Quote:
‘Roughly speaking, the banking world makes the same mistakes every 15 or 20 years. It always has and I suspect it always will. It looks different each time, but it’s the same.’ Henry Hoare (1932-)
The News:
Escalating violence in Pakistan and now Iran.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB October Rightmove House Prices +2.8% M/M, +0.2% Y/Y, versus +0.6% and –1.5% September.
00:50 JP August Tertiary Industry Index +0.3% versus +0.6% July.
00:50 JP Bank of Japan MPC Minutes of September 16/17th MPC meeting; says banks now more willing to lend.
06:30 JP Tokyo Department Store Sales –10.5% Y/Y, Nationwide –7.8%, versus –10.3% and –8.8% August.
13:30 CA August International Securities Transactions (versus C$0.351B July).
18:00 US October NAHB Housing Market Index (18 to 21 versus 19 September).
The Psychology:
Diwali holiday in India today.
The Risk:
Equity indices might wobble as many overstretched.
Today’s most interesting chart: Nymex Gasoline
Nearly $2.00 per gallon again.
