Quote:
‘Snobbery has to start somewhere and if you can’t be snobbish about Katie Price then it’s the end of the world’. Martin Amis (1949-)
The News:
Fears about Dubai’s financial situation hit international banks and builders.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:30) JP October Jobless 5.1%, Job-to-Applicant 0.44, versus 5.3% and 0.43 September.
(23:30) JP October Household Spending +1.6% Y/Y versus +1.0% September.
(23:30) JP October National CPI –2.5% Y/Y, Ex-Fresh Food –2.2%, versus –2.2% and –2.3% September.
(23:30) JP November Tokyo CPI -2.2% Y/Y, Ex-Fresh Food –1.9%, versus –2.4% and –2.2% October.
(23:50) JP October Retail Trade –0.9% Y/Y, Large Retailers’ Sales –7.2%, versus –1.3% and –5.6% September.
07:00 DE October Import Price Index +0.5% M/M, -8.1% Y/Y, versus –0.9% and –11.0% September.
10:00 EZ16 November Business Climate Indicator (-1.75 to –1.50, Consumer Confidence –18 to –16, Economic 85.5 to 96.5, Industry –21 to –17, Services –7 to –5, versus –1.78, -18, 86.2, -21 and –7 October).
10:30 CH November KOF Indicator (1.5 to 2.2 versus 1.45 October).
13:30 CA Q3 Current Account (-C$15B to –C$11B versus –C$11.2B Q2).
The Psychology:
Eid Al Adha holidays for many Muslim countries (some until Thursday).
The Risk:
Middle East generally in a dubious financial situation.
Today’s most interesting chart: SGD/JPY
Yen strength shines through in times of turmoil.
