Quote:
‘Elegance does not consist of putting on a new dress’. Coco Chanel (1883-1971)
The News:
China’s number 2 insurer Ping An buys 4.2%, $2.7B, stake in Fortis.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
23:50 JP October Industrial Production +1.6% M/M, +4.7% Y/Y, versus –1.4% and +0.8% September.
05:00 JP November Small Business Confidence 46.9 versus 47.8 October.
07:00 GB November Nationwide House Prices –0.8% M/M, +6.9% Y/Y, versus +1.1% and +9.7% October.
07:00 DE October ILO Unemployment 8.1% versus 8.1% September.
08:55 DE November Unemployment Change (-40K to –10K, 8.6% to 8.7%, versus –40K and 8.7% October).
09:30 GB October Net Consumer Credit (£0.8B to £1.2B, on Dwellings £8.5B to £9.6B, vs £1.4B and £9.8B September).
09:30 GB October Mortgage Approvals (85K to 102K versus 102K September). 09:45 BoE MPC testify Treasury Cmtee.
11:00 GB November CBI Distributive Trades Report (0 to 11 versus 10 October).
13:30 US Q3 revised GDP (Mizuho Securities +4.8%, Price Index +0.8%, versus +3.9% and +0.8%).
13:30 US Weekly Jobless Claims (320K to 360K versus 330K prior week).
13:30 CA October Industrial Product Price (-1.8% to +0.5% M/M, Raw Materials –1.0% to +1.5%, vs –0.9%/–0.9%).
15:00 US October New Home Sales (Mizuho Securities 760K [705K to 785K] versus 770K September).
15:00 US October Help Wanted Index (Mizuho Securities 24 versus 24 September).
23:30 JP October Jobless (Mizuho Securities 3.9%, Job-to-Applicant 1.04, versus 4.0% and 1.05 September).
23:30 JP October Overall Household Spending (Mizuho Securities –0.6% versus +3.2% September).
23:30 JP November Tokyo CPI (Mizuho Securities +0.3% Y/Y, Ex-Fresh Food +0.1%, vs +0.1% and 0% October).
The Psychology:
Great relief as stock markets rally on hopes the Fed will cut interest rates again soon.
The Risk:
Money markets continue completely seized up.
Today’s most interesting chart: Euro/Czech koruna
New all-time low.
