Quote:
‘After Auschwitz it is barbaric to write poetry.’ Theodor Adorno (1903-1969)
The News:
RUSAL new shares drop 7.4% on Hong Kong IPO.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP December Trade Balance 545B yen versus 371B November.
05:00 JP Bank of Japan Monthly Report; Shirakawa says lack of demand is the root cause of deflation.
09:00 DE January CPI for the different German states.
09:30 GB Bank of England’s Sentence speaks at a property conference.
11:00 GB January CBI Distributive Trades (-10 to +16 versus +13 December).
15:00 US December New Home Sales (340K to 390K versus 355K November).
15:00 US Fed’s Greenlee speaks about the commercial real estate sector at a Congressional Oversight panel.
15:00 US Treasury’s Geithner (and ex Paulson) testify AIG at House Committee on Oversight and Government Reform.
19:15 US FOMC interest rate decision (unanimously expected unchanged at 0.25%).
21:15 GB Bank of England’s Haldane speaks, Liverpool.
23:50 JP December Retail Trade (Mizuho Securities –1.5% M/M, -0.5% Y/Y, versus +0.2% and –1.0% November).
23:50 JP December Large Retailers’ Sales (Mizuho Research Institute –8.1% Y/Y versus –9.6% November).
The Psychology:
A hopefully chastened group of leaders and shakers start their meetings in Davos, Switzerland.
The Risk:
President Obama’s State of the Union address today.
Today’s most interesting chart: Short Sterling future
Squeezing to new contract high as Q4 GDP just +0.1% Q/Q after 6 quarters of recession.
