Quote:
‘Politics are for foreigners. Politics are a last resort’. P. J. O’Rourke (1947-)
The News:
US Defence Secretary Donald Rumsfeld resigns as democrats gain both houses in congress.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
06:00 JP October Machine Tool Orders +6.8% versus +5.4% September.
07:00 JP October Economy Watchers Survey Current 50.8, Outlook 52.5, versus 51.0 and 52.8 September.
09:00 E12 October ECB Monthly Report.
09:30 GB September Trade Balance (-£6.9B to -£6.1B, Non-EU -£4.3B to -£3.7B, versus -£6.7B and -£4.2B August).
12:00 GB Bank of England interest rate decision (unanimously expected +25 basis points to 5.00%).
13:30 US September Trade Balance (-$74B to -$62B versus -$69.9B August).
13:30 US October Import Price Index (-4.0% to –0.5% M/M, versus –2.1% September).
13:30 US Weekly Jobless Claims (310K to 340K versus 327K prior week).
13:30 CA September New Housing Price Index (+0.5% to +1.3% M/M versus +1.5% August).
13:30 CA September Trade Balance (+C$3.3B to +C$4.7B versus +C$4.2B August).
15:00 US November University of Michigan Confidence Survey (92 to 97 versus 93.6 October). 15:00 US September Wholesale Inventories (-0.4% to +1.0% versus +1.1% August).
The Psychology:
All eyes on the stock markets
The Risk:
The ECB holds its 4th Central Banking Conference in Frankfurt today
Today’s most interesting chart:
Japanese Banking index Slipping and dragging the Nikkei lower
