Quote:
‘Girls are like pianos. When they’re not upright, they’re grand.’ Benny Hill (1924-1992)
The News:
US defence secretary Gates tells military advisers to speak ‘candidly but privately’ as president Obama what to do in Afghanistan.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
04:30 AU Reserve Bank of Australia raises the cash rate by 25 basis points to 3.25%.
04:45 JP auction result of ten-year JGB: bid-to-cover ratio 3.50, average yield 1.257%, stop 1.258%.
08:15 CH September CPI (-0.2% to +0.5% M/M, -1.1% to –0.4% Y/Y, versus +0.1% and –0.8% August).
09:30 GB August Industrial Production (-0.4% to +1.2% M/M, -9.2% to –7.8% Y/Y, vs +0.5% and –9.3% July).
09:30 GB August Manufacturing Production (-0.5% to +1.0% M/M, -9.9% to –8.6% Y/Y, vs +0.9% and –10.1% July).
13:30 CA August Building Permits (+1.0% to +17.1% M/M versus –11.4% July).
15:00 CA September Ivey Purchasing Managers Index (52 to 61 versus 55.7 August).
00:01 GB September NIESR GDP (versus +0.2% August).
00:01 GB September Nationwide Consumer Confidence (65 to 70 versus 63 August).
02:45 US Fed’s Hoenig speaks, Denver.
The Psychology:
The annual meeting of the IMF and World Bank continues, Istanbul.
The Risk:
US dollar weakness spreads to more currencies.
Today’s most interesting chart: AUD
New high for this year; also NZD (as Q3 Business Confidence at 36, highest since 1999) and SGD.
