Morning Economic News - November 19, 2008

Things are shaping up for a down open on Wall Street with US stock market futures down 1.5% from the Tuesday close and the Hang Seng, Nikkei and S&P/ASX 200 all down from 2/3 to 3/4 percent. NYMEX Crude oil futures are down 69 cents/barrel (1.27%) and Brent Crude spot prices are near $48/barrel. The US dollar is up against the Canadian dollar and the euro, down against the yen and the pound. [4:49 AM Eastern]

Housing Market Index - November 2008

• Current Month Index: 9


• Monthly Change: Down 5


• Current 1-Family Sales Index: 8

Producer Price Index - October 2008

• Finished Goods Index: Down 2.8%


• Finished Goods Core: Up 0.4%


• Finished Goods Annual Change: Up 5.2%

State Street Investor Confidence Index - November 2008

• Global Index: 57


• Monthly Change: Down 1.4


• Year-to-year Change: Down 18.8%

Treasury International Capital - September 2008

• Foreign purchases of Long Term US Securities: $30.9 billion


• Official purchases: -$4.8 billion


• Private purchases: $35.7 billion

Home-Builder Index Plunges to New Low

Home builders' confidence in the market plunged to a record
low amid overwhelming uncertainty about the economy. Meanwhile, resale
prices fell in four out of five U.S. cities in the third quarter.

ECB Stays Course on Pace of Easing

Amid fresh data confirming a euro-zone recession, the
European Central Bank faces criticism that it is cutting interest rates
too slowly.

Medvedev Warns Crisis Is Spreading

Russia's president pledged to use the Kremlin's oil wealth
to help stricken industries, saying the financial crisis has spread to
the real economy.

Russia Suffers Plummeting Reserves in Defense of Ruble as Growth Declines Russia's foreign-exchange reserves
are draining fast and may take almost a decade of economic
stability with them.

Australian Rate Cuts, Government Spending Will Buffer Economy, Edey Says The biggest round of Australian
interest-rate cuts since a recession in 1991 and government cash
handouts will cushion the economy against slower global growth
and falling commodity prices, a central bank official said.

Bernanke's Cash Injections Risk Eclipse of Fed's Benchmark Interest Rate The Federal Reserve's efforts to
rescue the U.S. from financial collapse risks the eclipse of
the central bank's benchmark interest rate as the most important
signal of monetary policy.

Spain Consumption Shrinks as Economy Heads Into First Recession Since 1993 Spanish household spending fell in
the third quarter as the global credit crunch combined with the
collapse of a domestic housing boom to edge Spain toward its
first recession in 15 years.

ECB's Trichet Says World Suffering Worst Financial Crisis of Postwar Era European Central Bank President Jean-
Claude Trichet said the world is experiencing its worst financial
crisis since the aftermath of World War Two.

US non-residential construction index falls-AIA

Japan Sept all-industries index -0.1 pct mth/mth

U.S. consumer confidence falls to record low -ABC

US home builder sentiment at new low, buyers demur