Quote:
‘But the past is just the same, - and War’s a bloody game… Have you forgotten yet?… Look down, and swear by the slain of the War that you’ll never forget’. Siegfried Sassoon (1886-1967)
The News:
China increases by 50 basis points to 13.50% the reserve requirements of banks.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Domestic CGPI +0.3% M/M, +2.4% Y/Y, versus –0.1% and +1.7% September.
(23:50) JP September Trade Balance 1769B Yen, Current Account 2883B, versus 892B and 2081B August.
00:30 AU Reserve Bank of Australia Quarterly Monetary Policy Statement; trims growth and sees inflation higher.
04:30 JP October Bankruptcies +8.1% Y/Y versus +1.7% September.
05:00 JP October Consumer Confidence 42.9, Households 42.8, versus 44.1 and 44.1 September.
09:30 GB October PPI Input (+1.0% to +3.1% M/M, +6.7% to +8.9% Y/Y, versus +3.2% and +6.4% September).
09:30 GB October PPI Output (+0.1% to +0.4% M/M, +3.2% to +3.5% Y/Y, versus +0.1% and +2.7% September).
23:50 JP Q3 GDP (Mizuho Securities +0.4% Q/Q, +1.6% Y/Y, versus –0.3% and –1.2% Q2).
00:01 GB October RICS House Price Balance (-25% to –16% versus –14.6% September).
The Psychology:
Veterans’ Day holiday in Canada and the US today as the Bank of Japan starts a two-day rate-setting meeting (expected unchanged at 0.50%).
The Risk:
Eurozone Finance Ministers’ meeting this afternoon, Brussels.
Today’s most interesting chart: GBP/JPY
Looking increasingly top as the ‘carry tr ade’ unwinds.
