Quote:
‘I sincerely believe…that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.’ Thomas Jefferson (1743-1826)
The News:
US Vehicle Sales: Cars –18.2%, Trucks –28.3%; total seasonally adjusted 12.44M.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
07:00 GB September Nationwide House Prices M/M, Y/Y, versus –1.9% and –10.5% August.
09:30 GB Q3 Bank of England Credit Conditions Survey.
09:30 GB September Construction PMI (38 to 43 versus 40.5 August).
10:00 EZ15 August PPI (-0.8% to -0.3% M/M, +8.1% to +9.5% Y/Y, versus +1.3% and +9.2% July).
12:45 EZ15 ECB interest rate decision (unanimously expected unchanged at 4.25%); press conference 13:30.
13:30 US Weekly Jobless Claims (432K to 490K, Continuing Claims 3550K to 3610K, vs 493K and 3542K prior week).
15:00 US August Factory Orders (-4.5% to –1.7% versus +1.3% July).
The Psychology:
Holidays in Bahrain, China, Egypt, India, Indonesia, Kuwait, Malaysia, Oman, Pakistan, Qatar, Turkey and United Arab Emirates until Friday; South Korea Friday only.
The Risk:
US Banc of America, Citigroup and JPMorgan are the new quasi -Government Sponsored Enterprises.
Today’s most interesting chart: Euro/Iceland crown
Weakest ever.
