Hope you’ve had your coffee. Here’s the state of the world on Friday morning, in no particular order (because it’s all equally distressing):ftalphaville.ft.com/blog/2008/10/24/17421/lunch-wrap-locked-2/
- Daimler trims forecasts
- Renault profit warning
- Peugeot profit warning
- Volvo: Massive miss on operating profits
- US T-bill delivery failures hit a record $2.29 trillion as of Oct. 1
- Sovereigns trading at distressed levels (5- year CDS trading above a 1000bps): Ukraine (2600), Kazakhstan (1200), Russia (1037), Latvia (1000bp), Argentina (3800), Pakistan (3200), Indonesia (1250)
- Spain Q3 unemployment rate - 11.3 per cent vs consensus 11.5 per cent
- UK Preliminary 3Q GDP -0.5 per cent On Quarter; +0.3 per cent On Year
- John Lewis sales down 7.6 per cent year-on-year in the week to 18 October (bellwether UK retail indicator)
- Nikkei 225 index closed down 9.6 per cent (lowest level since May 2003)
- Kospi closed down 1000 points or 10.6 per cent, on track of a total decline of 50 per cent this year
Oh, and it’s also bank failure Friday. Watch that FDIC website…www.fdic.gov/bank/individual/failed/banklist.html