Quote:
‘There has been a little distress selling on the stock exchange due to a technical condition of the market.’ Thomas Lamont acting head of J.P. Morgan & Co. (Black Thursday 24th October 1929)
The News:
The music has stopped for Citi’s Chuck Prince who tendered his resignation last night.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP Bank of Japan Minutes of September meeting (8:1 vote to hold rates at 0.50%).
08:30 BoJ Governor Fukui press conference, Osaka.
09:30 EU November Sentix Investor Confidence (versus 15.3 October).
09:30 GB October Services PMI (55.2 to 56.5 versus 56.7 September).
09:30 GB October Official Reserves (versus $1069M September).
09:30 GB September Industrial Production (-0.1% to +0.5% M/M, +0.1% to +0.7% Y/Y, vs +0.1% and +0.7% Aug).
09:30 GB September Manufacturing Production (-0.1%/+0.2% M/M, +0.5%/+0.8% Y/Y, vs +0.4% and +0.6% Aug).
14:00 US Fed’s Mishkin speaks on risk, New York.
15:00 US October Non-Manufacturing ISM (Mizuho Securities 52.5 [51.7 to 56.5] versus 54.8 September).
18:00 US Fed’s Kroszner speaks on mortgage lending, Virginia.
The Psychology:
Trinidad and Tobago holds a general election.
The Risk:
Stock markets slip again as financials suffer a battering.
Today’s most interesting chart: Nymex Gasoline
Close to a record high.
