Quote:
‘We shoot our wounded, we eat our young.’ Charles B. Hintz (1950-) ex-Lehman CFO
The News:
Bank of America gets another $20B from the US government to cover Merrill Lynch’s massive losses.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:30 JP Bank of Japan Quarterly branch managers’ meeting, Tokyo. Shirakawa says financial conditions tightening.
08:15 CH December PPI (-1.0% to –0.4% M/M, +0.2% to +0.8% Y/Y, versus –1.4% and +1.1% November).
08:30 GB Bank of England’s Gieve speaks at a breakfast meeting, Manchester.
10:00 EZ15 November Trade Balance (-€10B to +€1.1B S/A versus -€1.3B October).
13:30 US December CPI (-1.5% to –0.4% M/M, –0.8% to +0.2% Y/Y, versus –1.7% and +1.1% November).
13:30 US December CPI Ex-Food & Energy (-0.2% to +0.1% M/M, +1.7% to +2.0% Y/Y, vs +0% and +2.0% Nov).
14:00 US November Net Long Term TIC Flows ($0 to +$36B versus +$1.5B October).
14:14 US December Industrial Production (-2.5% to –0.2%, Capacity Utilisation 73.2% to 75.4%, versus –0.6% and 75.4% November).
15:00 US January University of Michigan Confidence Survey (54 to 63 versus 60.1 December).
17:15 US Fed’s Lacker speaks on the economy, Richmond.
The Psychology:
Monday 19th US Martin Luther King holiday.
The Risk:
Short selling allowed again on the UK stock market today.
Today’s most interesting chart: Stoxx50
Very close to October and November’s lows.
