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Spanish government creates €30B fund to support bank lending
Wed, Oct 8 2008, 07:08 GMT
by Nicole Elliott
Quote:
‘Everything happening now in the economic and financial sphere began in the United States. This is not the irresponsibility of specific individuals but the irresponsibility of the system that claims leadership.’ Vladimir Putin (1952-)
The News:
Spanish government creates €30B fund to support bank lending; deposits guaranteed up to €100,000.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB August Nationwide Consumer Confidence 50 versus 52 July.
05:30 JP September Bankruptcies +34.4% Y/Y versus +4.2% August.
06:00 JP September Economy Watchers’ Survey Current 28.0, Outlook 32.1, versus 28.3 and 32.0 August.
06:00 JP October Bank of Japan Monthly Economic Report.
06:00 JP August Leading Index of Cycle Indicators 89.3, Coincident 100.7, versus, 91.4 and 103.5 July.
10:00 EZ15 final Q2 GDP (-0.2% and +1.4% versus –0.2% and +1.4%).
10:30 GB September BRC Shop Price Index.
11:00 DE August Industrial Production (-1.0% to +2.5% M/M, -3.3% to –2.9% Y/Y, versus –1.8% and –0.6% July).
13:15 CA September Housing Starts (185K to 214K versus 211K August).
12:45 US Fed’s Plosser speaks on Fed policies, New York.
15:00 US August Pending Home Sales (-3.2% to +1.6% versus –3.2% July).
The Psychology:
Bank of England starts a two-day rate setting meeting where many expect a cut from 5.00%. Denmark yesterday raised rates by 40 basis points to 5.00% to protect EUR/DKK. Hong Kong will reduce rates by 100 bp so that they are just 50, not 150, over Fed Funds. Treasury bond auctions in Germany, Switzerland and the US (10-year TIPS). Yom Kippur holiday Israel.
The Risk:
Stock markets gapping lower with some of the biggest daily falls ever.
Today’s most interesting chart: BRL/JPY
Collapsing as BRIC countries hammered.
Published on Wed, Oct 8 2008, 07:14 GMT
Archive
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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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