Quote:
‘When you’re from a very small country where no one understands your language – just like Holland – you get international very quickly’. Johan Lindeberg (19??-)
The News:
Bank of Japan governor Fukui says interest rate moves will be gradual.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
06:45 CH October CPI +0.3% M/M, +0.3% Y/Y, versus –0.2% and +0.8% September.
07:00 DE September ILO Unemployment 8.3% versus revised 8.3% August.
08:55 DE October Unemployment (-73K to –5K, 10.5% to 10.6%, versus –17K and 10.6% September).
08:55 DE October Manufacturing PMI (57.6 to 59.2 versus 58.4 September).
09:00 E12 October Manufacturing PMI (56.0 to 57.3 versus 56.6 September).
09:00 IS Iceland Central Bank decides on interest rates (expected unchanged at 14.00%).
09:30 GB October Construction PMI (53.0 to 54.1 versus 53.6 September).
12:45 E12 ECB interest rate decision (unanimously expected unchanged at 3.25%).
13:30 US Q3 Non-Farm Productivity (-0.5% to +2.0%, Unit Labour Costs +2.0% to +4.6%, vs +1.6% and +4.9% Q2).
13:30 US Weekly Jobless Claims (295K to 315K versus 308K prior week).
15:00 US September Factory Orders (+0.7% to +5.0% versus 0% August).
The Psychology:
All Saints Day holidays in Bolivia, Brazil and Mexico. Japanese Culture Day holiday tomorrow.
The Risk:
Stock markets are largely ignoring the worries fixed income ones are focusing on.
Today’s most interesting chart:
US Tbond future Long end leading the way to lower yields.
