Burying bad news on a bank holiday

31st May 2012

Shaun Richards set the ball rolling in his blog. He suggests that the bank holiday might be a serendipitous time for Greece to exit the Eurozone, giving London's financial markets some breathing space before they have to react to the news. This may bring some much-needed rationality to their response.

But there is a bombardment of other economic data emerging as well. Business Insider labels it the ‘busiest 48 hours in the history of economics', saying: "Thanks to the shortened week, and just generally the scheduling of events, what starts tonight is going to be epic."

Korean and Japanese industrial production figures give a good insight into the relative strength of Asia, which may in turn show whether China's ‘hard landing' will materialise. That's followed by US jobs and GDP figures, Eurozone retail sales data and Ireland's referendum on the fiscal compact. On Friday, just about every country in the world reports their PMI data, with more US jobs and retail sales figures following hot on its heels.

At the end of all this, are investors likely to be any better informed about the state of the world economy? Commentators are sceptical: "Paul Tyson on Zerohedge' says: "Honestly Joe I don't need any of that mountain of "information" to tell you that the world is stuffed."

Of course, there is a danger that the Bank Holiday itself may wreck the economy.

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