Quote:
‘A gentleman need not know Latin, but he should at least have forgotten it.’ Brander Matthews (1852-1929)
The News:
China announces almost $600B aid package to prop up the economy.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP September Machine Orders +5.5% M/M, -4.2% Y/Y, versus –14.5% and –13.0% August.
06:00 JP October Machine Tool Orders –40.4% Y/Y versus –20.1% September.
09:30 GB October PPI Input (versus –1.2% M/M and +24.5% Y/Y September).
09:30 GB October PPI Output (versus –0.3% M/M and +8.5% Y/Y September).
09:30 EZ15 December Sentix Confidence (versus –27.8 November).
13:15 CA October Housing Starts (191K to 210K versus 217K September).
13:30 CA September New House Prices (-0.1% to +0.1% M/M versus 0% August).
23:50 JP September Trade Balance (versus 236B Yen and Current Account 988B August).
23:50 JP October M3 Money Supply (versus +0.9% Y/Y, Bank Lending +2.2% September).
00:01 GB October RICS House Price Balance (versus –84% September).
00:01 GB October BRC Retail Sales Monitor (versus –1.5% September).
The Psychology:
US fixed income market to close early ahead of US Veteran’s day holiday tomorrow.
The Risk:
Markets remain in a holding ‘triangle’ pattern for another week.
Today’s most interesting chart: November 2008 Fed Funds future
Pricing rate at 0.425%.
