Quote:
‘Strange about parents. We have such easy access to them and such daunting problems of communication.’ James Merrill (1926-1995)
The News:
President Obama says he wants to put constant pressure on China.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
07:15 CH December Trade Balance versus CHF 2,144M November.
11:00 DE December Factory Orders (-2.0% to +1.5% M/M, +8.6% to +11.0% Y/Y, vs +2.8% and +4.5% November).
12:00 GB Bank of England interest rate decision (all say no change though Lloyds suggests another £25B of QE).
12:45 EZ16 ECB interest rate decision (unanimous in expecting no change at 1.00%; 13:30 News Conference).
13:30 US Q4 Unit Labour Costs (-5.7% to –1.0%, Non-Farm Productivity +4.6% to +8.5%, vs –2.5% and +8.1% Q3).
13:30 US Weekly Jobless Claims (420K to 480K, Continuing Claims 4,400K to 4,640K, vs 470K and 4,602K prior week).
13:30 CA December Building Permits (+1.0% to +6.0% versus –4.6% November).
15:00 CA January Ivey Purchasing Managers (49.5 to 55.0 versus 48.4 December).
15:00 US December Factory Orders (-0.6% to +6.0% M/M versus +1.1% November).
15:00 US Treasury’s Geithner testifies at Senate Budget Committee on 2011 Budget, Washington.
18:30 CA Bank of Canada’s Carney speaks at a lunch, Winnipeg.
19:00 US Fed’s Hoenig speaks on the economic outlook, Oklahoma City.
The Psychology:
New Zealand Jobless hits a ten year high at 7.3%.
The Risk:
Markets looking for direction.
Today’s most interesting chart: Spain’s Ibex index
There are many ways to punish the mismanaged: selling the currency, their bonds, stocks and upping insurance costs.
