##{"id":60575,"date":"2012-09-14T11:53:16","date_gmt":"2012-09-14T01:53:16","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/09\/14\/next-week-at-a-glance-187\/"},"modified":"2012-09-14T11:53:16","modified_gmt":"2012-09-14T01:53:16","slug":"next-week-at-a-glance-187","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/09\/14\/next-week-at-a-glance-187\/","title":{"rendered":"Next Week At A Glance"},"content":{"rendered":"

\n\tBy Rudi Filapek-Vandyck<\/span><\/p>\n

\tHelicopter Ben has over-delivered. Not exactly a habit among the world's central bankers. By doing so, he might possibly have changed the future.<\/p>\n

\tOf course, we still have to find out exactly how the Fed's ultra-aggressive, super accommodative policy will feed into the real world that is a sluggish US economy, but right now the world loves Ben and in particular the sugar coated stimulus that is keeping the costs of debt low in the world's largest economy.<\/p>\n

\tTaking a slightly different view on the whole matter, the fact that Bernanke and Co saw no other option than to bring out the Big Bazooka is in itself a reflection of how dire the underlying situation is, of course. One excellent analysis as to why an imminent recession for the US economy pre-today's announcement still was a not-to-be-dismissed possibility can be found here: http:\/\/advisorperspectives.com\/dshort<\/span>\/guest\/Lance-Roberts-12091-Analyzing-The-ECRI-Recession-Call.php<\/a><\/p>\n

\tYou can bet all your money FOMC<\/span> members have been pondering similar stats, insights and conclusions in recent weeks, hence why today's announcement brought out the aggressive policy measures it did.<\/p>\n

\tAs far as economic data are concerned, the world's focus has now irrevocably shifted to the US labour<\/span> market. Will 7% unemployment be sufficient for the FOMC<\/span> to start rethinking QE3<\/span>? Only time will tell. But if you are a realist, like I try to be, and with today's official admission by the Fed that 8% looks more likely by the end of 2012, then ongoing monetary support from the Fed is here to stay for much longer; so much has become clear today.<\/p>\n

\tIn case you missed it (see my Tweets on Twitter), Glushkin<\/span> Sheff's<\/span> David Rosenberg concluded earlier this week that in the "New Normal" financial markets are no longer guided by the economy, but they take their cue from central bank policies and intentions instead. That was a very prescient observation and one that may well remain among us for much longer too.<\/p>\n

\tAs far as economic data are concerned (yes, I know, I just implied they are no longer of A-grade importance) today will still see the release of inflation and unemployment data in Europe, while the US brings out updated insights regarding business inventories, retail sales, industrial production, consumer confidence (Univ<\/span> Michigan) and the CPI calculation for August. Post Bernanke's Big Bazooka announcement one is inclined to think most of these data will provide poor outcomes.<\/p>\n

\tOn Monday, Australia sees quite a few stocks go ex-dividend and the next concentration of ex-divs<\/span> will be Thursday. Japanese markets will be closed on the Monday. Overall, the week looks a bit thin as far as scheduled economic events are concerned. Yes, we have the RBA<\/span> minutes out on Tuesday (interesting for journalists only) and there are a few retailers and commodity companies that will update on their financial performances. Otherwise, mostly B-grade economic data colour<\/span> the calendar in the week ahead.<\/p>\n

\tFriday sees the widely followed IFO<\/span> September Survey for Germany being released, while for the US it's one of those rare quadruple witching trading days. Should be fun.<\/p>\n

\n\tFor a more comprehensive preview of next week's events, please refer to "The Monday Report", published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the <\/em>FNArena<\/span> Calendar<\/a>.<\/em><\/p>\n

\n\tFind out why FNArena<\/span> subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"