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.


One Response to “Executive Recap”

  1. Win says:

    Mr. Greenberg,

    I tripped over your blog by accident. Well done, and thank you. I will be a regular vistor.