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India cuts key rate by 50 basis points to 8.50%
Tue, Oct 7 2008, 07:00 GMT
by Nicole Elliott
Quote:
‘The origin and centre of gravity of the problem is clearly in the USA.’ Peer Steinbrück (1947-)
The News:
India cuts key rate by 50 basis points to 8.50%.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
From today GB September HBOS House Prices (-1.9% to –1.5% M/M, -12.8% to –12.2% Y/Y, vs –1.8% and –10.9%).
04:00 AU Reserve Bank of Australia slashes interest rates by 100 basis points to 6.00%, biggest cut in 16 years.
05:00 JP Bank of Japan keeps key rate unchanged at 0.50%. Monthly Economic Report.
06:00 JP August Leading Index of Cycle Indicators 89.3, Coincident 100.7, versus, 91.4 and 103.5 July.
09:30 GB August Industrial Production (-0.7% to 0% M/M, -2.5% to –1.8% Y/Y, versus –0.4% and –1.9% July).
09:30 GB August Manufacturing Production (-1.0% to –0.1% M/M, -2.5% to –1.5% Y/Y, vs –0.2% and –1.4% July).
10:30 GB auction result of £1.2B 2022 Index-linked Gilt.
11:00 DE August Factory Orders (-2.0% to +2.5% M/M, -7.0% to –2.8% Y/Y, versus –1.7% and –0.7% July).
14:30 ECB’s Trichet speaks at World Policy Conference, Evian.
16:00 US Fed’s Stern speaks on the financial shock, Chicago.
18:15 US Fed’s Bernanke speaks on the economic outlook, Washington.
19:00 US Fed Minutes of September 16th FOMC meeting.
20:00 US August Consumer Credit ($1B to $11B versus $4.6B July).
The Psychology:
Hong Kong holiday. Last day of EU27 ECOFIN meeting in Luxembourg.
The Risk:
Central bankers rushing to outdo each other with blanket guarantees on retail deposits (with money they don’t have) and with threats to cut their key interest rates.
Today’s most interesting chart: AUD/JPY
Possibly the biggest mover among the mayhem.
Published on Tue, Oct 7 2008, 07:04 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
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http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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