Quote:
1929: ‘The most expensive orgy in history.’ F. Scott Fitzgerald (1896-1940)
The News:
US $700B rescue package rejected by politicians. Irish government to guarantee bank deposits
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB September GfK Consumer Confidence –32 vs –36 August. 01:45 US Fed’s Hoenig says must protect USD.
00:30 JP August Jobless 4.2%, Job-to-Applicant Ratio 0.86 , versus 4.0% and 0.89 July.
00:30 JP August Household Spending –4.0% Y/Y, Housing Starts +53.6%, versus –0.5% and +19.0% July.
00:50 JP August Industrial Production –3.5% M/M, -6.9% Y/Y, versus +1.3% and +2.4% July.
06:00 JP September Small Business Confidence 40.2 versus 41.4 August.
07:00 DE August ILO Unemployment 7.2% versus 7.3% July.
From today DE August Retail Sales (-1.0% to +1.0% M/M, -4.0% to –0.4% Y/Y, versus –1.5% and 0% July).
08:55 DE September Unemployment (-65K to +10K, 7.6% to 7.7%, versus –40K and 7.6% August).
09:30 GB Q3 final GDP (-0.1% to +0.1% Q/Q, +1.3% to +1.4% Y/Y, versus 0% and +1.4%).
10:00 EZ15 September CPI (+3.5% to +3.8% Y/Y versus +3.8% August).
13:30 CA July GDP (0% to +0.3% M/M versus +0.1% June).
13:30 CA August Raw Material Prices (-0.8% to +0.5%, PPI -1.0% to +0.2%, vs +1.4% and +0.4% July).
14:00 US July Case Shiller House Prices (-16.5% to –14.5% Y/Y versus –15.9% June).
14:45 US September Chicago Purchasing Managers Survey (49 to 57 versus 57.9 August).
15:00 US September Consumer Confidence (50 to 66 versus 56.9 August). 17:00 ECB’s Trichet speaks, Frankfurt.
The Psychology:
Holidays in China, Israel, Saudi Arabia, Turkey and United Arab Emirates today. Also Bahrain, Egypt, Hong Kong, Kuwait, Malaysia, Oman, Qatar and Singapore Wednesday and Thursday, South Korea Friday.
The Risk:
Last day of the month and of Q3 2008. Watch charts for important breaks.
Today’s most interesting chart: Dow Jones Industrial Average
Biggest ever one-day fall.
