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Weekly Market View
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Rate cuts approved might be not enough
Mon, Dec 8 2008, 11:36 GMT
by Guillermo Alcalá
The week we leave behind we have seen historic movements, starting for the ECB and BoE's interest rate decisions, the Bank of England has slashed its Bank Rate by 100 basis points to 2%. Interest rate have never been lower than 2% since the Bank was created in 1694, the last time rates were this low was in 1939. European Central Bank has cut its Repo Rate by 75 basis points, instead of the 50 bp expected, to 2.5%.
Interest rate cuts have not been enough to restore confidence in the markets and currencies continued in the tren they were, Dollar and Yen, as safe havens have continued strengthening while The Pound reaches the lowest levels in years against all majors.
To end the week US non-farm payrolls have posted a huge slump in November, -533K instead of the -320 expected, well above a million of workers have lost the jobs in the last three months in the United States, a clear signal that the US is entering a deep and long recession period. In order to boost fast deteriorating economy, the Federal Reserve could approve another rate cut and leave interest rates at the lowest levels in the last 50 years. Interesting times ahead.
Next week we have got several important events to check out:
Sunday December 7
- 23:50 Japan Trade Balance - BOP Basis - October (Previous: ¥247.1B)
Monday December 8
- 09:30 United Kingdom Producer Price Index - November - Input (Previous: -5.6% m/m; 13.8% y/y); Output (Previous: -1% m/m; 6.8% y/y)
- 11:00 Germany Industrial Production - October (Previous: -3.6% m/m; -2.1% y/y)
- 13:00 European Monetary Union ECB Trichet's Speech
- 13:15 Canada Housing Starts s.a - November (Previous: 211.8k)
- 23:50 Japan Gross Domestic Product Annualized - 3Q (Previous: -3%)
Tuesday December 9
- 00:01 United Kingdom BRC Retail Sales Monitor - November (Previous: -2.2%)
- 00:01 United Kingdom RICS House Price Balance - November (Previous: -82%)
- 05:00 Japan Leading Economic Index - October (Previous: 89.4)
- 06:45 Switzerland Unemployment Rate - November (Previous: 2.5%)
- 07:00 Germany Trade Balance - October (Previous: 15B)
- 09:30 United Kingdom Trade Balance - November (Previous: -7.5 Bill.)
- 10:00 Germany ZEW Survey - Economic Sentiment - December (Previous: -53)
- 14:00 Canada BoC Interest Rate Decision (Actual: 2.25)
- 15:00 United States Pending Home Sales - October (Previous: -4.6%)
- 23:30 Australia Westpac Consumer Confidence - December (Previous: 4.3%)
- 23:50 Japan Core Machinery Orders - October (Previous: 5.5%)
Wednesday December 10
- 00:30 Australia Home Loans - October (Previous: -2.7%)
- 10:00 Switzerland ZEW Survey - Expectations - December (Previous: -88.5)
Thursday December 11
- 00:30 Australia Unemployment Rate - November (Previous: 4.3%)
- 08:05 European Monetary Union ECB Trichet's Speech
- 08:30 Switzerland SNB Interest Rate Decision (Current: 1%)
- 09:00 European Monetary Union ECB Monthly Report
- 13:30 United States Trade Balance - October (Previous: -$56.47B)
- 13:30 United States Import Price Index - November (Previous: -4.7% m/m; 6.7% y/y)
- 13:30 Canada New Housing Price Index - October (Previous: 2.1% y/y)
- 21:45 New Zealand Retail Sales - October (Previous: 0.1%; Ex-autos: -0.5%)
Friday December 12
- 04:30 Japan Industrial Production - October (Previous: 1.1% m/m% 0.2% y/y)
- 05:00 Japan Consumer Confidence - November (Previous: 29.8)
- 10:00 European Monetary Union Industrial Production s.a. - October (Previous: -1.6% m/m; -2.4% y/y)
- 13:30 United States Producer Price Index - November (Previous: 5.2 y/y; core: 4.4 y/y)
- 13:30 United States Retail Sales - November ( Previous: -2.8%; ex autos: -2.2%)
- 15:00 United States Reuters/Michigan Consumer Sentiment Index - December (Previous: 55.3)
Published on Mon, Dec 8 2008, 11:36 GMT
Archive
- Historically low interest rates to boost economic recovery
Published On Mon, Jan 12 2009, 09:16 GMT - Historically low interest rates to boost economic recovery
Published On Fri, Jan 9 2009, 15:41 GMT - Central Banks rushing to 0% interest rates
Published On Mon, Dec 22 2008, 09:27 GMT - Central Banks rushing to 0% interest rates
Published On Fri, Dec 19 2008, 16:42 GMT - Auto bailout fails, stock indexes drop
Published On Mon, Dec 15 2008, 09:06 GMT
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