Quote:
‘I was a kitchen porter at the Bank of England for an hour…collecting plates in the cafeteria and I was treated like a slave. They were all so bloody rude it was revolting.’ Neil Morrissey (1962-)
The News:
South Korea announces another $11B stimulus package.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
08:30 CH October PMI (43.5 to 47 versus 47.8 September).
08:45 US Fed’s Lacker speaks on monetary policy, Jerusalem.
09:00 EZ15 October PMI (41.2 to 41.6 versus 45.0 September).
09:30 GB October Manufacturing PMI (38 to 42 versus 41 September).
10:30 GB auction result of 4.75% 2030 Gilt.
15:00 US October Manufacturing ISM (39 to 49, Prices Paid 45 to 52, versus 43.5 and 53.5 September).
15:00 US September Construction Spending (-1.5% to –0.2% M/M versus 0% August).
16:00 GB Bank of England’s King, Chancellor Darling and FSA’s Turner testify at Treasury Committee.
16:00 EU27 EU Finance Ministers’ meeting, Marseilles.
Late US October Vehicle Sales versus September.
The Psychology:
Holidays in Japan and Russia. Indonesia Central Bank to buy back rupiah 4T govmnt bonds.
The Risk:
Markets continue in consolidation mode this week.
Today’s most interesting chart: US 3-month TBill yield
Close to zero as long rates back up a little.
