Morning Economic News - December 1, 2008

US stock market futures are down just over 1% and Asian markets traded mixed Monday, the Nikkei down 1.35% and the Hang Seng up 1.59%. Oil is down more than 3% from Friday's New York close and precious metals are down about 1%. The dollar is up against the Canadian dollar, the euro and the pound, down against the yen.

Money Supply (M1 and M2) - November 28, 2008

• M1 Seasonally Adjusted Prior Month: $1473.1 billion


• M1 4-Week Average: $1509.4 billion


• M1 Annual Change (Unadjusted): $103.8 billion

Financial Roadmap: The Week Ahead December 1 to 5, 2008

Economic indicators may not be the initial focus of markets Monday, as
Wall Street is liable to focus heavily on early reports of a 3%
increase in Black Friday retail sales, though anecdotal reports of good
sales were already coming in early enough to influence Friday's trading
and solidify an up week. With some economists seeing a fundamental
bottom for the US stock market around Dow 6,500-7,000, a level we
haven't yet reached, and some technical analysts agreeing, there may be
some profit taking early in the week in spite of the good sales figures
and that's where incoming economic indicators may play a role. Look to
the weekly Redbook retail index (Tuesday) as a possible market mover
the next several weeks as retail's big season hits high gear.

Malaysia's Growth Tops Forecasts

Malaysia's economy expanded by 4.7% in the third quarter,
faster than most analysts had expected but still its slowest rate in
three years.

Russian Manufacturing Contracts for Fourth Month to Lowest Level on Record Russian manufacturing shrank more in
November than during the 1998 financial collapse as the global
economic crisis drove output and new orders to record lows and
companies cut jobs, VTB Bank Europe said.

Chinese Manufacturing Contracts by Record, Adds to Risk of Economic Slump China’s manufacturing shrank by the
most on record and export orders plunged, adding to evidence
that recessions in the U.S., Europe and Japan are dragging down
the world’s fastest-growing major economy.

U.K. House Prices Drop to Lowest in Almost Three Years as Banks Curb Loans U.K. house prices dropped to the
lowest level in almost three years in November as banks starved
the property market of credit, Hometrack Ltd. said.

German Retail Sales Unexpectedly Drop as Recession Concerns Damp Spending Retail sales in Germany, Europe’s
largest economy, unexpectedly fell in October as the fallout
from the global financial crisis damped household spending.

India's Singh Takes Finance Portfolio as Terror Assaults Threaten Economy Prime Minister Manmohan Singh, who
opened up India to foreign investors as finance minister in the
early 1990s, must now shield the economy from the effect of
terror attacks and a global recession.

Swiss November Manufacturing Drops to a Record Low as Global Growth Stalls A gauge of Swiss manufacturing
dropped the most ever to a record low in November as companies
cut back production amid stalling global growth.

South Korea's Exports Drop By Most Since 2001 on Decline in Chinese Demand South Korea’s exports fell by the
most in almost seven years in November as shipments to China and
the U.S. slumped, adding to concern the economy will sink into
its first recession in a decade.

U.S. Output Probably Shrank at Fastest Pace in 26 Years on Spending Cuts Manufacturing in the U.S. probably
contracted in November at the fastest pace in 26 years as
consumers and companies worldwide cut spending, economists said
before reports today.

America Exports Unemployment as Slump Shrinks Consumer Demand, Investment The U.S. once exported jobs. Now, it
is exporting unemployment.

Global recession rocks Asia factories as demand fades 

* Central banks in Europe, Australia to cut rates this week 

BOJ downbeat on economy, meeting eyed on funding