Quote:
‘I’ve not heard any Stockhausen but I think I’ve trodden in some.’ Sir Thomas Beecham (1879-1961)
The News:
Thai Prime Minister declares a state of emergency as another explosion hits Mumbai.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:30) JP October Jobless 3.7%, Job-to-Applicant Ratio 0.80, versus 4.0% and 0.84 September.
(23:30) JP October Household Spending –3.8% versus –2.3% September.
(23:30) JP October National CPI +1.7% Y/Y, Ex-Fresh Food +1.9%, vs +2.1% and +2.3% Sep.
(23:30) JP November Tokyo CPI +1.1% Y/Y, Ex-Fresh Food +1.1%, vs +1.2% and +1.5% Oct.
(23:50 JP October Industrial Production –3.1% M/M, -7.1% Y/Y (record low), vs +1.1% and +0.2% September.
(23:50) JP October Retail Trade –0.6% Y/Y, Large Retailers –4.3%, vs –0.3% and –3.3% September.
00:01 GB November Gfk Consumer Confidence –35 versus –36 October.
05:00 JP November Small Business Confidence 35.1 versus 37.6 October.
05:00 JP October Housing Starts 1.027M, Construction Orders +47.2% Y/Y, versus 1.126M and +10.3% September.
10:00 EZ15 November CPI (+2.3% to +2.7% Y/Y versus +3.2% October).
10:00 EZ15 October Unemployment (7.5% to 7.6% versus 7.5% September).
10:30 CH November KOF Indicator (0.0 to 0.32 versus 0.35 October).
11:00 GB November CBI Distributive Trades Report (-45 to –22 versus –27 October).
13:30 CA October Industrial Prices (-2.2% to +1.0% M/M, Raw Materials –10% to –6%, vs –1.2% and –7.2% Sep).
13:30 CA Q3 Current Account (+C$2B to +C$5.6B versus +C$6.8B Q2).
The Psychology:
Political and economic jitters swirling as the festive season starts officially today.
The Risk:
Those late to the party rush into government bonds pushing these to even more extreme levels.
Today’s most interesting chart: US Five-year TNote future
Record high price.
