Quote:
‘I would consider my life a failure if my kids worked in the City. It is soul-destroying work and our society has been ruined by this concept that you’re a success if you go into the City, with the rape and pillage it entails.’ Oliver Peyton (1963-)
The News:
Hungary gets $25B from the EU, IMF and World Bank.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP September Industrial Production +1.2% M/M, +0.4% Y/Y, versus –3.5% and –6.9% August.
From today DE October CPI for the different German states.
04:00 JP September Vehicle Production +4.2% Y/Y versus –10.9% August.
05:00 JP October Small Business Confidence 37.6 versus 40.2 September.
09:30 GB September Consumer Credit (£0.8B to £1.2B, on Dwellings -£1.0B to +£2.2B, vs £1.2B and +£0.1B August).
09:30 GB September Mortgage Approvals (28K to 35K versus 32K August).
12:00 NO Norges Bank interest rate decision (expect –25 or –50 bp from 5.25%); News Conference 12:45.
12:30 US September Durable Goods Orders (-4.0% to +1.9%, Less-Transport –3.5% to +0.5%, vs –4.8% and August).
15:55 US former Fed chairman Volker speaks at FDIC event, Washington.
18:00 GB Bank of England’s Blanchflower speaks, Canterbury.
18:15 US FOMC rate decision (most expect –50 bp to 1.00%, a few say no change, Tullett says –75 bp to 0.75%).
The Psychology:
Many hoping that a 50 basis point cut in the US will ‘fix’ the problem.
The Risk:
Even bigger intra-day price swings make more markets too expensive to touch.
Today’s most interesting chart: Hang Seng Index
Big rally following Wall Street fizzles out.
