Morning Economic News - November 17, 2008

US stock market futures are up under 1%, while Asian markets are mixed - the Nikkei up 0.3% and the Hang Seng down 1%. Oil is down 2% on news that China's demand has contracted sharply since the financial crisis onset. The dollar is down against the Canadian dollar, pound and euro, up against the yen.

Import Export Price Indexes - October 2008

• Import Prices: Down 4.7%


• Non-petroleum Import Prices: Down 0.9%


• Export Prices: Down 1.9%

Retail Sales - October 2008

• Total Retail and Food Service Sales: $363.7 billion


• Monthly Change: Down 2.8%


• Annual Change: Down 4.1%

Financial Roadmap: The Week Ahead November 17 to 21, 2008

With the big G-20 financial summit happening over the weekend, the
first part of the week will see markets largely moving on the basis of
political news. From there, interest will move to the industrial
production figures and the Empire State Manufacturing Survey as
manufacturing has started to show the effects of the downturn with
increased exports unable to offset badly lagging auto sales and exports
themselves starting to drop.

U.K. Jobless Likely to Grow

British business groups warned the country's recession will
be worse than previously expected, driving up unemployment to nearly 3
million by 2010.

G-20 Leaders Tighten Their Grip on Banks

Global leaders ordered a clampdown on reckless market
behavior, including steps they said would help prevent the next credit
crisis.

Japan's Economy Slides Into First Recession Since 2001; GDP Shrinks 0.4% Japan's economy, the world's second
largest, entered its first recession since 2001 last quarter and
the government and economists say conditions may get even worse.

G-20 Plan for Tighter Financial Rules Signals Smaller Profits After Crisis Leaders of the world's biggest
developed and emerging nations put banks and investors on notice
they will need to hold more capital and reveal more about their
holdings, signaling the industry may emerge from the current
crisis with less potential for profit.

FDIC May Alter $1.4 Trillion Debt-Insurance Program After Banks Complain The Federal Deposit Insurance Corp.
may revise a $1.4 trillion debt-insurance program to address
complaints that it would spur an exodus from the $250 billion
market for overnight loans between banks.

Factory Output in U.S. Probably Rose in October on Rebound From Hurricanes U.S. industrial production probably
rose in October as work at Gulf Coast refineries rebounded from
shutdowns following Hurricanes Gustav and Ike, economists said
ahead of a government report today.

Crisis sends Japan into recession, outlook bleak