Quote:
‘It is part of English hypocrisy – or English reserve – that, whilst we are fluent enough in grumbling about small inconveniences, we insist on making light of any great difficulties or griefs that may beset us’. Sir Max Beerbohm (1872-1956)
The News:
Banco Santander to offer individual investors compensation, in preferential shares, of up to $1.8B for Madoff fund’s losses.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:00 JP January Small Business Confidence 24.8 versus 29.4 December. From today DE January CPI for the different German states.
07:10 DE February GfK Consumer Confidence 2.2 versus 2.1 December.
19:15 US Fed’s FOMC interest rate decision (unanimously expected unchanged at 0.25%).
23:50 JP December Large Retailers’ Sales (Mizuho Research Institute –5.7% Y/Y, Retail Trade –1.6% Y/Y, versus –3.2% and –0.9% November).
The Psychology:
The World Economic Forum starts in Davos today and runs until the 1st February.
The Risk:
Moody’s said yesterday it might downgrade the AAA rating of General Electric Co.
Today’s most interesting chart: Mexican peso
At its weakest ever against the US dollar.
