial market volatility weighing on decisions. However many emerging markets are still experiencing relatively buoyant economic conditions, as indicated in central bank statements in the past week. A selection of key quotes from central bank monetary policy media releases are listed below:</div><div><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: initial; border-top-style: none; border-top-color: initial; border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/09/reserve-bank-of-india-hikes-repo-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Reserve Bank of India</a> (increased 25bps to 8.25%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"The monetary tightening effected so far by the Reserve Bank has helped in containing inflation and anchoring inflationary expectations, though both remain at levels beyond the Reserve Bank's comfort zone... a premature change in the policy stance could harden inflationary expectations, thereby diluting the impact of past policy actions. It is, therefore, imperative to persist with the current anti-inflationary stance. Going forward, the stance will be influenced by signs of downward movement in the inflation trajectory, to which the moderation in demand is expected to contribute, and the implications of global developments."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/09/central-bank-of-kenya-raises-rate-75bps.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Central Bank of Kenya</a> (increased 25bps to 7.00%): </span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"The Committee observed that inflation, exchange rate and money market volatility continued to pose a challenge to the economy. Specifically, the debt crisis in Europe continues to have a significant impact on the economy through the exchange rate volatility. Events in the USA and Europe are expected to continue affecting the exchange rate, inflation and the economic recovery."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/09/belarus-central-bank-hikes-rate-300bps.html" style="text-decoration: none; color: rgb(55, 120, 205); ">National Bank of Belarus</a> (increased 300bps to 30.00%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"The consistent increase in the cost of borrowed money in the economy is intended to provide a further deterrent effect on customers' demand for credit resources of banks for the period of release on a single course. At the same time, increasing the refinancing rate will be an additional factor in stimulating processes of savings in Belarusian rubles and reduce pressure on the exchange rate"</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/09/rbnz-holds-official-cash-rate-at-250.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Reserve Bank of New Zealand</a> (held OCR at 2.50%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="font-family: verdana, sans-serif; ">"</span></span></span><span style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="font-family: verdana, sans-serif; "><span style="line-height: 15px; ">If recent global developments have only a mild impact on the New Zealand economy, it is likely that the OCR will need to increase. For now, given the recent intensification in global economic and financial risks, it is prudent to continue to hold the OCR at 2.5 percent."</span></span></span></span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span style="font-family: verdana, sans-serif; "><span style="line-height: 15px; "><a href="http://www.centralbanknews.info/2011/09/swiss-national-bank-holds-rate-target.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Swiss National Bank</a> (held rate at 0-0.25%): </span></span></span></span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"</span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">The Swiss National Bank will enforce the minimum exchange rate of CHF 1.20 per euro set on 6 September with the utmost determination. It is prepared to buy foreign currency in unlimited quantities. It continues to aim for a three-month Libor at zero and will maintain total sight deposits at the SNB at significantly above CHF 200 billion."</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/09/central-bank-of-chile-holds-policy-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Banco Central de Chile</a> (held rate at 5.25%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; "><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"</span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Domestically, output and demand figures show signs of moderation, in line with projections in the Monetary Policy Report. Labor market conditions are still tight and faster growth in nominal wages is observed. CPI inflation indicators have hovered around 3% y‐o‐y, while core inflation measures remain contained. Inflation expectations are close to the target."</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/09/central-bank-of-russia-keeps-refi-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Central Bank of Russia</a> (held refi rate at 8.25%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"The decision was supported by the assessment of inflation risks and risks to the sustainability of economic growth, including those associated with the uncertainty of the outlook for global economic activity, as well as of current money market conditions and the dynamics of the factors affecting banking sector liquidity. Implemented decision aimed at narrowing the gap between interest rates on the Bank of Russia liquidity provision and absorption operations should contribute to restrain money market interest rates volatility regarding the risks of the shortage of the rouble liquidity in the banking sector."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: initial; border-bottom-style: none; border-bottom-color: initial; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/09/denmark-central-bank-holds-lending-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Danmarks Nationalbank</a> (held rate at 1.55%): </span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"The interest rate reduction follows Danmarks Nationalbank's purchase of foreign exchange in the market. The short euro market rates have fallen and the spread to the equivalent Danish rates has tended to strengthen the Danish krone."</span></li></ul></div><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><br /></span><br /><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Looking at the <a href="http://www.centralbanknews.info/p/central-bank-calendar.html" style="text-decoration: none; color: rgb(55, 120, 205); ">central bank calendar</a>, next week there are a number of European central banks meeting (Hungary, Turkey, Iceland, Czech Republic, Norway), no doubt they will make due reference to the developments in the Euro sovereign debt crisis. Of course, the other key event on the radar is the US FOMC meeting on the 20th - Bernanke announced at <a href="http://www.centralbanknews.info/2011/08/ben-bernanke-jackson-hole-speech.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Jackson Hole</a> the meeting would be extended to 2 days to allow the FOMC to consider implementing QE3 or QE2.1.</span><span class="Apple-style-span" style="background-color: white; "></span><br /><div style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><span class="Apple-style-span" style="background-color: white; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: black; border-top-style: none; border-bottom-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; border-color: initial; border-color: initial; border-top-color: initial; border-width: initial; border-width: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; ">HUF - Hungary (Magyar Nemzeti Bank) - expected to hold at 6.00% on the 20th of </span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Sep</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: black; border-top-style: none; border-bottom-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; border-color: initial; border-color: initial; border-top-color: initial; border-width: initial; border-width: initial; ">TRY - Turkey (Central Bank of Turkey) - <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; ">expected to hold at 5.75% on the 20th of </span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Sep</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: black; border-top-style: none; border-bottom-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; border-color: initial; border-color: initial; border-top-color: initial; border-width: initial; border-width: initial; ">USD - USA (US Federal Reserve) - <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; ">expected to hold at 0-0.25% on the 20th of </span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Sep</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: black; border-top-style: none; border-bottom-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; border-color: initial; border-color: initial; border-top-color: initial; border-width: initial; border-width: initial; ">ISK - Iceland (Central Bank of Iceland) - <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; ">expected to hold at 4.50% on the 21st of </span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Sep</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: black; border-top-style: none; border-bottom-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; border-color: initial; border-color: initial; border-top-color: initial; border-width: initial; border-width: initial; ">CZK - Czech Republic (Czech National Bank) - <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; ">expected to hold at 0.75% on the 21st of </span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Sep</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: black; border-top-style: none; border-bottom-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; border-color: initial; border-color: initial; border-top-color: initial; border-width: initial; border-width: initial; ">NOK - Norway (Norges Bank) - <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; ">expected to hold at 2.25% on the 21st of </span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Sep</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: black; border-top-style: none; border-bottom-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; border-color: initial; border-color: initial; border-top-color: initial; border-width: initial; border-width: initial; ">ZAR - South Africa (South African Reserve Bank) - <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; ">expected to hold at 5.50% on the 22nd of </span></span></span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Sep</span></li></span></ul></div><span class="Apple-style-span" style="background-color: white; "></span><br /><div style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><b>Source:</b></span></span></span><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "> </span></span></span><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/" style="text-decoration: none; color: rgb(55, 120, 205); ">www.CentralBankNews.info</a></span></span></span></span></div><div style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; "><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="background-color: white; font-family: inherit; "><span class="Apple-style-span" style="background-color: white; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><br /><b>Article source: </b><a href="http://www.centralbanknews.info/2011/09/monetary-policy-week-in-review-17.html" style="text-decoration: none; color: rgb(55, 120, 205); ">http://www.centralbanknews.info/2011/09/monetary-policy-week-in-review-17.html</a></span></span></span></span></span></span></span></span></div></span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-13542121817138210632011-07-29T21:27:00.000-07:002011-07-29T21:28:33.701-07:00Monetary Policy Week in Review - 30 July 2011<span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">The week in monetary policy saw 8 central banks announcing interest rate decisions. Of those that changed rates were: India +50bps to 8.00%, Nigeria +75bps to 8.75%, and Colombia +25bps to 4.50%. Meanwhile those that held monetary policy interest rates unchanged were: Israel 3.25%, Hungary 6.00%, New Zealand 2.50%, Kenya 6.25%, and the Philippines 4.50%. Other than interest rates, the Philippines raised its required reserve ratio by 100 basis points to 21%, and <a href="http://www.centralbanknews.info/2011/07/turkish-central-bank-cuts-required.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Turkey</a> dropped its required reserve ratios by 100-200bps to add extra liquidity to the market.<br /><div class="separator" style="clear: both; text-align: center; "><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVZqiFruNeAAfMaEn5fA1cmnS5SR-gahwWbbGS7SMhK205N7THmy06ctUsGUAdtsmofV27pAOVSHwgtSRZic3xULEl27gV9Ug77qvbOUIWJivecK7H345uvZ1T8YBBTNdKv1RiycUAMLqX/s1600/monetarypolicyrates-30July2011.bmp" imageanchor="1" style="text-decoration: none; color: rgb(55, 120, 205); margin-left: 1em; margin-right: 1em; "><img border="0" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVZqiFruNeAAfMaEn5fA1cmnS5SR-gahwWbbGS7SMhK205N7THmy06ctUsGUAdtsmofV27pAOVSHwgtSRZic3xULEl27gV9Ug77qvbOUIWJivecK7H345uvZ1T8YBBTNdKv1RiycUAMLqX/s400/monetarypolicyrates-30July2011.bmp" width="400" style="border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-width: initial; border-color: initial; position: relative; padding-top: 8px; padding-right: 8px; padding-bottom: 8px; padding-left: 8px; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-color: transparent; border-right-color: transparent; border-bottom-color: transparent; border-left-color: transparent; -webkit-box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; border-top-left-radius: 0px 0px; border-top-right-radius: 0px 0px; border-bottom-right-radius: 0px 0px; border-bottom-left-radius: 0px 0px; background-position: initial initial; background-repeat: initial initial; " /></a></div><a name="more"></a><br />In terms of themes, the week was very much dominated by emerging market central bank activity. India surprised the market by raising rates more than expected in response to a persistent inflation threat against the backdrop of still relatively strong economic growth. Indeed the message was that emerging markets are still facing elevated price levels and inflationary impulse, and many of them are still recording relatively high rates of growth, particularly as compared to developed markets.<br /><br />A selection of key quotes from the monetary policy statements and media releases are listed below:<br /><br /><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: initial; border-top-style: none; border-top-color: initial; border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><a href="http://www.centralbanknews.info/2011/07/israeli-central-bank-holds-interest.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Bank of Israel</a> (held rate at 3.25%): <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"Forecasters' inflation expectations for the next twelve months remained steady at slightly below the upper limit of the target range. Forecasters' inflation expectations and those derived from the capital market go together with the assessment that the Bank of Israel will continue to increase the interest rate, but at a slower pace than in the first half of the year."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/07/india-central-bank-hikes-rate-50bps-to.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Reserve Bank of India</a> (increased 50bps to 8.00%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"Considering the overall growth and inflation scenario, there is a need to persevere with the anti-inflationary stance,".</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/07/central-bank-of-nigeria-lifts-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Central Bank of Nigeria</a> (increased 75bps to 8.75%): </span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "> "The inflation outlook appears uncertain owing to the expected implementation of the new national minimum wage policy and the imminent deregulation of petroleum products," and that there is "the need for pursuing policies to foster macro- economic stability, economic diversification as well as encouraging foreign capital inflows".</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/07/reserve-bank-of-new-zealand-holds-ocr.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Reserve Bank of New Zealand</a> (held rate at 2.50%): </span><span class="Apple-style-span" style="font-family: verdana, sans-serif; font-size: 12px; line-height: 15px; ">"Provided current global financial risks recede and the economy continues to recover, the Bank sees little need for the March 2011 'insurance' cut to remain in place much longer. The current very high value of the New Zealand dollar is acting as a drag on the New Zealand economy. If this persists, it is likely to reduce the need for further OCR increases in the short term."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: verdana, sans-serif; font-size: 12px; line-height: 15px; "><a href="http://www.centralbanknews.info/2011/07/philippine-central-bank-raises-reserve.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Philippine Central Bank</a> (held rate at 4.50%): </span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"bank lending has been growing at double-digit rates since January 2011, supported by the strong momentum of domestic economic activity and stable financial conditions... The Monetary Board is of the view that sustained foreign exchange inflows, driven by upbeat market sentiment over the brighter prospects for the Philippine economy, could fuel a further acceleration of domestic liquidity growth which could pose risks to future inflation."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: initial; border-bottom-style: none; border-bottom-color: initial; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/07/central-bank-of-colombia-raises-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Central Bank of Colombia</a> (raised rate 25bps to 4.50%): </span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "> "Since March, the average measures of core inflation has been a slight upward trend in June and reached a level close to the midpoint of the target range (3% + / - 1 percentage point). Inflation expectations at various horizons are also within that range."</span></li></ul><br />Looking to the <a href="http://www.centralbanknews.info/p/central-bank-calendar.html" style="text-decoration: none; color: rgb(55, 120, 205); ">central bank calendar</a>, next week is set to be dominated by developed market or advanced economy central bank activity (note, the US also meets early in the following week). So it will be an interesting week in terms of how these banks react to whatever happens with the US debt situation...<br /><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: initial; border-top-style: none; border-top-color: initial; border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">AUD - Australia (Reserve Bank of Australia) - expected to hold at 4.75% on the 2nd of August</li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">GBP - UK (Bank of England) - expected to hold at 0.50% on the 4th of August</li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">CZK - Czech Republic (Czech National Bank) - expected to hold at 0.75% on the 4th of August</li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">EUR - Eurozone (European Central Bank) - expected to hold at 1.50% on the 4th of August</li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: initial; border-bottom-style: none; border-bottom-color: initial; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">JPY - Japan (Bank of Japan) - expected to hold at 0.10% on the 5th of August</li></ul><br /><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><b>Source:</b></span></span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "> </span></span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/" style="text-decoration: none; color: rgb(55, 120, 205); ">www.CentralBankNews.info</a></span></span></span><br /><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><b><br />Article source: </b></span></span></span><a href="http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-30-july.html" style="text-decoration: none; color: rgb(55, 120, 205); ">http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-30-july.html</a></span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-18451039375995966892011-07-23T19:48:00.000-07:002011-07-23T20:44:47.621-07:00Top 5 Graphs of the Week - 24 Jul 2011<div style="text-align: left;">This week we check in on the current inflation and monetary policy situation for the key developed economies and emerging markets, with a particular focus on the outlook for inflation and interest rates, and the likely consequent outlook for developed vs emerging market equities. Overall it's looking like the monetary policy outlook may become more friendly to emerging markets than developed markets, but of course that could all change if certain key risks materialize...</div><div style="text-align: left;"><br /></div><div><b>1. BRIC Inflation</b></div><div>Inflation has been a key issue in emerging markets this year, creating a unique set of risks e.g. policy tightening, overheating and hyperinflation, social unrest, exported inflation, etc. These risks have only expressed to a limited extent so far. Within the BRIC economies the most recent data (Brazil 6.71%, Russia 9.4%, India 8.72%, China 6.4%) has shown some hope of a peak in inflation or a tapering off, but the risk of further inflation remains as the BRIC economies remain relatively strong, and with commodity prices easing only somewhat. So the key focus for inflation risks is whether the recent string of monetary policy tightening moves is enough...</div><div><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmurpti0pVo1mqd0rW-mDDzSJAmQuc1r25ki-4DykRvN5TuovRlxhJOeOm_opfym7B_-9uMABEdjQYRWk0StXY5UYTAbM_kveZ5Jnxm7zvBGELFnbXllm-IcRF0sfj9SpjmePSJ9z7alS-/s400/24jul11-briccpi.jpg" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 400px; height: 279px;" border="0" alt="" id="BLOGGER_PHOTO_ID_5632747108537997490" /></div><div><b>2. BRIC Interest Rates</b></div><div>Looking at the BRIC central banks, focusing on interest rates, total interest rate moves since policy rates bottomed out are as follows: <a href="http://www.centralbanknews.info/2011/07/central-bank-of-brazil-lifts-selic-rate.html">Brazil</a> +375 basis points, Russia +50bps, China +125bps, India +325bps. Each of the banks are playing a delicate and fraught balancing act with the risks of further inflation on the one hand and the risks of scuttling growth or even hard landing on the other hand. For now the balance is probably about right, but we're approaching territory where any further upside impetus on the inflation front is likely to force the central banks' hands to more aggressive tightening. Of course this will be bad for equities, with emerging market equities being held firmly back by this monetary policy tightening, but on the other hand, if inflation shows signs of peaking or even turning then emerging market equities should start to factor in an end to monetary policy tightening.</div><div><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL3hdHzXGyM8gqsT0sFon3vBfi0vulAwb9W9FOLOyvWjHzXcKLjHGeUVaKVpizHH0-xAUnmJgb1wCXSf11Y7xLZPP5Bb8rmw65Vdf_-4fRTff-M8pOF6RI9xJhqQ4xJO2AcLG_l96oMk3O/s400/24jul11-bricmpr.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5632747108799565762" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 269px; " /></div><div><br /></div><div><b>3. Developed Market Inflation</b></div><div>While developed markets have not been growing as fast as emerging markets, thanks in part to rising commodity prices, general price normalization, and demand normalization, inflation has clearly recovered in developed markets. Since their lowest figures in 2009 to the most recent readings inflation has increased as follows US +570bps, EU +340bps, Japan +290bps, UK +310bps. However each of those economies still remain at least 100bps away from the peak inflation figures of 2008. That will most likely not last. In fact, without a significant drop in commodity prices or a return to recession (a non-zero probability given some of the recent weaker readings and the Euro and US debt risks), inflation will almost certainly return to pre-crisis levels, and policy makers could easily miss the boat.</div><div><br /></div><div><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitf81RQYOIqbQ_5Gxym_zCPY1bRDsez697lOPfUSiaoRJJXWyllUoLGL1CTYuhlvScwYk3lw9FB7E2WZ1cq4zoL2vhWKrrpddnPSBscEumQBgbSqluRgixS958PNYEpO3677-u0sSVUnrQ/s400/24jul11-dmcpi.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5632747110069888946" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 240px; color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; " /></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>4. Developed Market Interest Rates</b></div><div>With the exception of the <a href="http://www.centralbanknews.info/2011/07/ecb-hikes-monetary-policy-interest-rate.html">ECB</a>, the monetary policy response to rising inflation has been to ignore it and focus on the growth side of things. This stance probably makes sense for the period of about 2-years after the crisis due to the depth and severity of it all. But abnormally low rates are not sustainable, low rates lead to greater risk appetites and ultimately higher inflation. The only saving grace is that governments like the US, UK and Japan all seriously need to do some decent fiscal tightening to get their government finances in order; this may (or may not) contain some aspects of inflation, but ultimately these banks need to start on a slow progression back to normality. So on balance the monetary policy outlook for developed markets is likely more bearish for equities than the outlook in emerging markets.</div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTVB7QLLRAEyoYd0iBI6lbsSl8ve8DqExP5XjOJRu6MUQBaLzV6zP6RDRokcwPLlcu7BCDNV3HRhrLVuHhXDTxC9cXb8xTZt5bMMKX4wl78aEY16tKWEhP3y5Nem17T_1J6IVKHA4-oPyj/s400/24jul11-dmmpr.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5632747110122375794" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 241px; " /></span></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>5. Monetary Policy Week in Review</b></div><div>Diving back down to the detail in the here and now, the <a href="http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-23-july.html">past week in monetary policy</a> saw the Banco Central do Brasil increase its Selic rate by 25 basis points to 12.50%. Meanwhile those that held rates unchanged were: Canada at 1.00%, South Africa at 5.50%, Turkey at 6.25%, and Egypt at 8.25%. Common themes in the media releases were a pretty keen focus on the risks coming from the EU and US debt situations, and Brazil possibly signaled an end to its tightening cycle. Next week there's a few interesting monetary policy decisions due; Israel, India, New Zealand and the Philippines are among those reviewing policy settings, with India the only one expected to move, with consensus seeing another +25bps. </div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-1beLlJNANIMLhgnsFtP1t5t9Pczf94BE9Uv8opjORFKX0Wsg02nUp-EOuwsPJPjfZI48i_egPjzE2MSh7SRfuVBDWK_TMNI2JZmrN3P25mP-FZw0ol3coAvcDAwti3KD2lLf10EBooGL/s1600/monetarypolicyrates-23Jul2011.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-1beLlJNANIMLhgnsFtP1t5t9Pczf94BE9Uv8opjORFKX0Wsg02nUp-EOuwsPJPjfZI48i_egPjzE2MSh7SRfuVBDWK_TMNI2JZmrN3P25mP-FZw0ol3coAvcDAwti3KD2lLf10EBooGL/s400/monetarypolicyrates-23Jul2011.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5632747115459466050" style="display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 251px; " /></a><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTVB7QLLRAEyoYd0iBI6lbsSl8ve8DqExP5XjOJRu6MUQBaLzV6zP6RDRokcwPLlcu7BCDNV3HRhrLVuHhXDTxC9cXb8xTZt5bMMKX4wl78aEY16tKWEhP3y5Nem17T_1J6IVKHA4-oPyj/s1600/24jul11-dmmpr.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTVB7QLLRAEyoYd0iBI6lbsSl8ve8DqExP5XjOJRu6MUQBaLzV6zP6RDRokcwPLlcu7BCDNV3HRhrLVuHhXDTxC9cXb8xTZt5bMMKX4wl78aEY16tKWEhP3y5Nem17T_1J6IVKHA4-oPyj/s1600/24jul11-dmmpr.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"></a></div><div><b>Summary</b></div><div><br /></div><div>So we saw inflation tracking along in emerging markets, showing a brief history of accelerating inflation, and although upside inflation risks remain, there are some signs that inflation may be peaking in at least some of the BRIC economies. Accordingly the monetary policy outlook for emerging markets could well become more accomodative, or at least no more tighter, and this could possibly brighten the outlook for emerging market equities. </div><div><br /></div><div>Over to developed markets, flirtations with deflation were quite short-lived as the past year or so has seen significant reinflation, and unless fiscal tightening is particularly onerous, and as long as another slowdown is avoided, the inflation outlook for developed economies might be for further upside. Accordingly, the monetary policy outlook for developed economies is, or at least should be, for tightening and higher interest rates, which may take some of the shine of developed market equities. </div><div><br /></div><div>So for the emerging market vs developed market equity allocation, a keen eye should be fixed on the developing inflation and monetary policy outlook, for today; this is a macro-driven market.</div><div><br /></div><div><b>Graph Sources:</b></div><div>1. Trading Economics <a href="http://www.tradingeconomics.com/">www.tradingeconomics.com</a></div><div>2. Central Bank News <a href="http://www.centralbanknews.info/">www.centralbanknews.info</a></div><div>3. OECD Statistics <a href="http://stats.oecd.org/">stats.oecd.org</a></div><div>4. Central Bank websites</div><div>5. Central Bank News <a href="http://www.centralbanknews.info/">www.centralbanknews.info</a></div><div><br /></div><div><b>Article Source</b>: <a href="http://econgrapher.blogspot.com/2011/07/top-5-graphs-of-week-24-jul-2011.html">http://econgrapher.blogspot.com/2011/07/top-5-graphs-of-week-24-jul-2011.html</a></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-30075100139522802612011-07-22T17:14:00.000-07:002011-07-22T17:15:51.377-07:00Monetary Policy Week in Review - 23 July 2011 (guest post)<span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">The past week in monetary policy was relatively quiet, with just five central banks announcing interest rate decisions. The only central bank to adjust rates was the Banco Central do Brasil, which increased its Selic rate by 25 basis points to 12.50%. The other banks that held rates unchanged were: Canada at 1.00%, South Africa at 5.50%, Turkey at 6.25%, and Egypt at 8.25%. Elsewhere in central banking, Taiwan's central bank increased commercial bank minimum liquidity <a href="http://www.centralbanknews.info/2011/07/taiwan-central-bank-raises-minimum.html" style="text-decoration: none; color: rgb(55, 120, 205); ">requirements</a> as part of an ongoing program to strengthen risk management in the banking system.</span><br /><div class="separator" style="clear: both; text-align: center; "><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlZO491IUI2CqjBo5UMmP1eowfBVsj9BnkfFQzwgh04QupMP099WWssCYoxNhLQGR7_mqFGSEcZyT-ALvAF_r8oQy30zduaCF3-FAgGdT67Qt1_4gMpoEVtkkCgTjh2KwVmYxjPfL7Roh2/s1600/monetarypolicyrates-23Jul2011.jpg" imageanchor="1" style="text-decoration: none; color: rgb(55, 120, 205); margin-left: 1em; margin-right: 1em; "><img border="0" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlZO491IUI2CqjBo5UMmP1eowfBVsj9BnkfFQzwgh04QupMP099WWssCYoxNhLQGR7_mqFGSEcZyT-ALvAF_r8oQy30zduaCF3-FAgGdT67Qt1_4gMpoEVtkkCgTjh2KwVmYxjPfL7Roh2/s400/monetarypolicyrates-23Jul2011.jpg" width="400" style="border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-width: initial; border-color: initial; position: relative; padding-top: 8px; padding-right: 8px; padding-bottom: 8px; padding-left: 8px; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-color: transparent; border-right-color: transparent; border-bottom-color: transparent; border-left-color: transparent; -webkit-box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; border-top-left-radius: 0px 0px; border-top-right-radius: 0px 0px; border-bottom-right-radius: 0px 0px; border-bottom-left-radius: 0px 0px; background-position: initial initial; background-repeat: initial initial; " /></a></div><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "></span><br /><a name="more"></a><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">So for the central banks that reviewed monetary policy settings it was very much a case of wait and see, with the banks largely viewing current settings as appropriate. Indeed if holding rates steady was the theme, the BRIC economy Brazil was consistent with this even though it increased rates, in that the Brazilian central bank slightly altered the tone of its statement; perhaps hinting that it is near the end of its tightening cycle. Another theme within this was strong vigilance of risks, particularly those emanating from the Euro area, with still high levels of uncertainty as to how the crisis will unfold.<br /></span><br /><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Listed below are some of the key quotes from central bank monetary policy statements and media releases from the week ending 23 July 2011:</span><br /><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: initial; border-top-style: none; border-top-color: initial; border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">Bank of <a href="http://www.centralbanknews.info/2011/07/bank-of-canada-holds-interest-rate-at.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Canada</a> (held interest rate at 1.00%): </span></span><span class="Apple-style-span" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"To the extent that the expansion continues and the current material excess supply in the economy is gradually absorbed, some of the considerable monetary policy stimulus currently in place will be withdrawn, consistent with achieving the 2.0 percent inflation target. Such reduction would need to be carefully considered".</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/07/central-bank-of-brazil-lifts-selic-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Banco Central do Brasil</a> (increased rate +25bps to 12.50%): </span></span><span class="Apple-style-span" style="font-family: verdana, sans-serif; font-size: 12px; line-height: 16px; ">"evaluating the prospective scenario and the balance of risks for inflation, the Copom decided, unanimously, at this moment, to raise the Selic rate to 12.50% p.a., with a neutral bias."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/2011/07/south-african-reserve-bank-holds-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">South African Reserve Bank</a> (held interest rate at 5.50%): "The MPC is not complacent and will remain vigilant and continue to monitor closely any indications of second-round effects on inflation emanating from these cost pressures as well as the changing risk profile of the inflation outlook."... "The view of the MPC continues to be that the underlying inflation pressures are mainly of a cost push nature, notwithstanding signs of a possible moderate increase in underlying inflation."</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">Central Bank of <a href="http://www.centralbanknews.info/2011/07/turkish-central-bank-holds-interest.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Turkey</a> (held interest rate at 6.25%): "</span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">it would be appropriate to narrow the interest corridor gradually should the sovereign debt problems regarding some European economies and the concerns on global growth continue to have adverse impact on the risk appetite. The Committee has also stated that all policy instruments may be eased should global economic problems intensify and lead to a contraction in domestic economic activity."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: initial; border-bottom-style: none; border-bottom-color: initial; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">Central Bank of <a href="http://www.centralbanknews.info/2011/07/egyptian-central-bank-holds-deposit.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Egypt</a> (held interest rate at 8.25%): "the slowdown in economic growth should limit upside risks to the inflation outlook. Given the balance of risks on the inflation and GDP outlooks and the increased uncertainty at this juncture, the MPC judges that the current key CBE rates are appropriate." </span></span></li></ul><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><b>Next week</b></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "> is set to be relatively busy in terms of monetary policy decisions, with at least 8 central banks scheduled to review policy settings. Many of the banks are in emerging market countries so it will be timely to get an update on what they are thinking about and concerned about:</span><br /><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: initial; border-top-style: none; border-top-color: initial; border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">ILS - Israel (Bank of Israel) - expected to hold at 3.25% on the 25th of July</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">HUF - Hungary (Magyar Nemzeti Bank) - expected to hold at 6.00% on the 26th of July</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">INR - India (Reserve Bank of India) - may increase rate 25bps to 7.75% on the 26th of July</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">NGN - Nigeria (Central Bank of Nigeria) - may increase rate 50bps to 8.50% on the 26th of July</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">KES - Kenya (Central Bank of Kenya) - expected to hold at 6.25% on the 27th of July</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">NZD - New Zealand (RBNZ) - expected to hold at 2.50% on the 28th of July</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">PHP - Philippines (Bankgo Sentral ng Pilipinas) - expected to hold at 4.50% on the 28th of July</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: initial; border-bottom-style: none; border-bottom-color: initial; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">PKR - Pakistan (State Bank of Pakistan) - expected to hold at 14.00% on the 30th of July</span></span></li></ul><br /><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><b>Source:</b></span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "> </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/" style="text-decoration: none; color: rgb(55, 120, 205); ">www.CentralBankNews.info</a></span></span><br /><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><b><br />Article source: </b></span></span></span><a href="http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-23-july.html" style="text-decoration: none; color: rgb(55, 120, 205); ">http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-23-july.html</a></span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-22121943158685990702011-07-16T16:36:00.001-07:002011-07-16T16:40:35.898-07:00China Economic Check-up: Nope, no hard landing yet folks<span class="Apple-style-span" style="font-family: Arial, sans-serif; font-size: 13px; line-height: 20px; "><div style="text-align: left; ">China just released its June numbers, with 3 separate official sources delivering banking and money stats, international trade stats, and the core economic data. The June GDP numbers were pretty strong in the scheme of things, and the rest of the data pointed to a high likelihood of persistence in economic strength, at least in the medium term. In this article we explore some of the key data points, and come to the conclusion that a hard landing/significant slow down is a not a 2011 story...</div><div><br /></div><div><b>1. China GDP</b></div><div>China managed to show year on year GDP growth of 9.5% in the June quarter, which was slightly lower than the 9.7% it showed in the previous quarter and 10.3% in June 2010, and compares to a 10-year average of about 9.4%. So in the scheme of things GDP growth does not show a significant degree of slowing. However, if you redefined recession for China as passing below the long term average growth rate - rather than descending into the negatives, then China could dip just below that line later this year. So, in spite of a succession of tightening moves, e.g. the PBOC <a href="http://www.centralbanknews.info/2011/07/peoples-bank-of-china-raises-interest.html" style="color: rgb(0, 0, 242); text-decoration: none; ">raised interest rates</a> earlier this month, growth has not yet taken a hit, and it makes sense because the dual forces of strong underlying fundamentals as well as strong sources of manufactured growth e.g. social housing, persist - so sorry folks, no slow down or hard landing in 2011.</div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEig6HwvsRgUiWUdZN2yPLA9z_PQNtAErZh92bKagYH-i0fyW5ijj48dJPbkfiT2vGSUENTjWrmjbGa0b61EdHytRn5sMLcktYMLZTKUhlAVuWBzJUC5pGOel5MXOJHuXZDS7KE6YnGAaxgo/s400/17jul-chinagdp.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5630076669623119122" style="padding-top: 4px; padding-right: 4px; padding-bottom: 4px; padding-left: 4px; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-bottom-color: rgb(255, 255, 255); border-left-color: rgb(255, 255, 255); display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 193px; " /></span></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>2. China inflation</b></div><div>But one area that persists as a weak-point or vulnerability is the surging inflation numbers. Inflation hit 6.4% in <a href="http://www.stats.gov.cn/english/newsandcomingevents/t20110711_402738270.htm" style="color: rgb(0, 0, 242); text-decoration: none; ">June</a> (I was expecting about 6.5%), with most of that coming from food price inflation (14.4%), and non-food static around 3%. This remains a risk because if it gets out of control then it poses stability risks, but more importantly, persistently high and rising inflation will put pressure on policy makers to tighten the screws further on monetary policy - that could slow things down a bit more, and certainly put some headwinds in front of Chinese equities. But I'm seeing signs that this could be the peak - there are a few people out there that have been forever calling the peak - but things like a turn in the prices index part of the PMI, the tightening done to date, and market responses to high prices. The Yuan could be worked harder to achieve lower inflation outcomes, but it's no silver bullet either. I see inflation as a risk, but I can see a scenario where inflation starts to taper off.</div><div><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinVvhDXKuL-qMjB2RYFNxYtAK4TaemwYIrdWPSnWnqy1C_r47lL7Q9jhqNzFGvdm5SYzI3dIaPBwKtF43Df7a0rwZLJj2Rn5GGhKy2-hAkHCNvuJxh0i3ju1KYgFxa8KrGmxUDXp3IdNow/s400/17jul-chinacpi.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5630076662653101266" style="padding-top: 4px; padding-right: 4px; padding-bottom: 4px; padding-left: 4px; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-bottom-color: rgb(255, 255, 255); border-left-color: rgb(255, 255, 255); display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 208px; " /></div><div><br /></div><div><b>3. PMI and Industrial Production</b></div><div>The industrial production figure was a slight surprise in that it broke from where the PMI suggested it should go. The figure came in at 15.1% y/y, up from 13.3% in May, 13.7% in June 2010. The official PMI dropped to 50.9 for June, from 52 in the previous month - this is one of the main areas that people have been pointing to for signs of a slowdown, and fair enough - <a href="http://www.stats.gov.cn/tjfx/jdfx/t20110701_402736145.htm" style="color: rgb(0, 0, 242); text-decoration: none; ">new orders</a> have trailed off , but still above the expansionary 50 point mark. So it's mixed signals from this one, July will tell if June was a quirk or a sign that the bottom has been hit on the slowing in industrial production growth - so watch this space.</div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjergWT0fO5nUhRdcuPART5G2AN21qCO7IfiwrfykkevvYBEW7EIT_nycMQy8tBmqcnIW5gqIDvgSu_54wQR6B-NkWhgq8m6mR9-d3Zsgw3wR9n8xSjXn7DhvhxqYIUTbnldDMHug0qOIOd/s400/17jul-chinapmi.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5630076677494411298" style="padding-top: 4px; padding-right: 4px; padding-bottom: 4px; padding-left: 4px; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-bottom-color: rgb(255, 255, 255); border-left-color: rgb(255, 255, 255); display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 259px; " /></span></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>4. International Trade</b></div><div>China reported another record month for exports, 162B for June, while imports trailed off some to 139.7B (high of 152B in March). So what are the messages from the trade results?, first off, net exports were positive for the quarter (about 47B vs 0 in the March quarter), so there was a decent positive GDP contribution from trade during June. So the upward trend in exports are a positive sign for China's economy, but also indicate a certain degree of strength in global demand, on the imports side, it almost sends a signal of lower import demand, some of this may be related to a tapering off in commodity prices, but it is something to keep an eye on.</div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpVhQmHmrILDJKgJ1CvnzhHdlx-Sd9f_M3QzkD29g9CTzXiGf2tD4jozGxGKpz0I2XulzB64T-IGNwtCCYCmFKbvZM14gXieWRdoA4XG7mjm0yY6HpLQYZnFhEw_zoutUk5MmYWEEjwldw/s400/17jul-chinatrade.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5630076680421297362" style="padding-top: 4px; padding-right: 4px; padding-bottom: 4px; padding-left: 4px; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-bottom-color: rgb(255, 255, 255); border-left-color: rgb(255, 255, 255); display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 207px; " /></span></div><div><span class="Apple-style-span" style="color: rgb(0, 0, 238); -webkit-text-decorations-in-effect: underline; "><br /></span></div><div><b>5. New Loans</b></div><div>New loans in China has been the gasoline that has been fueling the heat in the property market, as well as wider influences such as inflation and general growth. There has been a range of moves designed to cap lending growth (including <a href="http://www.centralbanknews.info/2011/06/peoples-bank-of-china-raises-reserve.html" style="color: rgb(0, 0, 242); text-decoration: none; ">RRR hikes</a> and tougher lending rules), but new loans are still going strong, YTD new loans are about 4 trillion yuan (about 5 trillion in H1 2010, and close to 8 trillion in H1 2009). It's no secret that this rapid expansion in lending is a risk area, and a lot of China bears have been pointing to this, as well as the local government debt issues. A lot of water needs to go under the bridge and a lot of info needs to come to light before the full view of what's really going on in China's property and lending markets come into full light, but for now, the still elevated rate of loan growth remains stimulatory for both the economy and property prices (also note on property prices, <a href="http://stats.gov.cn/english/newsandcomingevents/t20110713_402738885.htm" style="color: rgb(0, 0, 242); text-decoration: none; ">real income per capita</a> rose about 7.6% in June y/y, compared to property prices about 5-6% y/y).</div><div><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwEN6xp77r01-Ywv7FGp1JFdxqWJr0jhxED70yQGYDu5Z4FZIPuLFT6MjFMbN5RIqQWqvG5OLiE8LQqk_O3aY48iayUTiJstBXOZSN80hHjPLEhU2FVQC19D6wZg6h5lS0vggMP5AhCMGD/s400/17jul-chinaloans.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5630076669164151202" style="padding-top: 4px; padding-right: 4px; padding-bottom: 4px; padding-left: 4px; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-bottom-color: rgb(255, 255, 255); border-left-color: rgb(255, 255, 255); display: block; margin-top: 0px; margin-right: auto; margin-bottom: 10px; margin-left: auto; text-align: center; cursor: pointer; width: 400px; height: 238px; " /></div><div><br /></div><div><b>Summary</b></div><div><br /></div><div>So, as always it was interesting to digest all the info in the June economic data reports from China. The high level view is that China's economy is still going strong, it is strong in many areas, and appears to have broad fundamental strength. Aside from fundamental strength China's economy is also boosted by expansionary policies such as the 10 million unit social housing project for this year - which will be loaded mostly in H2 in terms of construction starts. But aside from stimulatory polices and broad based strength, there are inevitably risk areas too, such as the overheating and inflation risks, the property market risks, and the local government debt risks. Evidence points to none of these coming squarely home to roost in 2011. If there's a slow down coming in China, it's a 2012 or 2013 story - so, no hard landing yet folks!</div><div><br /></div><div><b>Sources</b></div><div><div><span class="Apple-style-span">1. National Statistics Bureau www.stats.gov.cn</span></div><div><span class="Apple-style-span">2. National Statistics Bureau www.stats.gov.cn</span></div><div><span class="Apple-style-span">3. <span class="Apple-style-span" style="line-height: 17px; ">CFLP www.chinawuliu.com.cn & Markit/HSBC www.markiteconomics.com & National Bureau of Statistics www.stats.gov.cn</span></span></div><div><span class="Apple-style-span">4. <span class="Apple-style-span" style="line-height: 17px; ">China Customs www.customs.gov.cn</span></span></div><div><span class="Apple-style-span">5. <span class="Apple-style-span" style="line-height: 17px; ">People's Bank of China www.pbc.gov.cn</span></span></div></div><div><span class="Apple-style-span"><span class="Apple-style-span" style="line-height: 17px; "><br /></span></span></div><div><span class="Apple-style-span"><span class="Apple-style-span" style="line-height: 17px; "><b>Article Source:</b> <a href="http://econgrapher.blogspot.com/2011/07/china-economic-check-up-nope-no-hard_16.html">http://econgrapher.blogspot.com/2011/07/china-economic-check-up-nope-no-hard_16.html</a></span></span></div></span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-52223050331419930262011-07-16T16:19:00.000-07:002011-07-16T16:21:29.128-07:00Monetary Policy Week in Review (Guest Post)<span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">The past week in monetary policy was dominated by Asian central banks, with the central banks of Japan, Indonesia, Thailand, and South Korea all announcing interest rate decisions. The only banks to adjust interest rates were Thailand +25bps to 3.25%, and Kenya, which dropped its discount window rate -175bps to 6.25%. Meanwhile those that held interest rates unchanged were: Japan 0.10%, Indonesia 6.75%, Latvia 3.50%, South Korea 3.25%, and Chile 5.25%. Elsewhere in monetary policy and central banking, <a href="http://www.centralbanknews.info/2011/07/banco-central-do-brasil-announces.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Brazil</a>'s central bank announced further policy measures to curb speculation on its currency, the Real.<br /><div class="separator" style="clear: both; text-align: center; "><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi32wyC74UmrwcC9ly9shAhQKfjdkFW0GLm_vqbiAZvsV7QDy9ztIdSTMKcADJBGZu6TCrvs3aRyuMIbDXT9qH1X_NbV3Fet4pcvfxKBsGiPNPspFlX-q4Sut_hVFi9B74L8mpweSjvNHCz/s1600/monetarypolicyrates-16Jul2011.jpg" imageanchor="1" style="text-decoration: none; color: rgb(55, 120, 205); margin-left: 1em; margin-right: 1em; "><img border="0" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi32wyC74UmrwcC9ly9shAhQKfjdkFW0GLm_vqbiAZvsV7QDy9ztIdSTMKcADJBGZu6TCrvs3aRyuMIbDXT9qH1X_NbV3Fet4pcvfxKBsGiPNPspFlX-q4Sut_hVFi9B74L8mpweSjvNHCz/s400/monetarypolicyrates-16Jul2011.jpg" width="400" style="border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-width: initial; border-color: initial; position: relative; padding-top: 8px; padding-right: 8px; padding-bottom: 8px; padding-left: 8px; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-color: transparent; border-right-color: transparent; border-bottom-color: transparent; border-left-color: transparent; -webkit-box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; box-shadow: rgba(0, 0, 0, 0.199219) 0px 0px 0px; border-top-left-radius: 0px 0px; border-top-right-radius: 0px 0px; border-bottom-right-radius: 0px 0px; border-bottom-left-radius: 0px 0px; background-position: initial initial; background-repeat: initial initial; " /></a></div><a name="more"></a><br />While inflation remained a threat for most of the central banks who reviewed monetary policy settings during the week, for many the focus was squarely on the downside risks to both domestic and global growth. Indeed a couple of the banks pointed specifically to the tail risks in the form of the European sovereign debt crisis. For those that held rates unchanged, for the most part the messaging was positive, with some viewing inflationary pressures as somewhat contained, while many presented a positive outlook on their domestic economy.<br /><br />As per usual, following is a selection of key quotes from central bank monetary policy statements and media releases from the past week:<br /><br /><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: initial; border-top-style: none; border-top-color: initial; border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">Bank of <a href="http://www.centralbanknews.info/2011/07/bank-of-japan-makes-no-changes-to.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Japan</a> (held interest rate at 0.10%): <span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"Japan's economic activity is picking up with an easing of the supply-side constraints caused by the earthquake disaster. After declining sharply following the earthquake, production has recently shown clear signs of picking up with the easing of supply-side constraints."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Bank <a href="http://www.centralbanknews.info/2011/07/bank-indonesia-holds-interest-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Indonesia</a> (held interest rate at 6.75%): </span><span class="Apple-style-span" style="font-family: verdana, sans-serif; font-size: 12px; line-height: 16px; ">"Bank Indonesia views that the current BI Rate level is still in line with the effort to maintain stronger economic activities supported by stability, amid domestic excess liquidity and continued large capital inflows... Meanwhile, inflation is estimated to be under control and could be lower than earlier forecasted if there is no Government policies regarding energy prices while the supply and distribution of basic foods are well maintained."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: verdana, sans-serif; "><span class="Apple-style-span" style="font-size: 12px; line-height: 16px; ">Bank of <a href="http://www.centralbanknews.info/2011/07/bank-of-thailand-lifts-interest-rate.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Thailand</a> (increased interest rate 25bps to 3.25%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"In light of the continued risks to inflation amid robust domestic demand, the MPC deemed it necessary to continue increasing the policy rate to maintain economic stability and anchor inflation expectations... </span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Inflationary pressure remained high due to elevated energy prices and continued upward adjustments in the prices of prepared foods."</span></span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Bank of <a href="http://www.centralbanknews.info/2011/07/bank-of-korea-holds-repo-rate-at-325.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Korea</a> (held interest rate at 3.25%): </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"The Committee expects the high level of inflation to continue in the coming months, driven largely by demand-side pressures resulting from the underlying uptrend in economic activity and by inflation expectations."</span></li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: initial; border-bottom-style: none; border-bottom-color: initial; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">Banco Central de <a href="http://www.centralbanknews.info/2011/07/banco-central-de-chile-holds-monetary.html" style="text-decoration: none; color: rgb(55, 120, 205); ">Chile</a> (held interest rate at 5.25%): </span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; ">"Domestically, output, demand and labor market figures are progressing with strength, showing signs of moderation in line with the baseline scenario in the last Monetary Policy Report. Annual CPI inflation indicators have hovered around 3%, while measures of core inflation remain bounded. Private inflation expectations show a decline, although some of them remain above the target."</span></li></ul><br />As for <b>next week</b> the Reserve Bank of Australia (19th of July), and the Bank of England (20th of July) will release the minutes from their most recent monetary policy meetings, meanwhile the following central banks are scheduled to review interest rates:<br /><br /><ul style="padding-top: 0px; padding-right: 2.5em; padding-bottom: 0px; padding-left: 2.5em; margin-top: 0.5em; margin-right: 0px; margin-bottom: 0.5em; margin-left: 0px; line-height: 1.4; list-style-type: disc; list-style-position: initial; list-style-image: initial; "><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: initial; border-top-style: none; border-top-color: initial; border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">Canada (Bank of Canada) - expected to hold at 1.00% on the 19th of July</li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">Brazil (Banco Central do Brasil) - expected to increase rate 25bps to 12.50% on the 20th of July</li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: 1px; border-bottom-style: none; border-bottom-color: transparent; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">South Africa (South African Reserve Bank) - expected to hold at 5.50% on the 21st of July</li><li style="padding-top: 0.25em; padding-right: 0px; padding-bottom: 0.25em; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0.25em; margin-left: 0px; text-indent: 0px; color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: none; border-top-color: rgb(238, 238, 238); border-bottom-width: initial; border-bottom-style: none; border-bottom-color: initial; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">Turkey (Central Bank of the Republic of Turkey) - expected to hold at 6.25% on the 21st of July</li></ul><br /><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><b>Source:</b></span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "> </span></span><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><a href="http://www.centralbanknews.info/" style="text-decoration: none; color: rgb(55, 120, 205); ">www.CentralBankNews.info</a></span></span><br /><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px; "><b><br />Article source: </b></span></span><a href="http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-16-july.html" style="text-decoration: none; color: rgb(55, 120, 205); ">http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-16-july.html</a></span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-71074140501274674802011-06-13T11:10:00.000-07:002011-06-13T11:12:01.634-07:00Economic Calendar: China Data and Developed Market Inflation<span class="Apple-style-span" style="color: rgb(45, 45, 45); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 16px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Here's the economic calendar for the week commencing the 12th of June 2011. This week the main event is China’s monthly data dump, where it will release CPI, PPI, retail sales, industrial production, new loans, money supply, and fixed asset investment figures.<span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span>Speaking of inflation data, the US, UK, and EU all also have inflation data due out this week.<span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span>Also, Japan, Switzerland, and India are among the central banks announcing interest rate decisions this week.<br /></span><br /><table border="0" cellpadding="0" cellspacing="0" width="480" style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; border-collapse: separate; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; "><tbody style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><b style="color: rgb(0, 0, 0); font-weight: 700; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Date</span></b></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><b style="color: rgb(0, 0, 0); font-weight: 700; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">GMT</span></b></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><b style="color: rgb(0, 0, 0); font-weight: 700; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Country/ Currency</span></b></p></td><td width="293" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><b style="color: rgb(0, 0, 0); font-weight: 700; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Event</span></b></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><b style="color: rgb(0, 0, 0); font-weight: 700; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Forecast</span></b></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><b style="color: rgb(0, 0, 0); font-weight: 700; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Previous</span></b></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">SUN</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Actual FDI (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">15.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">SUN</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">NZD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">REINZ House Sales (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">-4.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">SUN</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">New Yuan Loans</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">650.0B</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">739.6B</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">SUN</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Money Supply - M0 (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">14.70%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">SUN</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Money Supply - M1 (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">13.70%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12.90%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">SUN</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Money Supply - M2 (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">15.50%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">15.30%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">SUN</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">23:50</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">JPY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Machine Orders (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">4.90%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">9.10%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Italian Industrial Production n.s.a. (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.00%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.80%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">JPY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Bank of Japan Rate Decision</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.10%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.10%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">00:01</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">China Manpower Survey</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">29.00%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Producer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">6.50%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">6.80%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Consumer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">5.50%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">5.30%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Retail Sales (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">17.00%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">17.10%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Retail Sales YTD YoY</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">16.90%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">16.50%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Industrial Production (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">13.10%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">13.40%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Industrial Production YTD YoY</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">14.00%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">14.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">MON</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Fixed Assets Inv Excl. Rural YTD YoY</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">25.20%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">25.40%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">04:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">JPY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Industrial Production (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">-14.00%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">GBP</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Consumer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">4.50%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">4.50%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">GBP</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Core Consumer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">3.50%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">3.70%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">GBP</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Retail Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">5.20%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">5.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Producer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">6.60%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">6.80%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Producer Price Index Ex Food & Energy (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.10%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.10%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Advance Retail Sales</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">-0.40%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.50%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Retail Sales Less Autos</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.30%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.60%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">TUE</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Retail Sales Ex Auto & Gas</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.30%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">05:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">French Consumer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.10%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.10%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">07:15</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CHF</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Producer & Import Prices (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">-0.10%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.10%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">GBP</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Jobless Claims Change</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">6.5K</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12.4K</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">09:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Euro-Zone Industrial Production w.d.a. (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">4.80%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">5.60%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Consumer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">3.40%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">3.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Consumer Price Index Ex Food & Energy (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">1.40%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">1.30%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">13:15</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Industrial Production</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.20%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.00%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">13:15</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Capacity Utilization</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">77.00%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">76.90%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">22:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">NZD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Westpac NZ Consumer Confidence</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">97.90</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">WED</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">02:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CNY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">China April Leading Economic Index</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">07:15</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CHF</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Industrial Production (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">5.60%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">6.10%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">07:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">CHF</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Swiss National Bank Rate Decision</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.25%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.25%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Italian Consumer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">3.00%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">3.00%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">GBP</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Retail Sales (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">1.50%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.80%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">08:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">GBP</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Retail Sales w/Auto Fuel (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">1.50%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.80%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">09:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Euro-Zone Consumer Price Index - Core (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">1.60%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">1.60%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">09:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Euro-Zone Consumer Price Index (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">2.70%</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">09:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Euro-Zone Employment (QoQ)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">09:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Euro-Zone Employment (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">0.20%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Building Permits</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">552K</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">563K</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Housing Starts</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">545K</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">523K</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">12:30</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Current Account Balance</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">-$130.0B</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">-$113.3B</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">THU</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">23:50</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">JPY</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">BOJ Minutes of May 19-20 Board Meeting</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">FRI</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">09:00</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">EUR</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Euro-Zone Construction Output w.d.a. (YoY)</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">-4.90%</span></p></td></tr><tr style="font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; "><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">FRI</span></p></td><td width="39" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">13:55</span></p></td><td width="64" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">USD</span></p></td><td width="293" valign="bottom" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">U. of Michigan Confidence</span></p></td><td width="59" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">74.00</span></p></td><td width="63" style="font-weight: normal; font-style: inherit; font-size: 1em; font-family: inherit; text-align: left; "><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">74.30</span></p></td></tr></tbody></table><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">As noted the main event this week will be the <span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><a href="http://econgraphergraphs.blogspot.com/search/label/Country%20-%20China" target="_blank" rel="nofollow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; ">China</a></span> data, which is always good to check up on to gauge how the world’s second largest economy is tracking. One of the key indicators to watch will be inflation, i.e. CPI, which is expected to show a slightly higher year on year rate, about 5.8% as property expenses and food prices have been tracking upwards in May. The other data points; industrial production, retail sales, and fixed asset investment should come in more or less flat, but watch for any significant changes or extension of slowing in some of the points.</span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><br />Another key data set will be the <span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><a href="http://www.econgrapher.com/encyclopedia-inflation.html" target="_blank" rel="nofollow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; ">inflation</a></span> numbers. The United States is expected to show a slight increase in both headline and core inflation, with year on year CPI inflation expected around 3.4%. The UK is expected to see a slight slowing of its core inflation rate and headline should stay around 4.5%. The Euro Zone will likely see headline inflation stick around 2.7% and core about 1.6%. So, not expecting anything dramatic, but a slight upward tick in inflation.</span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><br />In the <span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><a href="http://www.centralbanknews.info/2011/06/monetary-policy-week-in-review-11-june.html" target="_blank" rel="nofollow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; ">monetary policy</a></span> space there’s the Bank of Japan on the 14<sup style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 10px; font-family: inherit; vertical-align: super; ">th</sup> of June (expected to hold at 0.10%), Central Bank of Chile on the 14<sup style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 10px; font-family: inherit; vertical-align: super; ">th</sup> of June (expected to raise 25bps from current 5.00%), Central Bank of Iceland on the 15<sup style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 10px; font-family: inherit; vertical-align: super; ">th</sup> of June (expected to hold at 4.25%), Central Bank of Philippines on the 16<sup style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 10px; font-family: inherit; vertical-align: super; ">th</sup> of June (expected to raise 25bps from current 4.50%), the Reserve Bank of India on the 16<sup style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 10px; font-family: inherit; vertical-align: super; ">th</sup> of June (expected to raise 25bps from current 7.25%), and The Swiss National bank also on the 16<sup style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 10px; font-family: inherit; vertical-align: super; ">th</sup> (expected to hold at 0.25%). Of course there is also a chance the People's Bank of China will do something when the inflation figures come out.<br /></span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><br />Elsewhere there’s some key US data points to watch: Producer prices are expected to show little change, retail sales are expected to decline – but post a small gain excluding autos, industrial production may show a small gain, while the UoM confidence index should stay around 74. Outside of the US, Japan has machine orders and industrial production figures, and the Euro Zone has some employment numbers.</span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><br />So as always, have a great week, watch out for surprises, and stay tuned for updates...</span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><b style="font-weight: 700; color: rgb(0, 0, 0); "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Sources</span></b><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "></span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">·<span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></span></span><a href="http://www.dailyfx.com/calendar" target="_blank" rel="nofollow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">DailyFX</span></a><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "></span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">·<span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></span></span><a href="http://www.forexpros.com/economic-calendar/" target="_blank" rel="nofollow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Forex Pros</span></a><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "></span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">·<span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></span></span><a href="http://www.forexfactory.com/calendar.php" target="_blank" rel="nofollow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Forex Factory</span></a><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "></span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">·<span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "> </span></span></span><a href="http://www.bloomberg.com/" target="_blank" rel="nofollow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">Bloomberg</span></a><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; "></span></p><p style="margin-top: 7px; margin-right: 0px; margin-bottom: 7px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; line-height: 20px; "><span style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; ">+various statistics websites and central bank websites for verificatio</span></p></span>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-64576679330613788082011-06-07T03:37:00.000-07:002011-06-07T03:38:05.200-07:00China Property Update - Prices Still Chugging Along in May<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; ">China's online real estate website, SouFun, recently released its monthly 100-city property price index, showing that property prices continued to rise in May. Property prices rose by 0.52% month on month in May to 8,819 Yuan per square meter, compared to an increase of 0.40% in <a href="http://seekingalpha.com/article/268630-china-property-update-small-positives-today-to-become-small-negatives-tomorrow" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-weight: inherit; font-style: inherit; font-size: 13px; font-family: inherit; vertical-align: baseline; color: rgb(2, 73, 153); text-decoration: none; ">April</a>. This placed the annual percentage increase at about 5% (the index was first published in June last year). The data showed that prices rose in 76 cities, while 3 cities saw no change and 21 cities experienced lower prices in May.</span><div><span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; "><br /></span></div><div><span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; "><a href="http://seekingalpha.com/article/273650-china-property-update-prices-still-chugging-along-in-may">http://seekingalpha.com/article/273650-china-property-update-prices-still-chugging-along-in-may</a></span></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0tag:blogger.com,1999:blog-2061017690437868910.post-64006947798829101142011-06-06T10:06:00.000-07:002011-06-06T10:07:54.745-07:00Top 5 Graphs: Aussie GDP, U.S. and China PMI, Monetary Policy<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; ">This week we start by checking out a dismal Q1 GDP result for Australia. Then we examine the slight fall in China's manufacturing PMI (purchasing manager index), as well as the U.S. manufacturing PMI shocker. Following that is a quick check in on US consumer confidence and housing market. Finally a review of some monetary policy decisions over the past week is checked out, before the flurry of policy activity due next week.</span><div><span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; "><br /></span></div><div><span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: verdana, arial, helvetica, clean, sans-serif; font-size: 13px; line-height: 20px; "><a href="http://seekingalpha.com/article/273464-top-5-graphs-aussie-gdp-u-s-and-china-pmi-monetary-policy">http://seekingalpha.com/article/273464-top-5-graphs-aussie-gdp-u-s-and-china-pmi-monetary-policy</a></span></div>Econ Grapherhttp://www.blogger.com/profile/12922069238124375822noreply@blogger.com0