Quote:
‘Glory is fleeting, but obscurity is forever.’ Napoleon Bonaparte (1769-1821)
The News:
Obama warns things will get worse before they get better and plans a massive jolt to the economy.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Corporate Services Prices –1.4% Y/Y (biggest drop in 5 years) versus +0.1% September.
From today GB November Nationwide House Prices (-2.0% to –1.3% M/M, -16.0% to –14.7% Y/Y, versus –1.4% and –14.6% October).
05:00 JP Bank of Japan Monthly Report; says exports will shrink and production fall.
05:00 JP October Supermarket Sales –1.6% Y/Y versus –2.2% September.
07:00 DE final Q3 GDP –0.5% Q/Q, +0.8% Y/Y, versus –0.5% and +0.8%.
07:10 DE December GfK Consumer Confidence 2.2 versus 1.9 November.
09:30 GB Q3 Total Business Investment (-4.0% to –0.8% Q/Q, -4.2% to –1.0% Y/Y, versus –1.0% and +1.2% Q2).
10:00 FR OECD Economic Outlook and news conference.
09:45 GB Bank of England’s King, Gieve, Bean, Barker and Sentance testify at Treasury Committee Hearing.
13:30 US revised Q3 GDP (-0.3% to –0.1% Q/Q, Core PCE +2.8% to +2.9%, versus –0.3% and +2.9% Q3).
13:30 CA September Retail Sales (0% to +0.7% M/M, Less-autos –0.4% to +0.4%, versus –0.3% and –0.3% August).
14:00 US September CaseShiller House Prices (-17.2% to –16.0% Y/Y versus –16.6% August).
15:00 US November Consumer Confidence (35 to 43 versus 38 October).
The Psychology:
Relief rally as another massive financial institution is bailed out.
The Risk:
Treasury’s Paulson to announce a new lending facility today for auto, student and credit card loans.
Today’s most interesting chart: FTSE 100
Biggest ever daily rally (9.84%) from pivotal support.
