Quote:
‘A private equity house without cash to invest is a bit of a waste of space – and can’t really disguise the fact’. Anthony Hilton London Evening Standard
The News:
All and sundry banging on about the Chinese currency as president Obama hit Shanghai.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP Q3 GDP +1.2% Q/Q, +4.8% Y/Y, Deflator +0.2%, versus revised +0.7%, +2.7% and +0.5% Q2.
00:01 GB November Rightmove House Prices –1.6% M/M, +1.6% Q/Q, versus +2.8% and +0.2% October.
00:30 JP Bank of Japan governor Shirakawa speaks, Tokyo.
08:50 DE ECB’s Weber speaks at Euro Finance Week, Frankfurt.
10:00 EZ16 October CPI (+0.1% to +0.4% M/M, -0.2% to 0% Y/Y, versus 0% and –0.3% September).
13:30 US October Retail Sales (+0.8% to +1.5% M/M, Ex-Autos 0% to +0.8%, versus –1.5% and +0.5% Sep).
13:30 US November Empire State Manufacturing Survey (25 to 37 versus 34.57 October).
13:30 CA September Manufacturing Sales (-1.0 to +1.7% M/M versus –2.1% August).
15:00 US September Business Inventories (-1.3% to –0.2% versus –1.5% August).
17:15 US Fed’s Bernanke speaks about the economic outlook, New York.
18:15 US Fed’s Fisher speaks on the economy, Tyler, Texas; Kohn on policy challenges, Evanston, Illinois.
23:50 JP September Tertiary Industry Index (Mizuho Securities –0.4% versus +0.3% August).
The Psychology:
Food and Agriculture Organisation of the UN holds a World Food summit in Rome.
The Risk:
US CFTC says speculative USD net shorts increased to $15.48B last week.
Today’s most interesting chart: Australian dollar
Strongest weekly close this year, highest since August 2008. Spot Gold new record $1130.25.
