Quote:
‘You’re not drunk if you can lie on the floor without holding on.’ Dean Martin (1917-1995)
The News:
Air France/KLM cargo traffic –17.4%; British Airways to cut 1700 cabin crew; Aer Lingus cutting costs and staff.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB September Nationwide Consumer Confidence 71 versus revised 65 August.
00:01 GB September BRC Shop Price Index –0.1% Y/Y versus –0.1% August; food +2.5% versus +2.3%.
02:45 US Fed’s Hoenig speaks, Denver; says it is too soon to remove financial support.
06:00 JP August Leading Index 83.3, Coincident 91.4, versus 82.5 and 89.8 July.
06:45 CH September Jobless 4.1% versus 4.0% August.
10:00 EZ16 final GDP (-0.1% Q/Q, -4.7% Y/Y, versus –0.1% and –4.7%).
11:00 DE August Factory Orders (-3% to +4% M/M, -24% to –14% Y/Y, versus +3.5% and –19.8% July).
20:00 US August Consumer Credit (-$15B to +$6.2B versus -$21.6B July).
00:50 JP August Trade Balance (Mizuho Securities 250B yen, Current Account 1080B, versus 437B and 1265B July).
The Psychology:
Last day of IMF/World Bank annual meeting and the Bank of England’s MPC starts a two-day rate-setting meeting.
The Risk:
Treasury auctions: US 10-year TNote, Bund 4.75% 2040 and Gilt 0.625% 2042.
Today’s most interesting chart: Spot Gold
New record high as USD weakens against many currencies.
