Tom Hanna's Lifestream

Commentary and Overnight TradingThings are shaping up for a second day of relatively small drops in stock prices on Wall Street with US stock market futures down about 1/4%. The Nikkei is down more than 1%, the S&P/ASX200 is down nearly 1% and the Hang Seng is up 0.13%. The dollar is regaining some of Monday's losses against the euro and the pound, is down slightly against the Canadian dollar and down more than half a percent against the yen. Oil has regained three-quarter percent after falling Monday. [2:45 AM Eastern];Monday's Economic NewsIndustrial Production - November 2008 Industrial Production Index: 106.8 (Base year 2002, Seasonally Adjusted) Monthly Change: down 0.6% Manufacturing Change: down 1.4%Empire State Manufacturing Survey - November 2008 Business Conditions Index: -25.8 Monthly Change: down slightly New Orders Index: -20.8Housing Market Index - December 2008 Current Month Index: 9 Monthly Change: 0 Current 1-Family Sales Index: 8 Monthly Change: down 1What I'm ReadingEcuador to Default on More BondsEcuador says it is defaulting on a second bond payment, interest on $650 million in Global 15 bonds due through 2015.U.S. Factories Slash Output Amid SlumpU.S. factories slashed output amid a deepening recession. Industrial output is on track for its worst quarter since 1980.Russian Industrial Production Shrinks Most Since Economic Collapse of 1998 Russian industrial production shrankthe most since the economic collapse of 1998 in November as theglobal slowdown reduced demand for steel, pipes and fertilizersand pushed the nation to the brink of recession. Bernanke Prepares to Deploy Balance Sheet as Interest Rate Approaches Zero The Federal Reserve may today reduceits main interest rate to the lowest level on record and preparefor one of the boldest experiments in its 94-year history: usingits balance sheet as the key tool for monetary policy. U.S. Consumer Prices Probably Fell Most on Record as Energy Costs Retreat The cost of living in the U.S.probably fell in November by the most on record, as the valueof oil plunged and retailers slashed prices to boost salesbefore the holidays, economists said ahead of a governmentreport today. European Car Sales Slumped 26% in November as Recession Concern Deepened European car sales plunged 26 percentin November, the biggest monthly drop since 1999, as the economicrecession and tighter credit held back demand for new vehicles. U.S. May Give Car Czar or Treasury Power to Force Bankruptcy, Levin Says The U.S. Treasury may adopt a planthat would let a car czar or the Treasury Secretary force GeneralMotors Corp. and Chrysler LLC into bankruptcy if the automakersdon’t show they can survive without government aid, a U.S.senator said. Aso Puts Pressure on Bank of Japan to Do More for Economy as Slump Deepens Japan’s government increasedpressure on the central bank to implement measures to spureconomic growth after plunging business confidence indicated therecession will deepen. China's Zhou Says Rates May Fall This Month as Economy, Inflation Weaken China’s central bank Governor ZhouXiaochuan said interest rates may fall again this month afterexports declined, inflation slowed and a report today showedproperty investment cooled. Shirakawa Says Buying Corporate Debt Remains an Option for Bank of Japan Bank of Japan Governor MasaakiShirakawa said he hasn’t dismissed the possibility that thecentral bank may start buying short-term corporate debt, whileadding that such a move may put a strain on its balance sheet. ECB's Draghi Calls for More Measures at `Critical Stage' of Global Crisis Financial Stability Forum ChairmanMario Draghi said another round of fiscal, monetary andregulatory measures is needed at this “critical stage” of theglobal financial crisis. Singapore's Economic Growth May Miss Government Forecast Amid Global Slump Singapore’s economic growth thisyear may miss the government’s forecast as the global economyworsens amid a credit crisis, Trade Minister Lim Hng Kiang said. Sri Lanka Economic Growth Slows to 6.3% as Global Recession Hurts Exports Sri Lanka’s economic growth slowedlast quarter as a global recession reduced demand for thenation’s tea, rubber and textile exports. China capital spending weakens, tough months ahead * Economists divided on outlook, but expect furthermeasures Japan household assets dive on stock slide -BOJ TOKYO, Dec 16 (Reuters) - The value of financial assets heldby Japanese households fell in July-September in its steepestdrop ever, as a sharp slide in Tokyo share prices took a toll. Thanks for reading. This content is originally from EconoIndicators or The Economic Indicators Blogger blog. Click through for more.