Quote:
‘Learn to repeat endlessly to yourself, ‘It all depends on me’’. André Gide (1869-1951)
The News:
Bernanke says ‘the outlook has…been importantly affected over the past month by renewed turbulence’.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
23:30 JP October Jobless 4.0%, Job-to-Applicant ratio 1.02 , versus 4.0% and 1.05 September.
23:30 JP October Overall Household Spending +0.6% versus +3.2% September.
23:30 JP November Tokyo CPI +0.3% Y/Y, Ex-Fresh Food +0.1%, vs +0.1% and 0% October.
05:00 JP October Housing Starts 0.85M Y/Y –35% versus 0.72M and –44% September.
05:00 JP October Construction Orders –22.7% Y/Y versus –16.3% September.
06:45 CH November CPI +0.5% M/M, +1.8% Y/Y, vs +0.9% and +1.3% Oct. CH Q3 GDP +0.8% Q/Q, +2.9% Y/Y.
07:00 DE October Retail Sales –3.3% M/M, -0.6% Y/Y, versus revised +1.2% and –2.7% September.
10:00 EZ13 November CPI (+2.6% to +3.0% Y/Y versus 2.6% October).
10:00 EZ13 November Business Climate (0.6 to 0.9, Consumer –8 to –6, Economic 104.5 to 105.5, vs 0.87/-6/105.9).
10:00 EZ13 Q3 revised GDP (+0.7% Q/Q, +2.6% Y/Y, versus +0.7% and +2.6%).
10:30 GB November GfK Consumer Confidence (-10 to –8 versus –8 October).
13:30 US October Personal Income (Mizuho Securities +0.4%, Spending +0.3%, versus +0.4% and +0.3% Sep).
13:30 US October Core PCE (Mizuho Securities +0.2% M/M, +1.8% to +2.0% Y/Y, vs +0.2% and +1.8% September). 13:30 CA September GDP (-0.1% to +0.2% M/M, Q3 +1.0% to +2.5%, vs +0.2% and +3.4% Aug/Q2).
14:45 US November Chicago Purchasing Managers (47.9 to 53.0 versus 49.7 October).
15:00 US October Construction Spending (Mizuho Securities –0.3% [-0.9% to +0.4%] versus +0.3% September).
The Psychology:
Russian parliamentary elections Sunday. EU Finance Ministers’ meeting on Monday, Brussels.
The Risk:
US Fed’s Plosser, Kroszner and Poole speak this afternoon.
Today’s most interesting chart: Euro/Czech koruna
Another new all-time low.
