Quote:
‘Talent hits the target others cannot hit; genius hits the target others cannot see.’
Arthur Schopenhauer (1788-1860)
The News:
ECB’s Stark says IMF cash ‘is an attempt to circumvent the ban on direct monetary financing in Europe’.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
08:30 CH Q4 Swiss National Bank Quarterly Bulletin and Business Cycle Trends.
09:30 GB November BBA Mortgages (34K to 37K versus 35.3K October).
09:30 GB October Index of Services (-0.2% to +0.1% M/M, +0.2% to +0.3% 3M/3M, versus +0.1% and +0.6% Sep).
13:30 US November Personal Income (0% to +0.4% M/M, Spending +0.2% to +0.5%, vs +0.4% and +0.1% Oct).
13:30 US November Durable Goods Orders (0% to +5.1%, Ex-Transport –0.5% to +1.5%, vs –0.7%/+0.7% October).
13:30 US November Core PCE (0% to +0.2% M/M, +1.6% to +1.8% Y/Y, Core +2.6% to +3.0%, versus +0.1%, +1.7% and +2.7% October)
13:30 CA October GDP (-0.1% to +0.2% M/M, +2.6% to +2.9% Y/Y, versus +0.2% and +2.0% September).
15:00 US November New Home Sales (298K to 350K versus 307K October).
The Psychology:
Holidays for many today and through to the New Year.
The Risk:
Hungary’s PM Orban says IMF help is not needed, just a precaution, and rejects EU Commission request to withdraw disputed two laws – one on central bank independence and the other on stability.
Today’s most interesting chart: EUR/CAD
Lowest since February.
