Quote:
‘Alimony is like buying hay for a dead horse.’ Groucho Marx (1890-1977)
The News:
Fed’s Beige Book says conditions stabilized or improved slightly in all 12 districts.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP September Trade Balance +520B yen (as exports shrink) versus +183B August.
05:30 JP August All Industry Activity Index +0.9% versus revised +0.8% July.
06:00 JP September Supermarket Sales –2.4% Y/Y versus -3.4% August. 07:15 CH September Trade Balance versus +CHF1785M August.
08:30 SE Swedish Riksbank interest rate decision (unanimously expected unchanged at 0.25%).
09:00 EZ16 August ECB Current Account (versus +€6.6B July).
09:30 GB September Retail Sales (+0.3% to +1.0% M/M, +2.4% to +3.3% Y/Y, versus 0% and +2.1% August).
09:30 GB Bank of England Trends in Lending Report.
13:30 US Weekly Jobless Claims (500K to 540K, Continuing Claims 5895K to 6000K, vs 514K and 5992K prior week).
13:30 CA August Retail Sales (+0.1% to +1.1% M/M, Ex-autos +0.3% to +1.2%, versus –0.6% and –0.8% July).
15:00 US September Leading Indicators (+0.4% to +1.1% versus +0.6% August).
15:00 US August House Price Index (+0.1% to +1.9% M/M versus +0.3% July).
15:30 CA Bank of Canada Monetary Policy Report; News Conference at 16:15.
15:30 US Fed’s Rosengren speaks, Massachusetts; Lockhart at 17:00 in Miami; Dudley 18:30 in Boston; Evans at 21:00.
16:30 GB Bank of England’s Tucker speaks at Barclays Annual Lecture, London.
The Psychology:
Lawrence Summers says top earners pay will be cut by about 50% at bailed out firms.
The Risk:
Stock markets slip.
Today’s most interesting chart: Nymex Cruse Oil
Energy futures soar higher.
