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Russia and South Korea intervene to stabilise their currencies
Fri, Sep 5 2008, 06:28 GMT
by Nicole Elliott
Quote:
‘Deprivation is to me what daffodils were to Wordsworth.’ Philip Larkin (1922-1985)
The News:
Russia and South Korea intervene to stabilise their currencies.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP Q2 Capital Spending, Ex-software, versus –4.9% and –5.3% Q1.
07:50 EZ15 ECB’s Trichet, Stark, Bini Smaghi and Orphanides speak on the ECB and its watchers, Frankfurt.
09:00 AU Austrian Central Bank new governor Ewald Nowotny’s first news conference as he takes over from Liebscher.
11:00 DE July Industrial Production (-1.5% to +0.3% M/M, -0.7% to +1.7% Y/Y, versus +0.2% and +1.7% June).
12:00 CA August Net Change in Employment (-10K to +30K, Unemployment 6.1% to 6.3%, vs –55.2K and 6.1% July).
12:45 EZ15 ECB interest rate decision (unanimously expected unchanged at 4.25%, although Wachovia says 4.00%).
13:30 US August Non-farm Payrolls (-150K to –45K, Unemployment 5.5% to 5.9%, versus -51K and 5.7% July).
13:30 US August Average Hourly Earnings (+3.3% to +3.5% Y/Y, Workweek 33.5 to 33.7 hours, vs +3.4% and 33.6).
15:00 CA August Ivey Purchasing Managers (49 to 66 versus 65.5 July).
16:00 US Treasury result of ten-year TNote auction.
20:55 US Fed’s Yellen speaks on the economy, Los Angeles.
The Psychology:
US voters sidetracked by the presidential race as the global economy set to implode.
The Risk:
Stock indices tumble like dominos.
Today’s most interesting chart: Dow Jones Utilities Index
Closing below the ‘neckline’ of a big, long term, ‘head-and-shoulders’ top as the ‘carry trade’ unwinds. Similar patterns on Yen crosses, EUR/CHF and most major world stock indices. The question is only who gets shoved first and which is slammed the hardest.
Published on Fri, Sep 5 2008, 06:31 GMT
Archive
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Published On Tue, Dec 2 2008, 07:26 GMT - Rumours the Bank of Japan will hold an emergency meeting this week
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Published On Fri, Nov 28 2008, 07:11 GMT - Indian militants target British and US citizens in Mumbai, killing and setting fire to prominent targets
Published On Thu, Nov 27 2008, 07:16 GMT - Anti-government protestors storm airport control tower cancelling flights to Bangkok
Published On Wed, Nov 26 2008, 07:35 GMT
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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