Economic Data
(FI) Finland Oct PPI M/M: -0.5% v 0.0% prior; Y/Y: 1.7 v 1.7% prior
(FI) Finland Oct Preliminary Retail Sales Volume Y/Y: +0.7 v -0.6% prior
(ES) Spain Sept Mortgages-capital loaned Y/Y: -35.3% v -33.2% prior; Mortgages on Houses Y/Y: -32.2% v -28.5% prior
(CZ) Czech Nov Business Confidence: 0.3 v 2.6 prior; Consumer Confidence: -26.3 v -27.0 prior; Composite: -5.5 v -3.3 prior
(HU) Hungary Sept Retail Trade Y/Y: -3.1% v -2.3%e
(EU) ECB: €2.4B borrowed in overnight loan facility €2.0B prior; €233.6B parked in deposit facility vs. €228.8B prior
(TW) Taiwan Oct M2 Money Supply Y/Y: 3.3% v 4.0% prior; M1 Money Supply Y/Y: 3.6% v 3.4% prior
(RO) Romania Oct Money Supply Y/Y: 8.3% v 7.8% prior
(IT) Italy Nov Consumer Confidence: 84.8 v 86.3e (record low reading)
(PL) Poland Oct Retail Sales M/M: 4.3% v 4.6%e ; Y/Y: 3.3% v 3.6%e
(PL) Poland Oct Unemployment Rate: 12.5% v 12.5%e
(BR) Brazil Nov FGV Construction Costs M/M: 0.2% v 0.2%e
(BR) Brazil Nov FGV Consumer Confidence: 120.0 v 121.7 prior
Fixed Income
(DE) Germany sold total €2.73B in 12-Month BuBills; Avg Yield -0.0085% v -0.0095% prior; Bid-to-Cover: 1.8x v 2.4x prior
Notes/Observations
Overall Black Friday sales at $11.2B, down 1.8% y/y Black Friday online sales top $1.0B for first time ever. Cyber Monday today.
The BoJ minutes saw new board members pushing for a stronger commitment to ultra-easy policy
Pro independence party wins Catalan regional election in Spain but no mandate for independence referendum.
Eurogroup meets again on Greece today close to budget deal (latest agreement now seen by Dec 3rd)
Approx 2M of the 5M US unemployed set to lose benefits as fiscal deadline approaches
Italy Nov Consumer Confidence hits record low reading
Equities
Indices: FTSE 100 -0.4% at 5,794, DAX -0.3% at 7,287, CAC-40 -0.7% at 3,505, IBEX-35 -0.4% 7,877 at, FTSE MIB -0.4% at 15,550, SMI -0.4% at 6,689 , S&P 500 Futures +0.1% at 1,398
Stocks opened widely lower on news that a deal on the release of the Greek aid tranche may not be finalized at today's Eurogroup meeting. Italy consumer confidence came in at a record low of 84.8, below expectations of 86.3 pushing markets lower. Spain's IBEX was lower as pro-independence parties gained seats in the Catalonia elections over the weekend.
Individual movers included: Barclays (BARC.UK) was off 4.2% after Qatar liquidated £771M in warrants and on reports some shareholders are calling for a spinoff of the bank's I-banking operations. UBS (UBSN.CH) was lower by 1.0% after UK and CHF regulators panned the company's oversight of its London trading losses. Boskalis Westminster (BOKA.NL) made an offer for €17.20/shr cash for Norway's Dockwise in a deal valued at €682M. Fiat Industrial (F.IT) was off 1.5% after announcing a definitive agreement to combine businesses with CNH Global.
Swiss Re (RUKN.CH) was off 1.2% after they estimated claims from Hurricane Sandy to be around $900M, net of retrocession and before tax. Cranswick Plc (CWK.UK) was up 9% after reporting strong H1 earnings. Endesa (ELE.ES)was up by 0.2% after announcing a sale of its Medgaz stake. Vestas (VWS.DK) was up 13% after agreeing to a new credit facility.