Quote:
‘The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it’. Albert Einstein (1879-1955)
The News:
Vice Chairman People’s Consultative Conference says China should diversify it’s $1.43T reserves.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(22:30) AU Reserve Bank of Australia Cash Target increased by 25 bp to 6.75% as inflation likely to be over 3.00%.
00:01 GB October Nationwide Consumer Confidence 98 versus 99 September.
11:00 DE September Industrial Production (-2.0% to +1.0% M/M, +4.0% to +6.2% Y/Y, vs +1.7% and +5.1% Aug).
11:00 DE German Government advisors publish Annual Economic Outlook.
13:30 US Q3 Unit Labour Costs (Mizuho Securities +1.8%, Non-Farm Productivity 1.5%, vs +1.4% and +2.6% Q2).
13:45 US Fed’s Lacker speaks on the central banks’ role in the credit market, New York.
14:00 US Fed’s Mishkin testifies before Small Business Committee, Washington.
15:00 US September Wholesale Inventories (Mizuho Securities +0.5% versus +0.1% August).
18:00 US Fed’s Warsh speaks; 18:10 Lockhart; 18:15 Poole.
20:00 US September Consumer Credit (Mizuho Securities +$3.5B [$3.5B to $14.0B] versus $12.2B August).
23:50 JP September Machine Orders (Mizuho Securities –2.0% M/M, -0.9% Y/Y, versus –7.7% and –2.6% August).
23:50 JP October M2 Money Supply (Mizuho Securities +1.7% Y/Y, Broad Liquidity +4.1%, vs +1.7% and +4.1% Sep).
The Psychology:
The Bank of England starts a two-day rate-setting meeting (expected unchanged at 5.75%).
The Risk:
The potential for chronic US dollar weakness exists.
Today’s most interesting chart: Spot Brent in Euros
New record high €64.66 per barrel.
