Quote:
‘The question is: how can society allow capital to make all the rules? I have never understood shareholder value as it leaves so many things out. Shareholders give their money just once, whereas the employees work every day.’ Wendelin Wiedeking (1952-)
The News:
EZ15 finance ministers pledge to stick to budget deficit rules as predict economic growth 0.1% in 2009.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(00:00) US October Vehicle Sales 10.52M units annually versus 12.44M September, lowest in 25 years.
01:30 JP September Labour Cash Earnings +0.1% Y/Y, Overtime –3/3%, versus +0.1% and –1.8% August.
03:30 AU Reserve Bank of Australia cuts 75 basis points from key interest rate to 5.25%.
05:00 JP October Vehicle Sales –13.1% Y/Y versus –5.3% September.
06:45 CH October CPI +0.5% M/M, +2.6% Y/Y, versus +0.1% and +2.9% September.
09:30 GB October Construction PMI (37.2 to 45 versus 38.8 September).
10:00 EZ15 September PPI (-0.5% to +0.2% M/M, +7.6T to +8.5% Y/Y, versus –0.5% and +8.5% August).
10:30 GB auction result of 4.75% 2030 Gilt.
15:00 US September Factory Orders (-3.5% to +1.2% M/M versus –4.4% August).
15:45 US Fed’s Fisher speaks on economic challenges, Texas.
The Psychology:
Holidays in Panama (also tomorrow) and Russia. US 44th presidential election.
The Risk:
Markets mark time, looking for direction, after consolidation last week.
Today’s most interesting chart: US 2-year TNote yield
Dropping towards the bottom of a ‘right-angled triangle’.
