Quote:
‘Who can I tear to pieces if not my friends? If they were not my friends, I could not do such violence to them.’ Francis Bacon (1909-1992)
The News:
US big three car makers told to come back with detailed rescue plans in ten days’ time.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
06:00 JP Bank of Japan Monthly Report and interest rate decision: unchanged at 0.30%.
08:30 DE November Manufacturing PMI (40 to 44, Services 46.8 to 48.5, versus 42.9 and 48.3 October).
09:00 EZ15 November Manufacturing PMI (38 to 42, Services 42 to 46, versus 41.1 and 45.8 October).
10:30 DE ECB’s Weber speaks in Frankfurt; Trichet at 13:00.
12:00 CA October CPI (-1.0% to –0.1% M/M, +2.6% to +3.5% Y/Y, vs +0.1% and +3.4% September).
12:00 CA October Core CPI (-2.0% to –0.2% M/M, +1.7% to +2.1% Y/Y, versus +0.4% and +1.7% September).
13:15 US Fed’s Lacker speaks on financial conditions, Maryland. Plosser in Philadelphia ay 17:15.
16:00 FR President Sarkozy meets Zoellick of the World Bank in Paris.
The Psychology:
Labour Thanksgiving holiday in Japan today; Oman, UAE and US on Thursday.
The Risk:
Volatility remains too high to trade several instruments.
Today’s most interesting chart: Benchmark US 30-year TBond yield
Massive swings at an all-time low yield/high price. Note that US 3-month TBills yield 1 basis point!
