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French president Sarkozy to lead talks this weekend on the financial crisis
Fri, Oct 3 2008, 06:46 GMT
by Nicole Elliott
Quote:
‘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)
The News:
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.
The Numbers:
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).
The Psychology:
Holidays in China, Indonesia, Pakistan and South Korea. Monday holiday in Australia & Egypt.
The Risk:
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.
Today’s most interesting chart: Dow Jones Transportation Average
Down 8.7%, second biggest daily fall.
Published on Fri, Oct 3 2008, 06:49 GMT
Archive
- It will eliminate 9,200 jobs at Washington Mutual, over 21% of workforce
Published On Tue, Dec 2 2008, 07:26 GMT - Rumours the Bank of Japan will hold an emergency meeting this week
Published On Mon, Dec 1 2008, 07:29 GMT - Thai Prime Minister declares a state of emergency as another explosion hits Mumbai
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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The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.Related reports
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