Executive Recap
December 18, 2008
- Dollar posted 24-hour gains from Wednesday close of 3.2% against sterling, 2.3% against the yen, and 1.0% against the euro.
- Oil hit a low of $35.98 today, 10.2% lower than yesterday’s close. DJIA fell 2.5%. S&P 500 off 2.1%. Nasdaq down 1.7%.
- Trading volumes thinning ahead of the holidays.
- Chatter that Chinese central bank was a big buyer of euros earlier this week.
- Obama said to be considering a fiscal stimulus of more than $850 billion. 544K new jobless claims average in last 4 week, up 7.2% from prior 4 weeks.
- Central banks in the Philippines and Namibia cut rates by 50 basis points. Chinese and Japanese rate cuts expected very soon.
- Bank of England policymaker doesn’t rule out a zero bank rate eventually.
- ECB to discourage banks from stockpiling euros. Intervention warning made by Japanese finance minister.
- Worst German business sentiment since 1982, but expectations deteriorated less sharply than in October and November.
- Euroland exports and imports each fell in October.
- Canadian finance minister projecting 0.4% GDP drop next year, first calendar year decline in 18 years. Canadian retail sales fell 0.9% in October.
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Mr. Greenberg,
I tripped over your blog by accident. Well done, and thank you. I will be a regular vistor.
Win