Analyst expect Canada will cut interest rate further by another 50 bps in early Dec & USA will cut to 0.5% from 1% on Dec 16th (i may be wrong about the date).
I think at least 25 bps is necessary.
Situation in Thailand should not affect or at least won't make the economy go worse. Feel sorry about the political situation there and the HKG Christian's death. Also disappointed about HKG government's slow reaction. Let's pray for Thailand and the global economy to recover or at least reach the bottom sooner rather than later.
- US 3Q GDP revised from -0.3% to -0.5% (still better than expect, -0.7%), latest expectation GDP will fall 2.8% in 4Q08 and fall 0.9% in 1Q09.
- US durable good order fall 6.2% (worse, -2.5%)
- US Oct personal income rise 0.3% vs Sep (better, +0.1%)
- US weekly jobless claim fall 14k to 529k (better, 537k)
- US Oct new house sales fall 5.3% vs Sep, drop to 433k (worse, 450k) and inventory rise to 11.1 month from 10.9 month in Sep.
- US Sep home price fall 17.4% vs prior year
- US weekly mortgage application rise 1.5%, still too low, need to see the trend of improvement
- China cut target lending rate by 108 bps to 5.58%, saving rate down to 2.52%. Good for economy, especially real estate and utility sector, will increase bank / insurance companies' potential revenue, but may have negative impact to long term investment spread
Europe Oct unemployment rate hit 7.7% vs Sep 7.6%
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