FXstreet.com

Start the Day

8

0

UK probably entering recession

Wed, Oct 22 2008, 06:35 GMT
by Nicole Elliott

Mizuho Corporate Bank


Quote:

‘People are addicted to bull***t. Reality is such a bummer for a lot of people but for me reality is a fantastic thing.’ Roseanne Barr (1952-)


The News:

Bank of England’s King says UK probably entering recession and ‘not since the beginning of the First World War has our banking system been so close to collapse. We are far from the end of the road back to stability’.


The Numbers:

British Summer Time, with expectations and previous figures in brackets.

00:50 JP August All Industry Activity Index –1.8% M/M versus +0.8% July.

06:00 JP September Supermarket Sales –2.2% Y/Y versus –1.0% August.

08:00 SE Swedish Riksbank starts a two-day interest rate setting meeting (many expect –25 bp to 4.00% from 4.75% in September) as it provides another USD 10B loan to January 16th to ease strains in credit market.

09:30 GB Bank of England Minutes of October 8th MPC meeting.

10:00 EZ15 December 31st Debt:GDP ratio (-0.6% versus –0.6%).

13:30 CA September Leading Indicators (-0.1% to +0.2% versus +0.2% August).

13:30 CA August Retail Sales (-0.9% to +0.3% M/M, Less-Autos –0.8% to +0.6%, versus +0.1% and +0.4% July).


The Psychology:

Panic starts swirling again.


The Risk:

Sharp and/or extreme moves in many instruments with the authorities powerless to stem the tide.


Today’s most interesting chart: Argentina’s Merval Index

Lost 10% yesterday, halved since May, as President Christina plans to nationalise $30B of private pensions to ‘protect’ stakeholders.


Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

Legal disclaimer and risk disclosure

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

Weekly Focus - Is it strong enough? by Danske Bank A/S
Fri, Jul 3 2009, 15:00 GMT

Weekly Market Commentary - Libor and Official Interest rates are at their narrowest by Mizuho Corporate Bank
Fri, Jul 3 2009, 14:33 GMT

Your Summer Housing Market Update by Money and Markets
Fri, Jul 3 2009, 12:39 GMT

Friday Notes - W-shaped recovery increasingly probable by UniCredit Group
Fri, Jul 3 2009, 12:08 GMT

Asia Market Update - Most Asian equities indices track the US session declines as nonfarm payrolls data disappoints by TradeTheNews.com
Fri, Jul 3 2009, 11:55 GMT

indicator, boe

View All

Related content


Interested in forex trading? forex brokerage firms!


ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
FX Solutions LLC
Contact the broker/FDM
Open a demo account
ODL Securities Ltd
Contact the broker/FDM
Open a demo account
Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.