Quote:
‘Nobody heard him, the dead man,
But still he lay moaning:
I was much further out than you thought
And not waving but drowning’. Stevie Smith (1902-1971)
The News:
People’s Bank of China says it ‘will improve the yuan exchange rate formation mechanism’.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Domestic CGPI –0.7% M/M, -6.7% Y/Y, versus revised 0% and –8.0% August.
04:00 JP October Tokyo Condominium Sales –20.1% Y/Y versus +26.2% September.
08:30 US Treasury secretary Geithner APEC press conference, Singapore.
09:00 EZ16 ECB Monthly Bulletin.
10:00 EZ16 September Industrial Production (-0.8% to +1.4% M/M, -15.8% to –10.5% Y/Y, vs +0.9%/–15.4% Aug).
10:00 CH November ZEW Survey (versus 65 October).
13:30 US Weekly Jobless Claims (495K to 525K, Continuing Claims 5675K to 5788K, vs 512K and 5749K prior week).
13:30 CA September House Price Index (0% to +0.4% M/M versus +0.1% August).
19:00 US October Monthly Budget Statement (-$199B to -$125B versus -$155B September).
19:00 EZ16 ECB’s Trichet speaks on lessons from the financial crisis, Frankfurt.
The Psychology:
US President Obama visits Japan today and tomorrow.
The Risk:
Treasury auctions in Japan (5-year), UK (1.25% IL 2032) and US (30-year).
Today’s most interesting chart: US 2-year TNote yield
Back down close to record low.
