OK – fun time is over…
Everyone is back from vacation, the big boys have had their strategy meetings and they’ve captured Paulson (just kidding about that but the article is great – thanks JB!) so it’s time for us to get serious about 2007.
It’s been a while since we had some data but it’s coming in spades this week. Nothing of note today but tomorrow we get the NY Fed Mfg. Index, which was 23 last month and CAN’T get worse (one would think) followed by the Consumer Confidence number at 5pm which can’t get better (I think it was 108 last time).
Wednesday morning we will be assaulted by data:
Thursday brings us Jobless Claims, the CPI, Housing Starts (which were up 6.7% on warm weather), Consumer Confidence and the and the Philly Fed AND the EU’s GDP report followed byt a rate decision from the ECB . Busy, busy, busy!!!
There’s not much going on today but Asia took a dive in the morning as those markets are looking toppy and our sell-off on Friday really spooked them. Japan was closed but the Hang Seng dropped 200 points but held 20,000 and boy am I mad we never took those FXI puts! China is officially on inflation watch and China Mobil and China Telcom are moving from the madly profitable phase of their business to the "needing to spend $30Bn building next generation infrastructure phase" that our phone companies are just coming out of.
Oh yeah – just for the sake of nostalgia – some kid got bird flu in Jakarta. Remember when that was our biggest worry? I bet you don’t hear a word about it all week! Good thing to remember next time they tell us to panic about something…
Europe is in a good mood ahead of their GDP report, and they probably should be! Unemployment there fell to 7.6%, the lowest level since EU measurement began in 1993 – just another example of how