Quote:
‘Pioneering don’t pay’. Andrew Carnegie (1835-1919)
The News:
General Motors to axe 10,000 European jobs as FOMC to keep ultra-low rates for extended period.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP Bank of Japan Minutes of board meeting of 13/14th October: smaller firms’ funding is severe.
03:45 JP auction result of ten-year JGB: yield 1.435, tail 0.14.
06:45 CH Q4 Consumer Confidence –30 versus –42.0 Q3.
08:15 CH October CPI (+0.1% to +1.0% M/M, -1.3% to –0.4% Y/Y, versus 0% and –0.9% September).
09:30 GB September Industrial Production (+0.3% to +2.7% M/M, -11.0% to –9.4% Y/Y, vs –2.5% and –11.2% Aug).
09:30 GB September Manufacturing Production (+0.4% to +2.1% M/M, -10.3% to –8.7% Y/Y, vs –1.9%/–11.3% Aug).
10:00 EZ16 September Retail Sales (-0.3% to +1.2% M/M, -3.0% to –1.8% Y/Y vs -0.2% and –2.6% August).
12:00 GB Bank of England decision (Base Rate unchanged at 0.50%; QE might be increased from £175B up to £225B).
12:45 EZ16 ECB interest rate decision (expected unchanged at 1.00%); 13:30 news conference.
13:30 US Q3 Unit Labour Costs (-6.3% to –1.9%, Non-Farm Productivity +3.8% to +8.5%, vs –5.9% and +6.6% Q2).
13:30 US Weekly Jobless Claims (510K to 535K, Continuing Claims 5730K to 5860K, vs 530K and 5797K prior week).
13:30 CA September Building Permits (-1.2% to +6.0% M/M versus +7.2% August).
15:00 CA October Ivey Purchasing Managers (56.0 to 63.5 versus 61.7 September).
19:15 US Fed’s FOMC interest rate decision (unanimously expected unchanged at 0.25%).
23:00 G20 finance ministers meet in St. Andrews, Scotland.
The Psychology:
T.
The Risk:
T.
Today’s most interesting chart: Eurodollar future
New contract highs in front months.
