Quote:
‘Well done is better than well said’. Benjamin Franklin (1706-1790)
The News:
Wells Fargo takes a $1.4B charge in Q4 on home loans and will cut loans offered through brokers.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Large Retailers’ Sales -1.8% Y/Y versus –2.0% September.
(23:50) JP October Retail Trade +0.3% M/M, +0.8% Y/Y, versus –1.5% and +0.5% September.
07:10 DE December GfK Consumer Confidence 4.3 versus revised 4.8 November.
07:30 NO Norges Bank governor Gjedrem speaks at labour organisation.
09:00 EZ13 October M3 Money Supply (+11.0% to +11.8% Y/Y versus +11.3% September).
09:15 CH Swiss National Bank’s Roth speaks on monetary policy and price stability, Freiburg.
10:30 CH November KOF Indicator (1.94 to 2.01 versus 2.02 October).
13:00 US Fed’s Kohn speaks, New York.
13:30 US October Durable Goods Orders (Mizuho Securities 0%, Ex-transport –1% to +1%, vs –1.7%/+0.3% Sep).
15:00 US October Existing Home Sales (Mizuho Securities 5M [4.7M to 5.2M] versus 5.04M September).
18:00 US Fed’s Fisher speaks about the economy and the central bank, Amarillo.
19:00 US Fed’s Beige Book.
23:50 JP October Industrial Production (Mizuho Securities +1.5% M/M, +4.6% Y/Y, versus –1.4% and +0.8% Sep).
The Psychology:
Increasing volatility.
The Risk:
Treasury auctions in Germany (€5B 2012), UK (£2B 2042) and US (two-year Notes).
Today’s most interesting chart: Euribor future Dec 2007
New recent low.
