Quote:
‘Weep not for little Leonie,
Abducted by a French Marquis!
Though loss of honour was a wrench,
Just think how it’s improved her French’ Harry Graham (1874-1936)
The News:
Minutes of the Reserve Bank of Australia’s November meeting have a sense of urgency on the destruction of household wealth.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:30 JP October Tokyo Department Store Sales –8.4% Y/Y, Nationwide –6.8%, versus –4.6% and –4.7% September.
09:30 GB October CPI (-0.2% to +0.2% M/M, +4.3% to +5.0% Y/Y, Core +2.0% to +2.3% Y/Y, versus +0.5%, +5.2%, and +2.2% September).
13:30 US October PPI (-2.8% to –0.3% M/M, +5.4% to +7.8% Y/Y, versus –0.4% and +8.7% September).
13:30 US October Core PPI (-0.4% to +0.3% M/M, +3.8% to +4.1% Y/Y, versus +0.4% and +4.0% September).
14:00 US September Net Long-term TICS flows ($5B to $60B versus $14B August).
15:30 GB Bank of England’s Beasley delivers annual lecture to the Royal Economic Society, London.
18:00 US November NAHB Housing Index (12 to 16 versus 14 October).
23:50 JP September All Industry Activity Index (Mizuho Securities +0.3% versus –1.8% August).
The Psychology:
Stock markets drifting towards recent lows.
The Risk:
US Fed’s Hoenig says: ‘the Fed has done as much as it can do. We might put it out there (money), but banks are not able to, given their own capital constraints, able to lend as aggressively’.
Today’s most interesting chart: S&P 500 Index
Re-testing October’s low.
