Quote:
‘I am convinced that the best service a retired gentleman can perform is to turn in his tongue along with his suit, and to mothball his opinions.’ Omar Bradley (1893-1981)
The News:
G20 leaders agree that each country should come up with its own ideas on economic incentives.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP Q3 GDP –0.1% Q/Q, -0.4% Y/Y, Deflator –1.6%, versus revised –0.9%, -3.7% and –1.6% Q2; in recession.
(23:50) JP September Tertiary Industry Index –0.6% versus –1.4% August.
00:01 GB November Rightmove House Prices –2.9% M/M, -7.1% Y/Y, versus +1.0% and –4.9% October.
08:50 ECB’s Weber speaks on central banks, Frankfurt, at the start of Euro Finance Week.
10:00 EZ15 September Trade Balance (versus -€6.1B August).
13:30 US November Empire State Manufacturing Survey (-35 to -10 versus –24.6 October).
14:00 US Fed’s Elizabeth Duke speaks on managing financial crises, New York.
14:15 US October Industrial Production (-2% to +2% M/M, Capacity Utilisation 75.5% to 77.7%, vs –2.8%/76.4%).
23:30 US Treasury secretary Paulson at a two-day meeting with global CEO’s, Washington.
The Psychology:
Holidays in Colombia, Czech Republic, Mexico and Slovakia; Latvia and Morocco tomorrow.
The Risk:
UK Debt Management Office to auction £1.25B 4.25% 2055 Gilt.
Today’s most interesting chart: Nasdaq future December 2008
Re-testing October’s low.
