Quote:
‘Scientists announced today that they have discovered a cure for apathy. However, they claim no one has shown the slightest interest in it’. George Carlin (1937-)
The News:
Fed’s Mishkin says: ‘one of the key asset prices is the value of the currency because if there is a depreciation…that makes importing goods more expensive’.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:01 GB October BRC like-for-like Retail Sales +1.0% Y/Y (slowest in 11 months); Total Sales +3.0% Y/Y.
03:45 JP result of auction of first ever 40-year JGB: highest yield 2.435%, bid-to-cover 5.02.
05:00 JP September Leading Economic Index 0%, Coincident 66.7%, versus 27.3% and 85.0% August.
08:55 DE October Services PMI (53.4 to 56.4 versus 53.1 September).
09:00 EZ13 October Services PMI (54.5 to 55.6 versus 55.6 September).
10:00 EZ13 September PPI (+0.2% to +1.2% M/M, +2.3% to +2.8% Y/Y, vs +0.1% and +1.7% August).
10:00 EZ13 September Retail Sales (-0.2% to +1.6% M/M, +1.2% to +3.1% Y/Y, versus +0.1% and +1.0% August).
11:00 DE September Factory Orders (-2.0% to +2.5% M/M, +2.8% to +9.0% Y/Y, versus +1.2% and +4.0% August).
13:30 CA September Building Permits (-3.9% to +5.0% M/M versus +1.4% August).
15:00 CA October Ivey Purchasing Managers (52.5 to 58.0 versus 56.0 September).
18:40 US Fed’s Bernanke speaks on micro-finance, San Antonio. 22:00 US November ABC Consumer Confidence (-17 to –14 versus –15 October).
The Psychology:
Reserve Bank of Australia starts two-day rate-setting meeting (expect +25 bp to 6.75%).
The Risk:
Long Gilt auction £2.25B, 4.75% 2030.
Today’s most interesting chart: Canadian dollar
Strongest ever to its US counterpart since floating.
