Quote:
‘A critic is a man who knows the way but can’t drive the car’. Kenneth Tynan (1927-1980)
The News:
Philadelphia Fed Survey says US growth to slow sharply in Q4; inflation to hold steady.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
07:00 DE Q3 GDP +0.7% Q/Q, +2.5% Y/Y, versus +0.3% and +2.5% Q2.
08:00 EU Trichet, Noyer, Lagarde and McCreevy speak on payment systems, Paris.
09:00 US Fed’s Fisher speaks on the global economy, Sydney.
09:30 GB October Jobless Claims (-10K to 0K, Claimant Unemployment 2.6%, versus –12.8K and 2.6% September).
09:30 GB September ILO Unemployment (5.3% to 5.4% versus 5.4% August).
09:30 GB September Average Earnings (+3.7% to +4.1% 3M/Y/Y, Ex-bonus +3.7% to +3.9%, vs +3.7%/+3.7%).
10:00 EZ13 Q3 GDP (+0.4% to +0.9% Q/Q, +2.3% to +3.0% Y/Y, versus +0.3% and +2.5% Q2).
10:30 GB Q4 Bank of England Quarterly Inflation Report; news conference with Mervyn King..
13:30 US October Retail Sales (0% to +0.3% M/M, Ex-autos +0.1% to +0.5%, versus +0.6% September).
13:30 US October PPI (-0.3% to +1.0% M/M, Ex-food & Energy –0.3% to +0.3%, vs +1.1% and +0.1% September).
13:30 US October PPI (+6.0% to +7.4% Y/Y, Ex-food & Energy +2.5% to +2.8%, vs +4.4% and +2.0% September).
13:30 CA October Leading Indicators (+0.1% to +0.5% M/M versus +0.4% September).
13:30 CA September Motor Vehicle Sales (-3.5% to +1.5% M/M versus +2.8% August).
14:10 US Fed’s Bernanke speaks on FOMC communications, Washington.
15:00 US September Business Inventories (0% to +0.7% versus +0.1% August).
23:50 JP September Tertiary Industry Index (Mizuho Securities –0.7% versus +1.3% August).
The Psychology:
Relief as stock markets bounce; some assuming Fed will help out with more rate cuts.
The Risk:
German Treasury auction €7B new ten-year Bund.
Today’s most interesting chart: CBoT Soybean future
Almost at record high
