Quote:
‘It was like riding a tiger, not knowing when to get off without being eaten.’ B. Ramalinga Raju (1954-)
The News:
Angela Merkel and the German coalition government agree to an economic bailout package.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP December M3 Money Supply +0.8% Y/Y versus revised +0.7% November.
(23:50) JP November Trade Balance +93B Yen, Current Account +581B, versus +145B and +960B October.
00:01 GB December RICS House Price Balance –73% versus –76% November.
04:30 JP December Bankruptcies +24.1% Y/Y versus +5.2% November.
05:00 JP December Economy Watchers Survey: Current 15.9, Outlook 17.6, versus 21.0 and 24.7 November.
07:00 DE December Wholesale Price Index –3.0% M/M, -3.3% Y/Y, versus –3.3% and –0.8% November.
09:00 EZ16 ECB’s Trichet speaks at the European Parliament, Strasbourg.
09:30 GB November Trade Balance (-£8.1B to -£6.75B, non-EU -£4.7B to -£3.7B, versus -£7.75B and -£4.35B October).
09:30 GB November DCLG House Prices (-9.2% to –8.2% Y/Y versus –7.4% October).
13:00 GB Fed’s Bernanke speaks on the policy response, The London School of Economics.
13:30 US November Trade Balance (-$58B to -$44B versus -$57B October).
13:30 CA November Trade Balance (+C$2.5B to +C$3.4B versus +C$3.8B October).
14:30 US Fed’s Kashkari speaks on TARP implementation, Washington; Fed’s Lacker at 22:00, South Carolina.
19:00 US December Monthly Budget Statement (-$90B to -$25B versus +$48.3B November).
The Psychology:
Standard & Poors warns Spain that its credit rating is under threat, like Ireland’s and Greece’s.
The Risk:
Stock indices slip a little further.
Today’s most interesting chart: Russian rouble
Weakening after Orthodox Christmas last week.
