Quote:
‘If you want to be wealthy, think of saving as well as getting.’ Benjamin Franklin (1706-1790)
The News:
Austria, Denmark and Germany guarantee all bank deposits after Paris summit decides no EU-wide bail-out fund is needed. BNP takes over parts of Fortis and Unicredit to raise €6.6B capital.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
From today GB September HBOS House Prices (-1.9% to –1.5% M/M, -12.8% to –12.2% Y/Y, vs –1.8% and –10.9%).
05:00 JP Bank of Japan starts a two-day rate setting meeting (expected unchanged at 0.50%).
09:30 GB August Industrial Production (-0.7% to 0% M/M, -2.5% to –1.8% Y/Y, versus –0.4% and –1.9% July).
09:30 GB August Manufacturing Production (-1.0% to –0.1% M/M, -2.5% to –1.5% Y/Y, vs –0.2% and –1.4% July).
09:30 EZ15 October Sentix Confidence (-28.6 to –25.0 versus –20.2 September).
13:30 CA September Ivey Purchasing Managers Index (49 to 58 versus 51.5 August).
13:30 CA August Building Permits (-3.7% to +1.0% versus +1.8% July).
14:00 US Paul Volker and Roger Ferguson speak on financial supervision, New York.
16:00 US Treasury auction result of ten-year TIPS.
17:00 US Fed’s Evans speaks on the economy and productivity trends, Texas. Fisher at 18:30.
00:01 GB September NIESR GDP (versus –0.2% August).
The Psychology:
Holidays in Australia & Egypt and EU Finance Ministers start a two-day meeting in Brussels.
The Risk:
Chaotic financial conditions all-round will impact other business sectors.
Today’s most interesting chart: S&P Dec08 future
New recent lows after $700b package passed.
