Quote:
‘Be gentle to all and stern with yourself’. Saint Teresa of Ávila (1515-1582)
The News:
South Korea keeps rates at 5.00% and warns of risks to the economy from oil and financials.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
23:50 JP September Machine Orders –7.6% M/M, -7.0% Y/Y, versus –7.7% and –2.6% August.
23:50 JP October M2 Money Supply +2.0% Y/Y, Broad Liquidity +3.6% Y/Y, vs +1.7% and revised +3.9% September.
06:00 JP October Machine Tool Orders +16.1% M/M versus +16.3% September.
06:45 CH October Unemployment 2.6% versus revised 2.7% September.
07:00 JP October Economy Watchers’ Survey Current 41.5, Outlook 43.1, versus 42.9 and 46.0 September.
07:00 DE September Trade Balance+€18.1B, Current Account +€15.4B, versus +€14.1B and rev +€8.8B August.
12:00 GB Bank of England concludes a two-day MPC meeting (expected unchanged at 5.75%).
12:45 EZ13 ECB decides on interest rates (expected unchanged at 4.00%); Trichet news conference 13:30.
13:15 CA October Housing Starts (205K to 250K versus 281.3K September).
13:30 CA September New House Price Index (+0.2% to +0.6% M/M versus +0.4% August).
13:30 US Weekly Jobless Claims (315K to 350K versus 327K prior week).
15:00 US Fed’s Bernanke testifies on the economic outlook, Joint Economic Committee, Washington.
18:00 US Treasury auction result of 30-year TBonds.
The Psychology:
All Souls Day holiday in some countries tomorrow.
The Risk:
French Treasury auctions €3B 4.25% 2017 and €3B 4.00% 2055 OATs.
Today’s most interesting chart: Benchmark US two-year TNote
Yield 3.50%, lowest June 2005.
