Quote:
‘My heart’s in the Highlands, my heart is not here...’ Robert Burns (1759-1796)
The News:
Press reports that German November Unemployment dropped by 100K to below 4 million (lowest 2002).
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:00 JP October Housing Starts +2.2%, Construction Orders +8.8%. Nov Small Business Confidence 50.8 vs 49.8 Oct.
07:00 DE October Retail Sales –0.2% M/M, -0.8% Y/Y, versus –2.9% and –1.2% September.
07:00 GB November Nationwide House Prices +1.4% M/M, +9.6% Y/Y, versus +0.7% and +8.0% October.
08:55 DE November Unemployment (-60K to –5K, 10.2% to 10.4%, versus –67K and 10.4% October).
10:00 E12 November Industry Confidence (3 to 6, Consumer –9 to -7, Climate 1.30 to 1.45, versus 5, –8 and 1.42 Oct).
10:00 E12 Q3 GDP (+0.5% Q/Q, +2.6% to +2.8% Y/Y, versus +0.9% and +2.7% Q2).
10:00 E12 November CPI (1.7% to 2.0% Y/Y versus 1.6% Oct).
10:30 GB November GfK Consumer Confidence (-7 to –3 versus –5 October). 11:00 CBI Distributive Trades Survey.
13:30 US October Personal Income (+0.3% to +0.8% M/M, Spending –0.4% to +0.3%, vs +0.5% and +0.1% Sep).
13:30 US October Core PCE (0% to +0.2% M/M, +2.2% to +2.4% Y/Y, versus +0.2% and +2.4% September).
13:30 US Weekly Jobless Claims (310K to 330K versus 321K prior week).
15:00 US November Chicago Purchasing Managers (49 to 57 versus 53.5 October). October Help Wanted (29-31 vs 30).
The Psychology:
5:00 US Q3 House Price Index (-0.5% to +0.5% versus +1.2% Q2.
The Risk:
13:30 Canada Q3 GDP (+1.5% to +3.1% annualised versus +2.0% Q2).
Today’s most interesting chart:
Euro/Norway Dropping on higher energy prices in a ‘broadening top’.
