CALENDAR 19 NOVEMBER 2007 – 23 NOVEMBER 2007

Monday, November 19, 2007
-GMT 05:00 USA Fed's Stern Speaks in Singapore on Credit Markets

-GMT 09:15 EU ECB's Tumpel-Gugerell Speaks at Sepa Summit in Frankfurt

-GMT 13:30 EU Bundesbank's Zeitler Speaks at Event in Frankfurt

-GMT 18:00 USA NAHB Housing Market Index (Nov) EST 17 PREVIOUS 18
Definition
The Housing Market Index is data from a survey of home builders reflecting single-family home sales on the present, the next six months and traffic from prospective buyers. This composite index indicates housing market trends. This provides a gauge of not only the demand for housing, but consumer sentiment as well. Furthermore, this narrow piece of data has a powerful multiplier effect through the economy, and therefore across the markets and investments. Each time the construction of a new home begins, it translates to more construction jobs, and income which will be
pumped back into the economy. Once a home is sold, it generates revenues for the home builder and the realtor. It brings a myriad of consumption opportunities for the buyer. Refrigerators, washers, dryers and furniture are just a few items new home buyers might purchase. The economic "ripple effect" can be substantial especially when you think a hundred thousand new households around the country are doing this every month.

Tuesday, November 20, 2007
-GMT 07:00 GER PPI (m/m), (Oct) EST 0.3% PREVIOUS 0.2%
-GMT 07:00 GER PPI (y/y), (Oct) EST 1.6% PREVIOUS 1.5%
Definition
The PPI gauges the average changes in prices received by domestic producers for their output at all stages of processing. The PPI data is compiled from most sectors of the economy, such as manufacturing, mining and agriculture.

-GMT 13:30 USA Housing Starts (Oct) EST 1170K PREVIOUS 1191k
Definition
An estimate of the number of housing units on which construction was started. Starting construction is defined as excavation for the footings or foundation, or the first shovel of dirt to break ground. (In response to natural disasters such as Hurricane Andrew in August of 1992, that definition has been expanded to a housing unit built on an existing foundation after the previous structure had been completely destroyed.) Housing starts are divided into single-family and multifamily(2+) units. Beginning construction on a 100 unit apartment building, for example, is counted as 100 starts.

-GMT 13:30 USA Building Permit (Oct) EST 1200k PREVIOUS 1226k

-GMT 15:00 EU ECB's Tumpel-Gugerell, Bundesbank's Fabritius Speak

-GMT 19:00 USA FOMC Minutes (Meeting 31 Oct)

-GMT 23:00 EU ECB's Bini Smaghi Speaking in Brussels

-GMT 23:50 JPN All-industry activity (m/m), (Sep) EST -1.5% PREVIOUS 1.0%
-GMT 23:50 JPN All-industry activity (y/y), (Sep) EST 1.3% PREVIOUS 1.7%
Definition
The all-industries index adds data from the primary sector -- composed of fishing, farming, forestry and mining -- and from the secondary, or manufacturing sector, to data for the tertiary sector.

-GMT 23:50 JPN Trade balance (Oct) EST ¥ 1052.8B PREVIOUS ¥ 1637.8B
-GMT 23:50 JPN Adjusted Trade balance (Oct) EST ¥ 1079.0B PREVIOUS ¥ 1034.3B
Definition
Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as international investment. The figures are usually split into visible and invisible balance figures. The visible balance represents the physical goods, and invisible represents other forms of trade, e.g. the service economy.
A positive balance of trade is known as a trade surplus and consists of exporting more (in financial capital terms) than one imports. A negative balance of trade is known as a trade deficit and consists of importing more than one exports. Neither is necessarily dangerous in modern economies, although large trade surpluses or trade deficits may sometimes be a sign of other economic problems.
If the balance of trade is positive, then the economy has received more money than it has spent. This may appear to be a good thing but may not always be so.

Wednesday, November 21, 2007
-GMT 09:30 UK Boe Minutes

-GMT 13:30 USA Initial Claims EST 330k PREVIOUS 339k
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility.

-GMT 15:00 USA Michigan Sentiment (F Nov) EST 75.0 PREVIOUS 75.0
Definition
This survey measures the attitudes and expectations concerning both present and future economic conditions of 500 consumers. Just like Consumer Confidence, the level of consumer sentiment is directly related to the strength of consumer spending. It is almost identical, with two subindexes - expectations and current conditions, but
has two monthly releases, a preliminary and final reading. The consumer expectations portion of the Michigan survey is a component of the leading economic indicators
index. Consumer spending accounts for two-thirds of the economy, so the markets follow any indicator relating to consumer behavior and attitudes. The more confident consumers are about the economy and their own personal finances, the more likely they are to spend. It is interesting to note that changes in consumer sentiment and retail sales don't move in tandem.

-GMT 15:00 USA Leading Indicators (m/m), (Oct) EST -0.3% PREVIOUS 0.3%
Definition
The Index of Leading Indicators consist of the following economic indicators
- Average workweek of production workers in manufacturing.
- Average weekly claims for state unemployment.
- New orders for consumer goods and materials
- Vendor performance (companies receiving slower deliveries from suppliers)
- Contracts and orders for plant and equipment
- New building permits issued
- Change in manufacturers’ unfilled orders, durable goods
- Change in sensitive materials prices
- Index of stock prices
- Money supply
- Index of consumer expectations
This index is designed to offer a 6 to 9 month future outlook of economic perfomance.

Thursday, November 22, 2007
-GMT 07:00 EU GDP (q/q), (3Q) EST 0.7% PREVIOUS 0.3%
-GMT 07:00 EU GDP (y/y), (3Q) EST 2.5% PREVIOUS 2.5%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 09:00 EU Current account (Sep) EST 0.0bn PREVIOUS 0.7bn
Definition
Balance of trade plus NET investment income & transfers. The difference between what the country earns and spends overseas. The ‘current account’ more specifically deals with the daily recurring transactions in the ordinary course of business. It involves international receipts & payments including trading receipts & payments, service receipts & payments and unilateral transfers such as payment of royalties, repatriation of after-tax profits & dividends, remittance of after-tax wages & other income by foreign employees and any payment of interest on foreign debts.

-GMT 10:00 EU Industrial orders (m/m), (Sep) EST -0.7% PREVIOUS 0.3%
-GMT 10:00 EU Industrial orders (y/y), (Sep) EST 6.5% PREVIOUS 5.1%

- USA - Thanksgiving Day - US Markets Closed

Friday, November 23, 2007
-GMT 09:30 UK GDP (q/q), (3Q P) EST 0.8% PREVIOUS 0.8%
-GMT 09:30 UK GDP (y/y), (3Q P) EST 3.3% PREVIOUS 3.3%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 13:00 EU ECB's Weber Speaks in Frankfurt

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