Quote:
‘The definition of an outlaw…even if you break existing laws or rules, you feel no sense of moral responsibility or regret.’ Manabu Miyazaki (1945-)
The News:
Russian Central Bank spend $7B propping up a battered rouble, widens its trading band by 30 kopecks, raises key interest rate by 100 basis points and 200 on currency swaps. The stock exchange is closed until Thursday.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(20:00) NZ Reserve Bank of New Zealand Financial Stability Report.
05:00 JP October Consumer Confidence record low 29.8, Households 29.4, versus 31.8 and 31.4 September.
09:30 GB October Jobless Claims (+18K to +60K, Claimant Count Unemployment 2.9% to 3.1%, September ILO Unemployment 5.7% to 5.9%, versus +31.8K, 2.9% and 5.7% September).
09:30 GB September Average Earnings (+3.3% to +3.4% 3M/Y/Y, Ex-Bonus +3.4% to +3.6%, vs +3.4% and +3.6%).
10:00 EZ15 September Industrial Production (-2.8% to 0% M/M, -2.8% to +0.2% Y/Y, vs +1.1% and –0.7% August).
10:30 GB Bank of England Quarterly Inflation Report.
16:00 EZ15 ECB’s Trichet and Stark, Fed’s Kohn and PM Junker celebrate Luxembourg Central Bank’s 10th anniversary.
18:00 US Fed’s Stern speaks, Minneapolis.
23:50 JP October Domestic CGPI (-2.0% to –0.4% M/M, +4.4% to +6.2% Y/Y, versus –0.4% and +6.8% September).
The Psychology:
October’s pressures to unwind the ‘carry trade’ pick up a bit again.
The Risk:
Treasury Bond auctions in Germany, Portugal, Switzerland and the US.
Today’s most interesting chart: Dubai Domestic Financial Market
Tumbling to the lowest since December 2004, a fraction of the December 2005 all-time high at 8544.
