Quote:
‘Change before you have to.’ Jack Welch (1935-)
The News:
Hong Kong central bank says ‘sharp corrections’ likely in asset prices on foreign fund flows.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
09:30 GB November Retail Sales (0% to +0.9% M/M, +3.1% to +4.2% Y/Y, versus +0.4% and +3.4% October).
09:30 GB Bank of England Quarterly Inflation attitudes.
10:00 CH December ZEW Survey (versus 56.4 November).
10:00 EZ16 October Construction Output (versus –1.1% M/M and –8.0% Y/Y October).
10:30 GB action result of £850M 1.25% Index Linked 2027 Gilt.
11:00 GB December CBI Distributive Trades.
12:00 CA November CPI (+0.1% to +0.6% M/M, +0.5% to +1.1% Y/Y, versus –0.1% and +0.1% October).
12:00 CA November Core CPI (+0.1% to +0.3% M/M, +1.2% to +1.4% Y/Y, versus +0.1% and +1.8% October).
13:30 US Weekly Jobless Claims (450K to 475K, Continuing Claims 5000K to 5300K, vs 474K and 5157K prior week).
14:30 US Fed’s Bernanke confirmation to a second term as chairman vote by Senate Banking Committee.
15:00 US November Leading Indicators (+0.5% to +1.2% versus +0.3% October).
15:00 US December Philadelphia Fed Survey (6.9 to 20.3 versus 16.7 November).
18:00 US Fed’s Fisher speaks on the global economy, Little Rock.
00:01 GB Bank of England Financial Stability Report.
The Psychology:
The Bank of Japan starts a two-day rate-setting meeting. Holidays Bahrain, Qatar and UAE.
The Risk:
Very thin markets; don’t trust what you see.
Today’s most interesting chart: AUD
Breaking below the ‘neckline’ of a ‘head-and-shoulders’ top.
