Economic Data: 08 week 42

1. Some expect US will hold interest rate on Oct 25 and Canada will cut another 25 bps or even 50 bps tomorrow;
2. Overnight LIBOR rate drop further to 1.51%, good sight of the clam down on the credit market.
3. Coca Cola profit up 15%
4. OPEC is expected to cut oil supply (as what i wrote on 07/11/08 when oil close to its peak at 07/15/08), i think oil price has touch bottom at US$70/barrel (at least close), may not rise back to US$100 right away, as you know US$ is pretty strong now.5. Consumer confidence index fall from 70.5 in Sep to 57.
5 in Oct, 26 years greatest fall, but in fact, it is consistent with Aug, so i think it is bad but reasonable to me, remember, USA is already in recession.

I think credit crisis is over, now investors is waiting for corporate earnings & cooperate forecast to see how deep the impact of such credit crisis. If earnings are bad and forecast are bad, the equity market may fall further, if they looks reasonable, they won't fall but continue to fluctuate until strong economic data trend comes and interest rate rise, then the market will move up.