Quote:
Credit Crunch: ‘If these things were so large, how come everyone missed them?’ Queen Elizabeth II (1926-)
The News:
Chinese October CPI +4.0% Y/Y vs +4.6% Sep; Trade Surplus record $35.24B vs $29.3B Sep record.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October M3 Money Supply +0.6% % Y/Y, Bank Lending +3.0%, versus +0.9% +2.2% September.
(23:50) JP September Trade Balance +247B Yen, Current Account +1497B, versus -236B and +988B August.
00:01 GB October RICS House Price Balance –82% versus revised –85% September.
00:01 GB October BRC Retail Sales Monitor –2.2%, fifth consecutive decline, versus –1.5% September.
04:30 JP October Bankruptcies +13.4% Y/Y versus +34.4% September.
05:00 JP October Economy Watchers’ Survey Current 22.6, Outlook 25.2, versus 28 and 32.1 September.
07:00 DE October Wholesale Prices –1.5% M/M, +3.6% Y/Y, versus –0.6% and +5.8% September.
09:30 GB September Trade Balance (-£8.5B to -£7.7B, Non-EU -£5.4B to -£4.7B, versus –£8.1B and -£5.2B August).
09:30 GB September DCLG House Prices (-7.2% to –4.0% Y/Y versus –3.4% August).
10:00 DE November ZEW (Index –81 to –36, Situation –64 to –37, Sentiment –78 to –50, vs –63, -35.9 and –62.7 Oct).
10:30 GB auction result of 4.75% 2015 Gilt.
15:00 US November IBD/TIPP Economic Optimism (35 to 42 versus 41.1 October).
The Psychology:
US, Bermuda and Poland Veteran’s day holidays today, 11th November; the UK observes a 2 minute silence at 11:00. Municipal elections in Israel.
The Risk:
More firms go to the wall every day.
Today’s most interesting chart: US TBond future
Pushing back up to recent highs.
