Quote:
‘Making money is art and working is art and good business is the best art.’ Andy Warhol (1928-1987)
The News:
US SEC says clients of Morgan Stanley withdrew $46B from money market accounts in September.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP September Retail Trade –0.5% M/M, -0.4% Y/Y, Large Retailers –3.3%, vs +0.7%/+0.7%/-2.2% August.
00:01 GB Bank of England Financial Stability Report; Gieve speaks, London and Besley at 17:20.
03:45 JP auction result of twenty-year JGB: stop rate 2.174%, average yield 2.169%, bid-to-cover 3.52.
07:10 DE November GfK Consumer Confidence 1.9 versus 1.8 October.
11:00 GB October CBI Distributive Trades Report (-42 to –28 versus –27 September).
12:00 US former Fed chairman Volker speaks on the economy, Miami Beach.
13:00 US August CaseShiller House Prices (-18.0% to –15.0% Y/Y versus –16.4% July).
14:00 US Anthony Ryan replaces Paulson at securities industry do, New York.
15:00 US October Consumer Confidence (45.0 to 59.4 versus 59.8 September).
14:00 US October Richmond Fed Manufacturing Index (-30 to –19 versus –18 September).
23:50 JP September Industrial Production (-1.9% to +1.9% M/M, -8.0% to +1.8% Y/Y, vs –3.5% and –6.9% August).
The Psychology:
The US FOMC starts a two-day rate-setting meeting. Treasury auctions in the UK and US.
The Risk:
UK’s Gordon Brown to meet France’s Sarkozy at his home outside Paris this evening.
Today’s most interesting chart: Indonesian rupiah
Trashed to its weakest since April 2001.
