Quote:
‘Drag $100 dollar bills through trailer parks, there’s no telling what you’ll find.’ James Carville (1944-)
The News:
IMF denies it is planning to set up a $1 Trillion fund to help emerging markets.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
07:00 DE September Import Price Index -1.0% M/M, +7.6% Y/Y, versus –0.8% and +9.3% August.
08:30 DE October Manufacturing PMI (44.5 to 48.1, Services 46 to 50, versus 47.4 and 50.2 September).
09:00 EZ15 October Manufacturing PMI (42.5 to 45.5, Services 44.4 to 48.4, Composite 44 to 47, vs 45/48.4/46.9 Sep).
09:30 GB Q3 GDP (-0.5% to –0.1% Q/Q, +0.2% to +0.7% Y/Y, versus 0% and +1.5% Q2).
09:30 GB August Index of Services (-0.3% to 0% 3M/M versus 0% July).
12:00 CA September CPI (-0.4% to +0.3% M/M, +2.9% to +3.6% Y/Y, versus –0.2% and +3.5% August).
12:00 CA September Core CPI (-0.1% to +0.4% M/M, +1.6% to +1.8% Y/Y, versus +0.3% and +1.7% August).
15:00 US September Existing Home Sales (4.70M to 5.11M annualised versus 4.91M August).
The Psychology:
Clocks in Europe go back one hour Sunday as Summer Time ends. Deepavali holidays Monday.
The Risk:
Emergency OPEC meeting in Vienna with suggestions of production cuts to stem price declines.
Today’s most interesting chart: Nikkei 225
Fifty pips away from April 2003’s low, in turn the lowest since November 1982, a fraction of January 1990 peak at 38,957.
