Quote:
‘Those who can make you believe absurdities can make you commit atrocities.’ Voltaire (1694-1778)
The News:
US Fed’s Fischer says lower oil prices and boom in commercial real estate should support the economy.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Large Retailers Sales –1.6% versus +0.8% September.
(23:50) JP October Retail Trade +0.1% Y/Y versus +0.7% September.
01:00 JP Bank of Japan governor Fukui holds a press conference in Nagoya: rates will move ‘not too late or too early’.
07:10 DE December GfK Consumer Confidence 9.4 versus 9.2 November.
09:00 E12 October M3 (+8.4% to +9.4% Y/Y versus +8.5% September).
09:00 US Treasury Secretary Paulson speaks on markets at the CBI conference, London; also Chancellor Gordon Brown.
13:30 US October Durable Goods Orders (-9.0% to –1.0%, Less Transport –1.1% to +0.8%, vs +8.3%/+0.5% Sep).
15:00 US November Consumer Confidence (103.7 to 110.0 versus 105.4 October).
15:00 US October Existing Home Sales (5.87M to 6.30M versus 6.18M September).
17:30 US Fed’s Bernanke and Plosser speak on the US economic outlook, New York; Moskow at 21:30 in Chicago.
23:50 JP October Industrial Production (Mizuho Research Institute –0.3% M/M, +5.4% Y/Y, vs –0.7% and +5.2% Sep).
The Psychology:
Stock market jitters.
The Risk:
UK Treasury to auction 1.25% 2027 index-linked gilt.
Today’s most interesting chart:
Dow Jones Industrial Average Sliding after straight line rally.
