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sure from the myriad of European political factions that will seek to influence the Bank, and (5) the CRB index which settled slightly mildly stronger last Thursday. |
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This week's US economic calendar is fairly busy with the key reports including today's Dec NAPM report and Friday's Dec unemployment report. Tomorrow brings Nov construction spending and the weekly retailer sales surveys. Wednesday brings Nov new home sales. Thursday brings Nov factory orders and Dec same-store retail chain sales reports. Friday brings the Dec unemployment report and Nov wholesale trade report. |
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The European markets will be closely watching for any glitches related to the start of euro trading today. The British markets are focussed on the BOE's MPC meeting set for Wednesday and Thursday. The Japanese markets are focussed on the sharp rise in JGB yields that has occurred in the past month and whether the Obuchi government will be able to finalize a coalition government with the Liberal Democratic Party. That coalition is likely to increase pressure for more stimulus measures. |
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Markets hope for resolution of Clinton impeachment situation by the end of JanuaryThe US markets will also focus on the Clinton impeachment situation. Senate Republican leaders are trying to find a graceful exit strategy given that there aren't enough votes in the Senate for a 2/3 conviction vote. The Senate has little stomach for a full trial that would likely include calling witnesses such as Monica Lewinsky. Therefore, the focus is on how to construct a procedure that leads to censure. The only real controversy is how badly to embarrass the President with the start of a trial before the censure measure comes to a vote. As far as the markets are concerned, the whole Clinton-Lewinsky scandal seems destined to fade away in the next month or so. However, the markets will still keep a close eye on the situation in the event that hard-line Republicans are able to take control of the process as they were able to in the House. |
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NAPM index is expected to show moderate gain but remain below 50Today's US Dec NAPM index is expected to show a |
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