Quote:
‘In politics, what begins in fear usually ends in folly.’ Samuel Taylor Coleridge (1772-1834)
The News:
China October CPI +1.4% Y/Y versus +1.5% September as vegetable prices drop 5.7%.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Domestic CGPI –0.3% M/M, +2.8% Y/Y, versus revised +0.2% and +3.5% September.
(23:50) JP October Import Price Index –1.3% M/M/+12.0% Y/Y, Export Price Index +0.4% M/M/+5.2% Y/Y, versus revised +1.0%/+17.2% and +1.1%/+6.8% Sep.
(23:50) JP September Trade Balance 1107B Yen, Current Account 2024B, versus 312B and 1476B August.
00:30 AU Reserve bank of Australia Monthly Bulletin.
05:00 JP October Consumer Confidence 48.4, Households 48.2, versus 46.6 and 46.3 September.
09:30 GB October PPI Input (-1.4% to –0.1% M/M, +2.9% to +4.3% Y/Y, versus –1.8% and +5.1% September).
09:30 GB October PPI Output (-0.2% to +0.2%, +1.6% to +2.0% Y/Y, versus –0.3% and +1.8% September).
19:00 US October Monthly Budget Statement (-$52B to -$33B versus -$47.4B September).
23:50 JP Q3 GDP (Mizuho Securities –0.3% Q/Q, -1.0% Y/Y, versus +0.2% and +1.0% Q2; Deflator –0.4% vs –0.8%).
The Psychology:
Yield curve inversion to make some re-think the immediate outlook.
The Risk:
Stock markets stall at current lofty levels.
Today’s most interesting chart:
Tbond future Re-testing recent highs.
