Green light continues with G20 stimulus

“We agreed to maintain support for the recovery until it is assured…We are not out of the woods yet,” said the UK Chancellor of the Exchequer Darling at the weekend’s G20 meeting. This continued green light on massive monetary and fiscal stimulus and no commentary about the US$ has the dollar index falling to within just pennies of its 14 month lows and has gold at another record high. Copper is also within pennies of 13 month highs. Also giving a lift to commodity prices was the news of Oct Chinese car sales which rose 76% y/o/y and exceeded again the US sales in Oct. German IP in Sept was stronger than expected. With the economic calendar on the quiet side this week, a key focus will be earnings reports from some key retailers such as WMT, JWN, KSS, M, JCP and ANF. We heard last week how Oct comps were but we get to see at what margin they achieved those sales.

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