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K bank daily nov 22
1. Capital Markets Research
Nov 22, 2011
Thai Stock Market Nov 21 ChangeUS Market Nov 21 Change
SET Index 965.07 -19.09
Dow Jones 11,547.31 -248.85
Market Turnover (Bt mn) 20,829.37 -637.82
S&P 500 1,192.98 -22.67
Foreign Net Position (Bt mn) -1,599.53 +270.05
Nasdaq 2,523.14 -49.36
Thai Bond Market Nov 21 ChangeUS 10 yr T-note (%) 1.96 +1.0 bp
Total Return Index 210.51 +206.63
US 2yr T-note (%) 0.27 -0.5 bp
NYMEX crude ($/b) 96.92 -0.49
TGB Yield curve 1m 3m 6m 1yr 2yr 3yr 5yr 7yr 10yr 12yr 14yr 18yr
Nov 21 3.41 3.34 3.31 3.25 3.22 3.23 3.26 3.35 3.42 3.54 3.62 3.75
Chng 1D (bp) +0 +0 +0 -1 +0 -1 +0 -1 +1 +0 +1 +0
Chng 5D (bp) -2 +3 -2 -3 -3 -1 +0 +0 +0 +0 +0 +0
Interbank Rates Nov 22 Nov 18 BIBOR 1w 1m 2m 3m 6m 9m 1yr
Overnight (%) 3.50 3.38-3.51 Nov 21 3.50000 3.49667 3.49889 3.50000 3.51333 3.51889 3.52667
Repurchase Rates 1-day 7-day 14-day 1m SIBOR 1m 3m 6m
Nov 21 3.50000 3.50000 3.47290 - Nov 21 0.25828 0.48250 0.69111
THBFIX (Ref.) 1m 2m 3m 6m 9m 1yr LIBOR 1m 3m 6m
Nov 21 3.14807 2.72707 2.64479 2.74029 2.75354 2.78257 Nov 21 0.25667 0.49500 0.70611
Swap THB/THB 1yr 2yr 3yr 4yr 5yr 7yr 10yr
Nov 22 Bid/Ask 2.73/2.78 2.71/2.76 2.83/2.88 2.99/3.04 3.11/3.15 3.28/3.33 3.47/3.52
KBank Counter Rates Buying Selling Forward Premium(satangs/month)
(against THB) Sight Bill T/T T/T Export/Import
USD 30.97 31.07 31.32 3.52/14.40
EUR 41.6888 41.8238 42.3788 2.54/15.70
GBP 48.3588 48.5150 49.1125 5.44/15.35
JPY 0.3996 0.4010 0.4085 5.42/16.99
KBank Technical Analysis Nov 22 Nov 21 Support Resistance Trend Strategy
USD/THB (Onshore) 31.16 31.24 30.10 31.30 Sideway Buy USD near support
USD/JPY 77.09 76.89 76.70 82.60 Sideway Buy USD near support
EUR/USD 1.3505 1.3489 1.3470 1.3540 SidewaySell EUR near resistance
Note: This table is primarily for the purpose of providing information. It is advisable that you contact us prior to quotations.
Macro and Market Outlook
• Thai economy in the third quarter expanded by 0.5% qoq or 3.5% yoy, which is lower than the
consensus forecast at 4.5% yoy
• DJIA dropped 2.11% mainly owing to unsettled agreement within the Super Committee over the
plan to reduce the US budget deficit amounted $1.2trn
• Sharp decline in stock markets provoked investors to sell gold so as to cover loss in stocks;
gold price dropped to below $1,670/oz last night before rebounding to above the 1,680 level
FX Market Wrap
• EUR/USD touched last week’s low of 1.3421 as stock markets in the region slumped and
Moody’s warned that France could lose the AAA rating if its borrowing costs continue to rise
• USD/THB rose quickly yesterday after breaking past through a strong resistance of 31.05. The
collapse in global gold prices could have added to the demand for the dollar
News Update from the Web
• Foreign bank deposits at the Federal Reserve have more than doubled to $715 billion from $350
billion since the end of 2010 amid Europe’s debt turmoil, buttressing the dollar’s status as the
world’s reserve currency
Now you can listen to today’s exchange rate trend (press 711) and our summary of exchange rate movements (press 721) via K-BIZ
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1
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
2. KBank Daily Update Nov 22, 2011
Macro and Market Outlook US Treasuries and Thai rates
Thai economy in the third quarter expanded by 0.5% qoq (Source: Bloomberg) Treasuries snapped a gain from
or 3.5% yoy, which is lower than the consensus forecast at yesterday as the U.S. prepared to sell $35 billion of five-
4.5% yoy. The economy grew from the second quarter year notes today, with the auction poised to draw a record
when industry encountered shortage of raw materials as a low yield. Benchmark 10-year rates were little changed at
result of tsunami in Japan. Major contributions of economic 1.97 percent of 9:48 a.m. in Tokyo, according to Bloomberg
growth are net exports and private consumption. NESDB Bond Trader prices. Treasuries rallied yesterday as
revised its GDP estimates for this year to grow at 1.5% for investors sought safety amid U.S. budget gridlock and a
the whole year down from 3.5-4.0% due to 2.3% debt crisis in Europe.
contraction from the flood. Kasikorn Research Center
projected the economy to grow at 1.7%. The U.S. Congress budget committee’s failure to reach a
deficit-reduction agreement puts into motion $1.2 trillion in
% yoy/ contribution spending cuts over 10 years. Government debt in Spain
15 and Italy declined yesterday on concern the region’s
leaders will struggle to convince investors they can pay
10
their debts.
5
%
0 5.0
4.5
-5
Priv ate consumption Gov ernment C onsumption 4.0
-10 Gross fix ed capital formation Inv entory change 3.5
N et ex ports GDP y oy 3.0
-15
2.5
1Q09 3Q09 1Q10 3Q10 1Q11 3Q11
2.0
1.5
Dow Jones Industrial Average (DJIA) dropped 2.11% May-11 Jul-11 Sep-11 Nov-11
mainly owing to unsettled agreement within the Super
10yr Treasury yield 30yr Treasury yield
Committee over the plan to reduce the US budget deficit
amounted $1.2trn. The plan is supposed to combine
spending cuts with tax increases; however, if the super
Thai interest rate: Bond yields were almost unchanged
committee could not reach an agreement, the automatic
on Monday. 2-year yield remained at 3.22%, 5-year at
spending cuts will apply. President Obama is seen to veto
3.26% and 10-year at 3.42%.
the automatic spending cuts. Reducing the role of the
government in stimulating the ailing US economy is likely to
According to Thai BMA’s data update, foreign investors
lead to a long period of economic slow down. Apart from
were net buyers of about THB5.1bn worth of bonds last
the US budget conflicts, investors were worried about the
week. Yet, their share in the market remained relatively low
debt crisis in the eurozone that could spread to France,
compared to earlier periods. With the rapid weakening of
inducing them to liquidate risky assets and hold more US
Thai baht this week, we expects foreign purchases to be
dollar. France is seen to risk its AAA rating if the
weaker this week and there could be a net-selling.
government tries to inject capital so as to help its
%
commercial banks reduce losses from holding PIIGS
7.3
bonds. French banks have high exposure on Italy bonds,
which could trigger bank crisis if Italy fails to honor the 6.8
loans. French bond yields rose precipitously.
6.3
13000 72 5.8
12500 74 5.3
12000 4.8
76
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11
11500
78 foreign holding share of total outstanding
11000
10500 80
The weaker-than-expected economic growth in Q3
10000 82
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11
reinforces the expectation that the Bank of Thailand may
need to cut more than just 25bp of its policy rate to secure
Dow Jones Industrial (left axis) DXY - US dollar index (right axis - inverted) a quick rebound of economic activities, although there are
some concerns for near-term inflationary pressure.
Sharp decline in stock markets provoked investors to sell However, we expect that medium-term inflationary
gold so as to cover loss in stocks. Gold price dropped to pressure would be lessened by several factors, mainly the
below $1,670/oz last night before rebounding to above the global economic slowdown. Today, the Thai cabinet will
1,680 level. discuss postponing the wage increase deadline by another
3 months in Greater Bangkok (including 5 other provinces)
and Phuket. For the other 70 provinces, the 300 baht
minimum wage may be applied around Jan 1, 2013.
Moreover, Internal Trade Department of the MOC will be
negotiating with business operators to reduce prices in
flood-affected areas as well.
2
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
3. KBank Daily Update Nov 22, 2011
FX Wrap Currency Movement
Mon 21-Nov-11 Fri 18-Nov-11 % Change
90.0 31.11 30.98 +0.42
USD/THB
87.5
USD/JPY 76.93 76.85 +0.10
85.0
EUR/USD 1.349 1.351 -0.12
82.5
GBP/USD 1.5642 1.5791 -0.94
80.0
77.5 USD/CHF 0.9170 0.9173 -0.03
75.0 USD/SGD 1.3043 1.2985 +0.45
72.5 USD/TWD 30.33 30.25 +0.26
Jan-10 May -10 Sep-10 Jan-11 May -11 Sep-11
USD/KRW 1,143.0 1,138.5 +0.40
Dollar Index (DXY) 200-day mvg avg 60-day mvg avg USD/PHP 43.31 43.39 -0.18
USD/IDR 9,150 9,085 +0.72
The dollar index touched its 6-week high on Monday on the
USD/MYR 3.182 3.160 +0.70
back of worries regarding European debt problems and
expectation of weaker U.S. growth after the U.S. House USD/CNY 6.360 6.357 +0.06
budget “Super Committee” failed to finalise on fiscal Source: Reuters
spending plans. EUR/USD touched last week’s low of .FX Consensus Forecast
1.3421 before closing at 1.349 yesterday as stock markets
Spot Dec 2011 Jun 2012 Dec 2012
in the region slumped and Moody’s warned France that if
yields (its borrowing costs) continue to rise, it would risk USD/THB 31.20 30.50 30.00 29.50
losing the AAA credit rating. USD/JPY 77.17 77.00 78.00 80.00
114 80 EUR/USD 1.3488 1.35 1.35 1.39
112 GBP/USD 1.5644 1.57 1.58 1.61
79
110
USD/CNY 6.371 6.310 6.190 6.080
108 78
USD/SGD 1.3025 1.27 1.23 1.19
106 77
USD/IDR 9,035 8,950 8,600 8,588
104
76 USD/MYR 3.18 3.13 3.03 2.98
102
100 75 USD/PHP 43.26 43.00 42.50 41.50
16-Aug 16-Sep 16-Oct 16-Nov
USD/KRW 1,145 1,130 1,075 1,050
EUR/JPY (LHS) USD/JPY
USD/TWD 30.28 30.00 29.50 29.00
USD/JPY rebounded slightly to close at 76.93 on Monday AUD/USD 0.99 1.01 1.02 1.05
and continues to trade higher to wards 77.20 today, USD/CHF 0.92 0.91 0.91 0.92
breaking past its 30-day average at 77.11. Partly, demand Source: Bloomberg, KBank for USD/THB
in the yen as a substitute for the dollar (both are safe
havens) declined, after Moody’s and S&P affirmed U.S. Currency Pair Targets
credit ratings. Yet, comments from the two rating agencies Spot Dec 2011 Jun 2012 Dec 2012
do differ with the latter saying that the Super Committee’s USD/THB 31.20 30.50 30.00 29.5
failure reflected that their downgrade of the U.S. in August
JPYTHB 40.43 39.61 38.46 36.88
made good sense.
EURTHB 42.08 41.18 40.50 41.01
USD/THB rose quickly yesterday after breaking past
GBP/THB 48.81 47.89 47.40 47.50
through a strong resistance of 31.05 (large trading volumes
above 31.00). The collapse in global gold prices could have CNY/THB 4.90 4.83 4.85 4.85
added to the demand for the dollar as local investors saw AUD/THB 30.76 30.81 30.60 30.98
opportunities to purchase gold at a cheaper price.
USD/THB later closed 0.13 higher to 31.11. CHF/THB 34.00 33.52 32.97 32.07
SGD/THB 23.95 24.02 24.39 24.79
31.40
Source: KBank, Bloomberg
31.20
31.00
KBank NEER Index
30.80
30.60 Current 98.28
30.40 YTD + 5.54%
30.20
vs 52 weeks ago - 3.43%
30.00
29.80 vs 1mth ago + 0.00%
29.60 vs 1 week ago + 0.00%
16-Jul 16-Aug 16-Sep 16-Oct 16-Nov
vs 1 day ago + 0.00%
USD/THB USD/THB 30day mov avg
vs long term average + 10.07%
Note: NEER is constructed from the weighted average of bilateral exchange
rates of the baht via Thailand’s 21 major trading partners and trade
competitors. An increase in NEER refers to an appreciation
3
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
4. KBank Daily Update Nov 22, 2011
Total Return Analysis – 3 month horizon, annualized Auction results of BoT Bill Nov 18
Yield shift (bps) -40 -30 -20 -10 0 +10 +20 +30 +40 Bid-
Tenor Amt. Accepted
LB123A 3.64 3.57 3.51 3.44 3.37 3.31 3.24 3.17 2.86 Symbol Avg. Yield (%) coverage
(yrs) (Bt mn) Range (%)
ratio
LB12NA 4.63 4.31 4.00 3.68 3.37 3.06 2.74 2.43 1.86
CB11D07A 0.04 65,000 3.340-3.365 3.3508 0.95
LB133A 5.06 4.61 4.16 3.71 3.26 2.81 2.36 1.91 1.21
LB137A 5.54 4.98 4.41 3.85 3.28 2.72 2.15 1.59 0.77 Source: ThaiBMA
LB13OA 5.96 5.29 4.61 3.94 3.27 2.59 1.92 1.24 0.32 Auction Calendar of BoT Bonds
LB143A 6.39 5.61 4.83 4.06 3.28 2.50 1.73 0.95 -0.08 Tenor Amt.
Symbol Auction Date Maturity Date Remark
LB145A 6.77 5.89 5.01 4.13 3.26 2.38 1.50 0.62 -0.51 (yrs) (Bt mn)
LB145B 6.68 5.82 4.96 4.11 3.25 2.39 1.53 0.68 -0.43 BOT152A 4.00 65,000 22-Nov-11 24-Feb-11 -
LB14DA 7.58 6.50 5.43 4.36 3.29 2.21 1.14 0.07 -1.26 CB11D22C 0.08 30,000 22-Nov-11 22-Dec-11 -
LB155A 8.27 7.01 5.76 4.50 3.25 1.99 0.74 -0.52 -2.02 CB12223B 0.25 15,000 22-Nov-11 23-Feb-12 -
LB157A 8.11 6.90 5.69 4.48 3.27 2.05 0.84 -0.37 -1.83 CB12524A 0.50 17,000 22-Nov-11 24-May-12 -
LB15DA 8.99 7.55 6.11 4.68 3.24 1.80 0.36 -1.07 -2.76
Source: ThaiBMA
LB167A 9.64 8.05 6.47 4.88 3.30 1.71 0.13 -1.46 -3.29
LB16NA 10.29 8.54 6.80 5.05 3.31 1.56 -0.18 -1.93 -3.92 * No LB auction in December
LB171A 10.24 8.51 6.79 5.06 3.33 1.61 -0.12 -1.84 -3.82
LB175A 10.76 8.90 7.05 5.20 3.34 1.49 -0.36 -2.21 -4.31
LB183A 12.03 9.87 7.71 5.56 3.40 1.25 -0.91 -3.06 -5.47
LB183B 11.80 9.70 7.60 5.50 3.40 1.30 -0.79 -2.89 -5.24
LB191A 12.58 10.29 7.99 5.70 3.40 1.11 -1.18 -3.47 -6.01
LB196A 13.51 10.99 8.47 5.95 3.43 0.92 -1.60 -4.12 -6.88
LB198A 13.34 10.86 8.39 5.92 3.45 0.97 -1.50 -3.97 -6.68
LB19DA 13.86 11.26 8.66 6.06 3.46 0.86 -1.74 -4.33 -7.18
LB213A 15.05 12.16 9.26 6.37 3.48 0.59 -2.30 -5.19 -8.32
LB214A 14.93 12.07 9.21 6.34 3.48 0.63 -2.23 -5.09 -8.19
LB22NA 17.00 13.63 10.26 6.89 3.52 0.16 -3.21 -6.57 -10.18
LB233A 17.11 13.72 10.33 6.94 3.56 0.17 -3.21 -6.59 -10.23
LB236A 18.18 14.53 10.87 7.22 3.57 -0.08 -3.72 -7.37 -11.26
LB244A 18.69 14.91 11.14 7.37 3.60 -0.17 -3.94 -7.70 -11.71
LB24DA 19.01 15.16 11.31 7.46 3.61 -0.23 -4.07 -7.92 -12.01
LB267A 19.66 15.67 11.68 7.69 3.70 -0.28 -4.27 -8.25 -12.48
LB283A 21.41 16.99 12.57 8.16 3.75 -0.66 -5.07 -9.47 -14.13
LB296A 22.76 18.01 13.26 8.52 3.78 -0.96 -5.69 -10.42 -15.40
LB383A 27.96 21.96 15.96 9.97 3.98 -2.00 -7.98 -13.96 -20.17
LB396A 28.80 22.60 16.40 10.22 4.03 -2.14 -8.31 -14.48 -20.89
Average 12.83 10.48 8.14 5.79 3.45 1.11 -1.24 -3.58 -6.17
Source: KBank, Bloomberg
KBank Rich – Cheap Model Weekly update Nov 21st
Bps (actual YTM vs. model)
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00 3 mth avg
Now
-20.00
LB296A
LB123A
LB133A
LB137A
LB145B
LB14DA
LB155A
LB15DA
LB167A
LB16NA
LB175A
LB183B
LB191A
LB196A
LB198A
LB19DA
LB213A
LB24DA
LB267A
LB283A
LB396A
Source: Bloomberg, KBank The 3-month average indicates the average differences between observed and derived yields
4
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
5. KBank Daily Update Nov 22, 2011
Rates on three-month bills ended last week at zero, down
Economic News Update from this year’s high of 0.157 percent in February and 5
percent in mid-2007, just before credit markets froze as
Dollar Status Grows as Foreign Banks losses on subprime mortgages accelerated.
Double Deposits at Fed – by Bloomberg
Three-month cross-currency basis swaps, the rates banks
Foreign bank deposits at the Federal Reserve have more pay to convert euro payments into dollars, were as low as
than doubled to $715 billion from $350 billion since the end 132 basis points, or 1.32 percentage point, below the euro
of 2010 amid Europe’s debt turmoil, buttressing the dollar’s interbank offered rate Nov. 18, the most expensive since
status as the world’s reserve currency. December 2008.
Forty-seven non-U.S. banks held balances of more than $1 The cost of dollar funding is increasing as Europe’s debt
billion at the New York Fed as of Sept. 30, up from 22 at crisis escalates. Last week, yields on German two-year
the end of 2010, according to a survey of 80 financial bunds dropped below 0.3 percent for the first time, while
institutions by ICAP Plc, the world’s largest inter-dealer the extra yield investors demand to hold 10-year bonds
broker. The dollar has appreciated 7.2 percent since from France, Belgium, Spain and Austria instead of bunds
Standard & Poor’s cut the nation’s AAA credit rating Aug. climbed to euro-era records. The spread between German
5, the second-best performance after the yen among and French bonds of that maturity widened to 190 basis
developed-nation peers, according to Bloomberg points on Nov. 15, the highest in the euro union’s history.
Correlation-Weighted Currency Indexes.
A budget deficit of more than $1 trillion, a deadlock among
Congressional supercommittee members on spending cuts
and 9 percent unemployment haven’t deterred investors
from seeking safety in the world’s biggest economy. The
euro has been undermined by the region’s sovereign debt
crisis, while the Swiss franc and yen have fallen as their
governments buy billions of dollars to weaken them.
The Fed’s record-low target interest rate for overnight loans
among banks at between zero and 0.25 percent hasn’t
discouraged dollar buying as slowing global growth and
turmoil in Europe spur central banks from Australia to Brazil
to cut rates, reducing their appeal to investors seeking
higher returns.
Foreign demand for U.S. assets rose the most in 10
months in September. Net buying of long-term equities,
notes and bonds totaled $68.6 billion, the highest since
November 2010, compared with net buying of $58 billion in
August, the Treasury Department said Nov. 16.
The dollar is up 6.5 percent in the past three months,
recovering to about level this year with its nine peers,
which include the Swedish krona and the Swiss franc. It’s
trading about 4 percent below where it was in 1975, two
years after President Richard Nixon ended the currency’s
official ties to gold.
The U.S. currency rose 1.7 percent to $1.3525 per euro in
the five days ended Nov. 18, gaining for a third week in a
row.
Demand for Treasury securities that mature in under a year
has increased as financial institutions boost holdings of the
highest-quality assets to meet new regulations set by the
Bank for International Settlements in Basel, Switzerland.
Bank holdings of Treasuries and government-related debt Market Strategists:
totaled a record $1.69 trillion at the end of October, up from Nalin Chutchotitham
less than $1.1 trillion in 2008.
nalin.c@kasikornbank.com
+662-470-3235
Amonthep Chawla
amonthep.c@kasikornbank.com
+662-470-6749
5
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
6. KBank Daily Update Nov 22, 2011
Economic Calendar
Date / Time Country* Event Period Consensus Actual Prior Revised
11/21/2011 06:50 JN Merchnds Trade Balance Total OCT ¥39.9B -¥273.8B ¥300.4B ¥296.2B
11/21/2011 06:50 JN Adjusted Merchnds Trade Bal. OCT -¥204.0B -¥457.9B -¥21.8B -¥96.7B
11/21/2011 06:50 JN Merchnds Trade Exports YoY OCT -0.3 -3.7 2.4 2.3
11/21/2011 06:50 JN Merchnds Trade Imports YoY OCT 15.1 17.9 12.1 --
11/21/2011 07:00 SI GDP (QoQ) 3Q F 2.00% 1.90% 1.30% -6.40%
11/21/2011 07:00 SI GDP (YoY) 3Q F 6.10% 6.10% 5.90% --
11/21/2011 07:01 UK Rightmove House Prices (MoM) NOV -- -3.10% 2.80% --
11/21/2011 07:01 UK Rightmove House Prices (YoY) NOV -- 1.20% 1.20% --
11/21/2011 09:30 TH Gross Domestic Product SA (QoQ) 3Q 1.50% 0.50% -0.20% 0.00%
11/21/2011 09:30 TH Gross Domestic Product (YoY) 3Q 4.50% 3.50% 2.60% 2.70%
11/21/2011 11:30 JN All Industry Activity Index (MoM) SEP -1.00% -0.90% -0.50% -0.30%
11/21/2011 12:00 JN Leading Index CI SEP F -- 91.5 91.6 --
11/21/2011 12:00 JN Coincident Index CI SEP F -- 89 88.9 --
11/21/2011 14:00 JN Convenience Store Sales YoY OCT -- 14.10% -4.00% --
11/21/2011 15:00 TA Export Orders (YoY) OCT 3.50% 4.38% 2.72% --
11/21/2011 15:20 TA Current Account Balance (USD) 3Q 9600M 10213M 9015M 8363M
11/21/2011 16:00 EC Euro-Zone Current Account nsa SEP -- -2.5B -6.3B -7.2B
11/21/2011 16:00 EC ECB Euro-Zone Current Account SA SEP -- 0.5B -5.0B -5.9B
11/21/2011 20:30 CA Wholesale Sales MoM SEP 0.70% 0.30% 0.20% 0.30%
11/21/2011 20:30 US Chicago Fed Nat Activity Index OCT 0.19 -0.13 -0.22 -0.2
11/21/2011 22:00 US Existing Home Sales OCT 4.80M 4.97M 4.91M 4.90M
11/21/2011 22:00 US Existing Home Sales MoM OCT -2.20% 1.40% -3.00% -3.20%
11/22/2011 10:00 SK External Short-Term Debt 3Q -- -- $149.7B --
11/22/2011 12:00 JN Supermarket Sales (YoY) OCT -- -- -3.60% --
11/22/2011 15:00 TH Customs Exports (YoY) OCT 9.80% -- 19.10% --
11/22/2011 15:00 TH Customs Imports (YoY) OCT 29.00% -- 41.90% --
11/22/2011 15:00 TH Customs Trade Balance OCT -$539M -- $238M --
11/22/2011 15:00 TA Unemployment Rate - sa OCT 4.30% -- 4.27% --
11/22/2011 15:30 HK CPI - Composite Index (YoY) OCT 5.60% -- 5.80% --
11/22/2011 16:30 MA Foreign Reserves Nov-15 -- -- $134.78B --
11/22/2011 16:30 UK Public Finances (PSNCR) OCT -1.0B -- 19.9B --
11/22/2011 16:30 UK PSNB ex Interventions OCT 6.5B -- 14.1B --
11/22/2011 16:30 UK Public Sector Net Borrowing OCT 3.8B -- 11.4B --
11/22/2011 20:30 CA Retail Sales MoM SEP 0.50% -- 0.50% --
11/22/2011 20:30 CA Retail Sales Less Autos MoM SEP 0.40% -- 0.40% --
11/22/2011 20:30 US GDP QoQ (Annualized) 3Q S 2.50% -- 2.50% --
11/22/2011 20:30 US Personal Consumption 3Q S 2.40% -- 2.40% --
11/22/2011 20:30 US GDP Price Index 3Q S 2.50% -- 2.50% --
11/22/2011 20:30 US Core PCE QoQ 3Q S 2.10% -- 2.10% --
11/22/2011 22:00 EC Euro-Zone Consumer Confidence NOV A -21 -- -19.9 --
Source: Bloomberg (EC – eurozone, SK – South Korea, SI – Singapore, IN – India, ID – Indonesia, AU – Australia, MA – Mlaysia, TH - Thailand, CH – China)
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