Quote:
‘It is still more efficient to eat in a restaurant than shop, cook and clean [up the meal yourself] if you are a lawyer or banker.’ Tim Zagat
The News:
China tells its banks to carry out stress tests quarterly.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
08:30 DE October Manufacturing and Services PMI’s (49.6 to 52.5, 51.5 to 54, versus 49.6 and 52.1 September).
09:00 DE October IFO (Climate 91.3 to 93, Current 87 to 89, Expectations 95.4 to 98.9, vs 91.3, 87, and 95.7 Sep).
09:00 EZ16 Oct Manufacturing PMI (49.3 to 51.1, Services 50.5 to 52.2, Composite 51.2 to 52.5, vs 49.3/50.9/51.1 )
09:30 GB Q3 GDP (0% to +0.4% Q/Q, -4.2% to –5.1% Y/Y, versus –0.6% and –5.5% Q2).
09:30 GB September BBA Mortgages (37.9K to 42K versus 38K August).
10:00 EZ16 August Industrial New Orders (-1.0% to +2.5% M/M, -24.5% to –19% Y/Y, vs +2.6% and –24.3% July).
09:30 GB August Index of Services (+0.1% to +0.5% 3M/3M versus –0.2% July).
13:30 US Fed’s Bernanke speaks on regulation and supervision, Boston Fed’s 54th conference; Kohn at 16:30.
15:00 US September Existing Home Sales (5.0M to 5.6M versus 5.1M August).
17:00 US pay ‘tzar’ under TARP Kenneth Feinberg speaks at George Washington University, Washington.
The Psychology:
Fury at bankers and their pay escalates.
The Risk:
Countertrend moves extend beyond what many can afford.
Today’s most interesting chart: Nymex Gasoline
Trading well above $2 per gallon.
