Quote:
‘The most important lesson from the lost decade is never let amateurs who just attend faculties of law manage economic policies.’ Nobuo Ikeda (?-)
The News:
Hong Kong cuts rates another 50 basis points, South Korea trims 25 basis points to 5.00%, Taiwan also trims 25 to 3.25%.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP August Machine Orders –14.5% M/M, -13.0% Y/Y, versus –3.9% and –4.7% July.
07:00 JP September Machine Tool Orders –20.7% Y/Y versus –13.9% August.
07:00 DE Wholesale Price Index (-0.6% M/M, +5.8% Y/Y, versus –1.8% and +7.4% August).
07:00 DE August Trade Balance (+€10.6B, Current Account +€7.3B, versus revised +€13.8B and +€11.9B July).
09:00 EZ15 October ECB Monthly Report.
09:30 GB August Trade Balance (-£7.8B to -£7.1B, Non-EU -£4.7B to -£4.4B, versus -£7.6B and -£4.7B July).
10:00 CH Swiss National Bank Q4 Bulletin.
12:00 GB Bank of England MPC meeting cancelled after yesterday’s co-ordinated 50 basis point rate cut.
13:30 US Weekly Jobless Claims (450K to 500K, Continuing Claims 3500K to 3660K, vs 497K and 3591K prior week).
15:00 US August Wholesale Inventories (-0.2% to +1.0% versus +1.4% July).
18:30 US Fed’s Stern speaks on financial shock, Minneapolis.
The Psychology:
Holidays in India and Israel.
The Risk:
S.
Today’s most interesting chart: Brazil 2014 Government Bond
Central banks can cut rates but market ones are all over the place, including Russian bonds and interest rate futures.
