Quote:
‘The garden that is finished, is dead.’ H. E. Bates (1905-1974)
The News:
Berlin government pays €10B for a 25% stake in Commerzbank, first major bank partial nationalisation.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:00 JP November Leading Economic Indicator 81.5, Coincident 94.9, versus 85.2 and 97.7 October.
07:00 DE November Retail Sales +0.7% M/M, -3.0% Y/Y, versus revised –2.2% and –0.8% October.
08:00 EZ16 ECB’s Trichet speaks on a panel at a conference in Paris.
09:30 GB December PPI Input (-3.5% to –1.0% M/M, +1.7% to +4.4% Y/Y, versus –3.3% and +7.5% November).
09:30 GB December PPI Output (-1.5% to –0.3% M/M, +3.2% to +4.4% Y/Y, versus –0.7% and +5.1% November).
09:30 GB November Industrial Production (-1.7% to +0.7% M/M, -6.3% to –4.1% Y/Y, vs –1.7% and –5.2% October).
09:30 GB November Manufacturing Production (-1.5% to –0.3% M/M, -6.0% to –3.4% Y/Y, vs –1.4% and –4.9% Oct).
10:00 EZ15 November Retail Sales (-0.8% to +0.5% M/M, -2.0% to –0.7% Y/Y, versus –0.8% and –2.1% October).
11:00 DE November Industrial Production (-4.2% to -0.5% M/M, -6.5% to –4.1% Y/Y, vs –2.1% and –3.8% October).
12:00 CA December Employment Change (-50K to –5K, Unemployment 6.4% to 6.6%, versus –70.6K and 6.3% Nov).
13:15 CA December Housing Starts (160K to 180K versus 172K November).
13:30 CA November Building Permits (-7.8% to +2.0% M/M versus –15.7% October).
13:30 US December Non-farm Payrolls (-625K to -430K, Unemployment 6.8% to 7.1%, vs -533K and 6.7% November).
13:30 US December Hourly Earnings (+0.1% to +0.3% M/M, Workweek 33.2 to 33.5, vs +0.4% and 33.5 November).
15:00 US November Wholesale Inventories (-2.0% to –0.3% versus –1.1% October).
17:30 US Fed’s Lacker speaks on financial conditions, Maryland.
The Psychology:
Monday 12th January, Coming of Age holiday in Japan; Martyrs’ Day in Panama.
The Risk:
Waiting for US employment figures.
Today’s most interesting chart: Euro/Romania new leu
Weakest ever.
