Sentiments were a bit weak as the week started on news that the US Super committee co-chairs are set to announce the panel's failure today, barring highly unexpected last minute development. The bipartisan supercommittee of 12 members of Democrats and Republicans, are formed to lay out a plan to compromise on spending cuts and tax hikes to reduce deficit by at least $1.2T in the coming decade. But the politicians are still in deadlock just ahead of the November 23 target date for reaching a deal. Failure to reach an agreement will trigger an automatic cut in military and domestic programs to start in 2013, which worth $1.2T.
Over in Europe, Spain's People's Party won majority in parliament. Leader Rajoy said he hoped Spain wouldn't need a bailout and pledged to cut budget deficit and regain AAA credit ratings. Greece Prime Minister Papademos will meet EU's top officials this week, including Barroso and van Rompuy today and Juncker tomorrow to secure political support for Greece to get the next tranche of bailout fund of EUR 8b.
Economic data from Japan saw trade deficit came in wider than expected at JPY -0.46T in October. Export took a hit from European debt crisis and floods in Thailand and dropped sharply by -3.75% yoy in seasonally adjusted terms. All industry index dropped -0.9% mom in September. UK rightmove house prices dropped sharply by -3.1% mom in November, biggest fall in a year. Eurozone current count, Canadian wholesale sales and US existing home sales will be released later today.
Over in Europe, Spain's People's Party won majority in parliament. Leader Rajoy said he hoped Spain wouldn't need a bailout and pledged to cut budget deficit and regain AAA credit ratings. Greece Prime Minister Papademos will meet EU's top officials this week, including Barroso and van Rompuy today and Juncker tomorrow to secure political support for Greece to get the next tranche of bailout fund of EUR 8b.
Economic data from Japan saw trade deficit came in wider than expected at JPY -0.46T in October. Export took a hit from European debt crisis and floods in Thailand and dropped sharply by -3.75% yoy in seasonally adjusted terms. All industry index dropped -0.9% mom in September. UK rightmove house prices dropped sharply by -3.1% mom in November, biggest fall in a year. Eurozone current count, Canadian wholesale sales and US existing home sales will be released later today.