Morning Economic News - November 10, 2008

US stock market futures are trading up slightly and in a fairly tight range with a mix of news out over the weekend, both positive and negative. Asian stock markets are up substantially 3 to 6% with the news that China plans a nearly $600 billion economic stimulus plan. Energy prices are up, no surprise after Obama transition officials released plans to reinstate the executive ban on US offshore drilling and to enact a windfall profits tax on US oil companies over the weekend. The dollar is down against the Canadian dollar, typical on oil price increases, and up against the yen, euro and pound. [2:45 AM Eastern]

Financial Roadmap: The Week Ahead November 10 to 14, 2008

After last week's bad labor market reports and big job loss numbers
Friday, Monday will kick off with a bang with the Conference Board's
release of the Employment Trends Index. Various other factors led to a
rally in spite of the bad employment report Friday – we'll see if that
holds on Monday or if profit taking sets in on the reminder of bad news
as the only major indicator of the day.

Consumer Credit - September 2008

• Total outstanding consumer credit: $2588.1 billion


• Total rate of change: Up 3.2%

Employment Situation - October 2008

• Total Employment: 144,958 million


• Nonfarm Payroll Employment: 136,899 million


• Monthly Change: Down 240,000

Pending Home Sales - September 2008

• Pending Home Sales Index: 89.2


• Monthly Change: Down 4.6


• Yearly Change: Up 1.6

Wholesale Trade - September 2008

• Wholesale Sales: $396.2 billion,


• Monthly Change: Down 1.5%


• Year-to-year Change: Up 9.1%

G-20 Ministers Pledge Cooperation

Group of 20 finance ministers and central bankers said
Sunday they would work urgently together to support economic growth and
foster financial stability, and lauded nations that have taken bold
action.

China Sets Big Stimulus Plan

China unveiled an economic stimulus program it billed as
totaling $586 billion, aiming to bolster domestic demand and help avert
a global recession.

China Unveils $586 Billion Stimulus Plan as World Heads Toward Recession China pledged a 4 trillion yuan ($586
billion) stimulus plan to prop up growth in the fourth-largest
economy as the world heads toward a recession.

Japan Machine Orders Have Biggest Quarterly Drop in Decade as Exports Slow Japanese machinery orders tumbled
10.4 percent last quarter, matching the biggest drop on record,
as manufacturers cut investment plans in anticipation the global
slowdown will stifle overseas demand.

G-20 Calls for Interest-Rate Cuts, More Spending to Stem Financial Crisis The Group of 20 nations is prepared
to act ``urgently'' to bolster growth and called on governments
to cut interest rates and raise spending as the world's leading
industrialized economies battle the threat of a recession.

Brown Seeks `Global Consensus' on Tax, Spending Policies at G-20 Summit U.K. Prime Minister Gordon Brown
will call on governments around the world to coordinate tax and
spending policies to shore up a slowing world economy.

Morning Economic News - October 6, 2008

If you thought everything would be coming up roses in the financial markets this week, guess again. US stock market futures are down approximately 2% in Asian trading (as of 3 AM Eastern Time), oil is down 3% (good news for drivers, but a bad sign overall), and the US dollar is mixed, down substantially against the yen and up against the euro.

Financial Roadmap: The Week Ahead October 6 to 10, 2008

Markets are likely to be on edge this week as they absorb the reality
of the largest single dollar intrusion of government in the marketplace
in history, though the ups and downs in most markets are likely to be
at least somewhat muted compared to last week. There will be plenty of
opportunities for markets to move as there is likely to be both good
and bad news in economic indicators this week. The big news this week
could come in other forms with all kinds of possibilities being touted
including a coordinated interest rate drop by several central banks –
such a move might come on Thursday when the Bank of England is
scheduled to make a rate announcement.

Nonmanufacturing Report on Business (ISM) - September 2008

• NMI/PMI: 50.2


• Reading above 50 represents growing activity


• Change: Down 0.4


• Business Activity/Production Index: 52.1


• Change: Up 0.5

Employment Situation Report - September 2008

• Nonfarm Payroll Employment: 137.318 million


• Monthly Change: Down 159,000


• Unemployment Rate: 6.1%


• Change: Unchanged

Shift in U.S. Role at IMF

Washington doesn't need a bailout package from the IMF, but
it could use the agency's help to boost the credibility overseas of a
U.S. regulatory restructuring.

Europe Races to Shore Up Banks

Europe worked to shore up its financial system while
Germany moved to guarantee bank deposits and planned a bailout for Hypo
Real Estate. Luxembourg and Belgium worked out a Fortis rescue.

Dubai Moves to Bolster Domestic Property Market

Dubai announced that a government-backed fund would start investing in domestic real estate amid Emirates' credit crunch.

UBS lowers China 2009 GDP growth forecast to 8 pct

BEIJING, Oct 6 (Reuters) - UBS on Monday lowered its forecast
for China's gross domestic product growth in 2009 to 8.0 percent
from 8.8 percent, citing a much weaker global growth outlook and
forecasts of a deeper and longer U.S. recession.

Economic News - August 29, 2008

Personal Income and Outlays - July 2008

Personal Income: Down $89.9 billion (0.7%)

Financial Roadmap: The Week Ahead September 2 to 5, 2008

After relatively strong housing reports and an impressive showing in
the 2nd quarter GDP report last week, Fed watchers will be on alert for
any signs that could point to rate increases – especially in
Wednesday's release of the Federal Reserve Beige Book.

The dollar is poised to make gains against other currencies as US
growth ramps up and other economies, especially Western Europe, slow.

Consumer Spending Slowed in July

Consumer spending rose 0.2% in July, but adjusted for inflation outlays dropped
0.4%, suggesting the economy will weaken with the end of government
stimulus payments.

Consumer Spending in U.S. Slowed in July as Prices Rose Most in 17 Years

U.S. consumer spending grew at a
slower pace in July as the impact of the tax rebates faded and a
pickup in inflation eroded Americans' buying power.

Business Activity Expands at the Fastest Pace in Year, Chicago Index Shows

A measure of U.S. business activity
showed expansion at the fastest pace in more than a year, as
production accelerated the most since October 2004.

European Confidence Drops More Than Forecast; Inflation Rate Falls to 3.8%

Europeans' confidence fell more
than forecast this month as the economy teetered on the brink
of a recession.

Darling Says U.K. Economic Slowdown Is Worst in 60 Years, Guardian Reports

U.K. Chancellor of the Exchequer
Alistair Darling said the British economy is facing the worst
slowdown in 60 years and will not recover as quickly as
originally forecast, the Guardian reported.

Consumer spending flags, but confidence rises

WASHINGTON
(Reuters) - Personal income tumbled unexpectedly in July and
inflation-adjusted spending shrank as government economic stimulus
waned, but consumer spirits rose this month, a hint the economy may
muddle through its woes.

Canada skirts recession in second quarter

OTTAWA, Aug 29 (Reuters) - Canada's economy narrowly
avoided a recession in the second quarter but the tepid 0.3
percent annual growth rate raised doubts about how long the
Bank of Canada could afford to keep interest rates on hold.