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Start the Day
8
0
UK probably entering recession
Wed, Oct 22 2008, 06:35 GMT
by Nicole Elliott
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.
Published on Wed, Oct 22 2008, 06:54 GMT
Archive
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Published On Fri, Nov 6 2009, 07:31 GMT - General Motors to axe 10,000 European jobs
Published On Thu, Nov 5 2009, 07:19 GMT - Taxpayers vote against US Democrats in state elections
Published On Wed, Nov 4 2009, 07:31 GMT - Reserve Bank of India buys 200 tonnes of gold for $6.8B from the IMF
Published On Tue, Nov 3 2009, 07:34 GMT - CIT Group Inc. files for Chapter 11 protection
Published On Mon, Nov 2 2009, 07:47 GMT
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
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