Quote:
On president Sarkozy’s never used £250K bathroom and £23K per head of state dinner: ‘The Napoleonic ambition of Brussels is underlined by the throwaway extravagance of its elite’. Nigel Farage (1964-)
The News:
CIT Group Inc. files for Chapter 11 protection; fifth biggest US failure.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:01 GB October Hometrack Housing Survey +0.2% M/M, -4.2% Y/Y, versus +0.2% and –5.6% September.
01:30 JP September Labour Cash Earnings –1.6% Y/Y, -12.5% Overtime, versus –2.7% and –13.4% August.
05:00 JP October Vehicle Sales+12.6% versus +3.5% September.
08:30 CH October PMI (53.6 to 56.0 versus 54.3 September).
09:30 GB October Manufacturing PMI (49.6 to 50.5 versus 49.5 September).
15:00 US October Manufacturing ISM (52.0 to 54.0, Prices Paid 61 to 66, versus 52.6 and 63.5 September).
15:00 US September Pending Home Sales (-2.0% to +3.0% versus +6.4% August).
15:00 US September Construction Spending (-0.6% to +0.4% versus +0.8% August).
15:30 FR ECB’s Noyer testifies on banking regulation, Paris.
20:00 US Fed’s Tarullo speaks on incentive compensation, Washington.
The Psychology:
Holidays in Brazil, India, Mexico and the Philippines today; Japan tomorrow.
The Risk:
Stock markets try to hold current levels but give up the ghost later in the week.
Today’s most interesting chart: Nikkei 225
Dropping below the Ichimoku ‘cloud’, testing a ‘head-and-shoulders’ neckline, here and similar formations in many indices.
