Quote:
‘But I care for the people who live now and will not be here when the long run comes’.
George Eliot (1819-1880)
The News:
Singapore Q4 2008 GDP a record –16.9% and is expected to shrink by 5% in 2009.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
04:00 JP Bank of Japan starts a two-day rate setting meeting (expected unchanged at 0.10%).
07:00 DE December Producer Prices –1.0% M/M, +4.3% Y/Y, versus –1.5% and +5.3% November.
08:00 EU25 ECB’s Trichet speaks at EU Parliament, Brussels.
09:30 GB December Jobless Claims (60K to 110K, Unemployment 3.3% to 3.7%, vs 75.7K and 3.3% November).
09:30 GB November ILO Unemployment (6.0% to 6.2% versus 6.0% October).
09:30 GB November Average Earnings (+3.1% to +3.5% 3M/Y/Y, Ex-bonus +3.3% to +3.6%, vs +3.3%/+3.6% Oct).
09:30 GB Bank of England Minutes of January 7th/8th MPC meeting.
09:30 GB December M4 Money Supply (+15.5% to +16.4% Y/Y versus +16.4% November).
09:30 GB December Public Finances (£16.5B to £38.5B, Net Borrowing £8.7B to £15B, vs £10.3B and £16B November).
09:45 GB Bank of England’s Tucker testifies at Treasury Committee.
13:30 CA November Wholesale Sales (-3.0% to –0.5% M/M versus –1.8% October).
18:00 US January NAHB Housing Market Index (7 to 11 versus 9 December).
23:50 JP December Trade Balance (Mizuho Securities 140B Yen versus 225B November).
The Psychology:
Dow Jones Industrial Average has its biggest ever fall on any president’s inauguration day.
The Risk:
Equity indices push each other through pivotal support levels.
Today’s most interesting chart: Dow Jones Transports Average
The lowest daily close since August 2004 and below the psychological 3000 level.
