Fri, Oct 3 2008, 06:46 GMT
by Nicole Elliott
‘These capitalists generally act harmoniously, and in concert, to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel.’ Abraham Lincoln (11th January 1837)
French president Sarkozy to lead talks this weekend on the financial crisis as Germany and the UK pour cold water on speculation of a €300B bank bail-out fund.
British Summer Time, with expectations and previous figures in brackets.
06:45 CH September CPI +0.1% M/M, +2.9% Y/Y, versus –0.3% and +2.9% August.
09:30 GB September Services PMI (47.5 to 48.8 versus 49.2 August).
09:30 GB Q2 Housing Equity Withdrawl (-£1.6B to +£4.0B versus +£5.0B Q1).
10:00 EZ15 August Retail Sales (-0.6% to +0.4% M/M, -3.3% to –0.4% Y/Y, versus –0.1% and –2.3% July).
13:30 US September Non-Farm Payrolls (-175K to -75K, Unemployment 6.0% to 6.2%, versus -84K and 6.1% August).
13:30 US September Average Earnings (+3.5% to +3.7% Y/Y, Workweek 33.6 to 33.7 hours, vs +3.6% and 33.7 Aug).
15:00 US September Non-Manufacturing ISM (48.5 to 51.5 versus 50.6 August).
Holidays in China, Indonesia, Pakistan and South Korea. Monday holiday in Australia & Egypt.
One-month at-the-money implied volatility in FX versus USD at or close to record highs. CBOE VIX Indicator also close to highs of 1998-2002.
Down 8.7%, second biggest daily fall.
Published on Fri, Oct 3 2008, 06:49 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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