Quote:
‘Capitalism without bankruptcy is like Christianity without Hell. It doesn’t work otherwise’. Jim Rogers (1933-)
The News:
Japanese government says it will buy shares in companies up to $16.7B that need help with funding.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP Bank of Japan Minutes of December 18th/19thmeeting as well as the emergency meeting on the 2nd.
03:45 JP auction result of 20-year JGB: bid-to-cover 2.88; average yield 1.91%; stop 1.913%.
07:00 DE December Import Price Index –4.0% M/M, -5.1% Y/Y, versus –1.9% and –3.4% November.
09:00 DE January IFO Business Climate (79 to 88.2, Assessment 77.1 to 88.2, Expectations 74.5 to 88, versus 82.6, 88.8 and 76.8 December).
09:00 EZ15 November Current Account (-€9B to -€7B versus -€6.4B October).
10:30 GB auction result of Index Linked 0.75% 2047.
11:00 GB January CBI Distributive Trades (-60 to –35 versus –55 December).
14:00 US November CaseShiller House Price Index (-20.0% to –17.4% Y/Y versus –18.04% October).
15:00 US January Consumer Confidence (35 to 45 versus 38 December).
16:05 CA Bank of Canada governor Mark Carney speaks, Halifax.
18:00 US auction result of two-year TNote sale.
The Psychology:
Holocaust Memorial Day today as the FOMC starts a two-day rate-setting meeting.
The Risk:
Sharp price swings in many instruments, especially the overstretched ones.
Today’s most interesting chart: Dow Jones Transports Average
Testing key support.
