Quote:
‘If you’re going through hell, keep going.’ Walt Disney (1901-1966)
The News:
US Treasury’s Geithner says the financial system is still broken.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP September Retail Trade +0.9% M/M, -1.4% Y/Y, versus +1.0% and –1.8% August.
(23:50) JP September Large Retailers’ Sales –5.6% Y/Y versus –6.8% August.
05:00 JP October Small Business Confidence 43.4 versus 43.5 September.
07:00 DE Sep Import Price Index M/M, Y/Y, versus +1.3% and –10.9% August.
From today DE October CPI for the different German states. 09:00 EZ16 ECB Bank Lending Survey.
12:30 US Sep Durable Goods Orders (-0.8% to +3.0% versus –2.4% August).
13:00 NO Norges Bank interest rate decision (expected +25 basis points to 1.50%); news conference 13:45.
14:00 US Sep New Home Sales (430K to 450K versus 429K August).
15:00 US ‘pay tzar’ Kenneth Feinberg testifies at House Committee on TARP executive compensation, Washington.
20:00 NZ Reserve Bank of New Zealand interest rate decision (unanimously expected unchanged at 2.50%).
20:00 CA Bank of Canada governor Carney and deputy Jenkins at testify at the Senate Committee on Banking.
23:50 JP September Industrial Production (Mizuho Securities +1.5% M/M, -18.9% Y/Y, vs +1.8% and –18.7% August).
23:50 JP September Corporate Services Prices (–3.8% to –2.8% Y/Y versus –3.5% August).
The Psychology:
National Day holidays in Cyprus, Czech Republic, Greece; Presidential election in Mozambique.
The Risk:
Stock indices slip again.
Today’s most interesting chart: EUR/GBP
Potential ‘head-and-shoulders’ top despite massive ‘cloud’.
