Quote:
‘Choose elephants by their tails. Choose women by their mothers.’ Thai proverb
The News:
US Fed’s Bernanke says ‘consumer spending…will continue to grow near its trend rate’.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Industrial Production +1.6% M/M, +7.4% Y/Y, versus –0.7% and +5.2% September.
00:00 Bank of Japan governor Fukui and ECB’s Noyer speak at Europlace financial forum, Paris.
09:30 GB October Net Consumer Credit (£0.7B to £1.2B, on dwellings £8.8B to £10B, vs £0.9B and £8.9B September).
09:30 GB October Mortgage Approvals (117K to 130K versus 126K September).
10:30 CH November KOF Indicator (1.75 to 2.12 versus 2.00 October).
13:30 US Q3 preliminary GDP (+1.4% to +2.0% annualised, Core PCE +2.1% to +2.3%, versus +1.6% and 2.3%).
13:30 CA October Industrial Production (-1.7% to +0.5% M/M versus –1.6% September).
13:30 CA October Raw Materials Prices (-3.5% to +2.0% M/M versus –5.2% September).
13:30 Q3 Current Account (+C$2.5B to +C$5.2B versus +C$4.2B Q2).
14:00 US Fed’s Geithner speaks on financial stability, New York.
15:00 US October New Home Sales (980K to 1090K versus 1075K September).
19:00 US November Fed Beige Book.
The Psychology:
NATO leaders at summit in Latvia pledge more troops to fight Taliban.
The Risk:
US dollar skids again.
Today’s most interesting chart:
ICE Brent Energy futures forming ‘rounded bottoms’ an interim lows.
