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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

Mizuho Corporate Bank


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.


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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