CMC Markets Weekly Report - 17th November 2008
The Dow closed down 336 points on Friday or 3.8%. Much of the fall came in the final 10 minutes of trading as a wave of sellers entered the market ahead of the G20 meeting and a continued reluctance to hold positions over the weekend. The S&P lost 4.2% and the Nasdaq lost 5%. October retail sales in the US fell 2.8% - this being a new record from the fall of 2.6% following 9/11.
Monday we have our retail sales figure as well as OneSteel and Goodman Group hosting their AGM's. Japan will release its 3rd quarter GDP figure and its tertiary index for September.
Tuesday starts with house prices from the UK, Trade figures from Europe. Japan shows its leading and coincident indices for September as well as 3rd quarter housing loans. Locally we will be releasing the RBA minutes from its latest meeting and show a read on international merchandise imports. Lion Nathan discloses its full year result. Macquarie Bank unveils its first half profit figures and Tatts group holds its AGM.
On Wednesday we will see the US housing market index, US net long-term TIC flows and producer prices. Europe reveals their September construction output and from the UK it's October CPI. Japan's exposes its all industry index and NZ reveals its producer prices.
Locally we have AGM's for Macarthur Coal and Macquarie Communications Group as well as a read on the Westpac leading index for September and new motor vehicle sales numbers.
Thursday will reveal a flurry of information following US CPI and housing starts as well as building permits for October. There will be a release of the latest FOMC minutes as well as minutes from the Bank of England. Japan reveals October trade numbers, while the Bank of Japan has its monetary policy meeting.
Locally the RBA discloses its November bulletin, We also have AGM for SP AusNet and Goodman Fielder.
Friday will bring UK retails sales figures and a rate decision from the bank of Japan. Locally expect a speech from the Treasurer Wayne Swan speaking about the state of the economy.
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