Quote:
‘Always be nice to your children because they are the ones who will choose your rest home.’ Phyllis Diller (1917-)
The News:
Chrysler in talks to sell a stake to Renault just weeks after accepting US government cash.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
06:00 JP December Machine Tool Orders –71.9% Y/Y versus –62.1% November.
08:15 DE 2008 GDP (+1.1% to +1.6% Y/Y, Budget Deficit –0.5% to +0.1% GDP, versus +2.5% and 0% 2007).
10:00 EZ15 November Industrial Production (-5.0% to –0.5% M/M, -7.5% to –4.1% Y/Y, vs –1.2% and –5.3% Oct).
13:30 US December Retail Sales (-1.7% to –0.8%, Ex-Autos –1.8% to –0.8%, versus –1.8% and –1.6% November).
13:30 US December Import Price Index (-6.5% to –3.0% M/M, -10.5% to –7.1% Y/Y, vs –6.7% and –4.4% Nov).
13:30 US Fed’s Plosser’s economic outlook, Delaware.
15:00 US November Business Inventories (-0.9% to –0.3% versus –0.6% October).
18:00 US Fed’s Stern speaks about policy prospects, Iowa. 19:00 US Fed’s Beige Book.
23:50 JP December Domestic CGPI (Mizuho Securities –1.5% M/M, +0.9% Y/Y, versus –1.9% and +2.8% November).
23:50 JP November Machine Orders (Mizuho Securities –7.2% M/M, -20.0% Y/Y, versus –4.4% and –15.5% October).
The Psychology:
Germany and Italy Treasury auctions today.
The Risk:
Markets pretty thin and looking for direction.
Today’s most interesting chart: GBP/JPY
Low 128.77 yesterday, just ahead of all-time low at 128.20 in June 1995.
