Quote:
‘Rupert Murdoch and Hillsborough had something to do with the gentrification of football.’ Nick Hornby (1957-)
The News:
US September Vehicle Sales Total 9.2M, Domestic 6.8M, versus 14.09M and 10.19M August.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:30 JP August Jobless 5.5%, Job-to-Applicant ratio 0.42, versus 5.7% and 0.42 July.
00:30 JP August Household Spending +2.6% Y/Y versus –2.0% July.
07:00 GB September Nationwide House Prices +0.9% M/M, 0% Y/Y, versus +1.6% and –2.7% August.
09:30 GB September Construction PMI (47.5 to 48.9 versus 47.7 August). BoE Q2 Housing Equity Withdrawl.
10:00 EZ16 August PPI (0% to +0.6% M/M, -8.1% to –7.4% Y/Y, versus –0.8% and –8.5% July).
13:30 US September Non-Farm Payroll (-260K to –100K, Unemployed 9.7% to 9.9%, versus –216K and 9.7% August).
13:30 US September Average Earnings (0% to +0.3% M/M, Workweek 33 to 33.2 hours, vs +0.3% and 33.1 August).
13:15 US Fed’s Rosengren speaks on inflation and markets, Boston.
15:00 US August Factory Orders (-1.7% to +2.1% versus +1.3% July).
21:35 US Fed’s Fisher speaks on the global economy, North Carolina.
The Psychology:
Ireland holds a referendum on the EU treaty today.
The Risk:
Stock market moves gather pace forcing more into traditional safe-havens.
Today’s most interesting chart: Benchmark 5-year US TNote yield
Investors rushing into Treasuries, especially US ones, as stock markets curl over losing 2%-5% this week.
