Quote:
‘The Bank of Scotland loan book was awful. It lent to anyone with a glass of whisky in his hand who was wearing a kilt’. Lord James of Blackheath (1937-)
The News:
US Major Nidal Malik Hasan shoots dead 12 and wounds 31 at largest army base, Texas.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
05:00 JP September Leading Index 86.4, Coincident Index 92.5, versus 83.2 and 91.2 August.
06:45 CH October Jobless 4.1% S/A versus 4.1% September.
09:30 GB October Input PPI (-0.1% to +2.4% M/M, -3.6% to –0.4% Y/Y, versus –0.5% and –6.5% September).
09:30 GB October Output PPI (0% to +0.6% M/M, +0.7% to +2.1% Y/Y, versus +0.5% and +0.4% September).
11:00 DE September Factory Orders (+0.2% to +2.5% M/M, -14.5% to –12.6% Y/Y vs +1.4% and –20.4% August).
12:00 CA October Employment Change (-10K to +26K, Unemployment 8.3% to 8.6%, vs +30.6K and 8.4% Sep).
12:45 EZ16 ECB interest rate decision (expected unchanged at 1.00%); 13:30 news conference.
13:30 US October Non-Farm Payrolls (-250K to –145K, Unemployed 9.8% to 10.1%, vs –263K and 9.8% September).
13:30 US October Hourly Earnings (+2.1% to +2.4% Y/Y, Workweek 33.0 to 33.1 hours, versus +2.5% and 33.0 Sep).
14:45 US Fed’s Evans speaks at Community Bankers Conference, Chicago; Duke at 16:30.
15:00 US September Wholesale Inventories (-1.5% to –0.4% versus –1.3% September).
20:00 US September Consumer Credit (-$21B to -$4B versus -$12B August).
The Psychology:
G20 finance ministers continue their meeting until Saturday in St. Andrews, Scotland.
The Risk:
Employment figures are a damp squib.
Today’s most interesting chart: US Five-year TNote future
Looking for direction.
