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Wednesday, October 8, 2008

Key Risk Events (All times in GMT)

  • Sweden Aug. Industrial Production and Orders (0730)
  • UK Sep. BRC Shop Price Index (0930)
  • Germany Aug. Industrial Production (1000)
  • US Fed's Plosser to Speak (1145)
  • Canada Sep. Housing Starts (1215)
  • US Aug. Pending Home Sales (1400)
  • US Weekly Crude Oil and Product Inventories (1435)
  • Japan Aug. Machine Orders (2350)
  • Australia Sep. Unemployment Rate (0030)

Finexo Market Analysis

  • UK getting ready to put tax payers' money into banks (aka nationalization), according to Chancellor of the Exchequer, Alistair Darling.

  • US Fed/Treasury considering to get into the unsecured lending market (i.e.commercial paper). This has never happened in the history of the Fed and the legal basis and ramifications are unclear.

  • The RBA cut interest rates to 6.00% (i.e. -100 bps.). The expectation was 6.50%. ASX200 saw some support after the move (only stock index, which ended higher yesterday). AUD plummeting.

  • Iceland's Prime Minister says that it cannot be ruled out that they will go bankrupt.

  • Commodities are plummeting. Several of them were limit down in Shanghai trading. Only exception is precious metals, which are still holding the ground.

  • DOW dropped to (and closed) below 10,000 for the first time since 2004.


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