Quote:
‘The boast of heraldry, the pomp of pow’r,
And all that beauty, all that wealth e’er gave,
Awaits alike th’ inevitable hour,
The paths of glory lead but to the grave...’ Thomas Gray (1716-1771)
The News:
Head of British intelligence says they are currently working on 30 major terrorist plots involving 1600 suspects, mainly British-born and linked to al Qaeda.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:00 JP September Machine Orders –7.4% M/M, -1.5% Y/Y, versus +6.7% and –0.5% August.
07:00 DE October Wholesale Price Index –0.2% M/M, +2.9% Y/Y, versus –0.5% and +3.0% September.
11:00 E12 September OECD Leading Indicator (versus 109.2 August).
The Psychology:
Trends gaining traction: weaker US dollar, weaker Yen, higher metals and energy products and lower fixed income yields.
The Risk:
Stock markets likely to slip again.
Today’s most interesting chart:
Swedish krona versus US dollar: Swedish krona, strongest this year, leading the way to US dollar weakness.
