Quote:
‘We are becoming more and more like America, where you can tell how low someone’s income is by the size of the clothes they wear.’ Amanda Craig (1959-)
The News:
The Fed’s Stern and Plosser join Bernanke in predicting recovery in H2 2009.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP December Domestic CGPI –1.2% M/M, +1.1% Y/Y, versus –1.9% and +2.8% November.
(23:50) JP November Machine Orders –16.2% M/M, -27.7% Y/Y, versus –4.4% and –15.5% October.
07:00 DE final December CPI +0.3% M/M, +1.1% Y/Y, versus –0.5% and +1.4% November.
07:00 EU25 December New Car Registrations –18.2% versus –25.8% November.
10:00 EZ15 December CPI (-0.1% to +0.1% M/M, +1.6% to +1.8% Y/Y, versus –0.5% and +2.1% November).
12:45 EZ16 ECB interest rate decision (almost unanimously expected –50 bp to 2.00%); 13:30 News Conference.
13:30 US Weekly Jobless Claims (442K to 700K, Continuing Claims 4575K to 4685K, vs 467K and 4611K prior week).
13:30 US December PPI (-2.9% to –0.8% M/M, –1.7% to –0.8% Y/Y, versus –2.2% and +0.4% November).
13:30 US December PPI Ex-Food & Energy (-0.2% to +0.2% M/M, +3.9% to +4.2% Y/Y, vs +0.1% and +4.2% Nov).
13:30 US January Empire State Manufacturing Survey (-28 to –20 versus –25.76 December).
13:30 CA November New Vehicle Sales (-11.8% to –7.0% M/M versus –0.9% October).
15:00 US January Philadelphia Fed Survey (-38 to –28 versus –36.1 December).
15:00 US Fed’s Board confirmation hearing of Obama nominee Daniel Tarullo.
18:40 US Fed’s Lockhart speaks on the economy, Mississippi, 18:55 Evans, Wisconsin and 20:45 Yellen, San Francisco.
The Psychology:
Spanish Treasury to auction 4.80% 2024 and 4.90% 2040 Bonos; UK £1B 1.25% 2032 IL.
The Risk:
Stock markets dive towards October/November’s lows.
Today’s most interesting chart: Dow Jones Industrial Average
Banks dragging it lower.
