Start the Day

World economy in a serious situation

Tue, Jan 22 2008, 08:36 GMT
by Nicole Elliott

Mizuho Corporate Bank


Quote:

‘As someone pointed out recently, if you can keep your head when all about you are losing theirs, it’s just possible you haven’t grasped the situation.’ Jean Kerr (1922-2003)


The News:

IMF MD Strauss-Khan says world economy in a serious situation.


The Numbers:

Greenwich Mean Time, with expectations and previous figures in brackets.

05:00 JP December Supermarket Sales –1.8% Y/Y versus –0.4% November.

06:00 JP Bank of Japan Monthly Report as two-day rate-setting meeting concludes; votes 9:0 to keep rates at 0.50%.

08:15 CH November Retail Sales (versus +6.1% Y/Y October).

08:30 EU Finance Ministers continue their meeting in Brussels.

11:00 GB January CBI Industrial Trends Survey (-5 to +5 versus +2 December).

13:00 US Treasury secretary Paulson speaks on the economy, Washington.

13:30 CA November Retail Sales (-0.1% to +0.5% M/M, Less Autos –0.1% to +0.9%, versus +0.1% and 0% October).

14:00 CA Bank of Canada interest rate decision (unanimously expected –25 basis points to 4.00%).

15:00 US January Richmond Fed Manufacturing Index (-5 to 0 versus –4 December).

20:10 GB Bank of England governor Mervyn King delivers speech, Bristol.


The Psychology:

Complete silence from the European banks. Mumbai temporarily closes the stock exchange.


The Risk:

‘The economic situation in Europe seems to be uncoupled from the situation in the US’ says Juncker.


Today’s most interesting chart: iTraxx Crossover index

Credit spreads widening as US Treasury yields collapse.

Published on  Tue, Jan 22 2008, 08:46 GMT

Archive

Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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