- German Parliament approves revised Greek aid bill
- German domestic engine sputtering after weak retail sales data
- Euro zone Unemployment Rate hits fresh record high
- U.S. budget shenanigans likely to continue ahead of fiscal cliff
- Japan Industrial Production data comes in stronger than expected with first rise in four-months. Cabinet approved second round of stimulus. Lawmakers threaten to remove BoJ independence
- Rising pressure among both LDP and DPJ members for an outsider to take the reins at the BoJ; JPY at seven-month lows against both USD and EUR
- Strong China Nov. manufacturing PMI forecast for Saturday release
- RBA chance of rate cut next week seen gaining momentum
- German Oct Retail sales slump leads to speculation whether private consumption can continue to remain pillar of domestic growth
- a strong pillar of domestic growth
- Italian Oct Unemployment Rate of 11.1% climbs to highest level since Jan 2004
- Euro Zone Oct Unemployment Rate at fresh EMU record level of 11.7%
- German Parliament expected to approve Greek aid package
- (RU) Russia Narrow Money Supply w/e Nov 19th: 7.24T v 7.24T prior
- (DE) Germany Oct Retail Sales M/M: -2.8% v -0.4%e; Y/Y: -0.8% v -0.3%e
- (FI) Finland Sept Trade Balance: -€61M v -€70M prelim
- (TH) Thailand Oct Current Account: -0.2B v +$0.6Be (first deficit in 5 months); Total Trade Account Balance: -$0.1B v +$3.0B prior; Overall Trade Balance: $ v $2.2B prior
- (TH) Thailand Oct Business Sentiment Index: 52.1 v 49.9 prior
- (FR) France Oct Producer Prices M/M: 0.5% v 0.2%e; Y/Y: 2.9% v 2.9%e
- (FR) France Oct Consumer Spending M/M: -0.2% v -0.2%e; Y/Y:-0.5% v -0.5%e
- (ES) Spain Nov Preliminary Consumer Price Index Y/Y: 2.9% v 3.4%e; CPI EU Harmonized Y/Y: 3.0% v 3.4%e
- (CH) Swiss Nov KOF Leading Indicator: 1.50 v 1.60e
- (HU) Hungary Sept Final Trade Balance: €751.1M v €739.1M prelim
- (HU) Hungary Oct Producer Prices M/M: -0.4%% v +0.8% prior; Y/Y: 0.2% v 0.6%e
- (TR) Turkey Oct Trade Balance: -$5.5B v -$7.5Be
- (DK) Denmark Q3 Preliminary GDP Q/Q: 0.1% v 0.3%e; Y/Y: -0.5% v -0.1%e
- (AT) Austria Oct Producer Price Index M/M: -0.1% v +0.2% prior; Y/Y: -0.7% v -0.7%e
- (EU) ECB: €1.7B borrowed in overnight loan facility €0.7B prior; €235.0B parked in deposit facility vs. €244.9B prior
- (SE) Sweden Sept Non-Manual Workers Wages Y/Y: 2.7% v 2.8% prior
- (EU) Nov Eurocoin Indicator : -0.29% v -0.29% prior
- (HK) Hong Kong Oct Govt Monthly Budget Balance (HKD): +21.5B v -22.0B prior
- (IT) Italy Oct Preliminary Unemployment Rate Seasonally Adj: 11.1% v 10.9%e; Q3 Unemployment Rate: 10.6% v 10.7%e
- (PL) Poland Q3 GDP Q/Q: 0.4% v 0.2%e; Y/Y: 1.4% v 1.8%e
- (CZ) Czech Oct Money Supply Y/Y: 5.7% v 5.4% prior
- (IC) Iceland Oct Final Trade Balance (ISK): 15.2BB v 15.7B prelim
- (NO) Norway Oct Retail Sales Volume M/M: -1.4% v 0.3%e; Y/Y: 3.8% v 0.4% prior
- (NO) Norway Nov Unemployment Rate: 2.3% v 2.3%e
- (HK) Hong Kong Oct M3 Money Supply Y/Y: 10.0% v 10.9% prior; M2 Money Supply Y/Y: 10.0% v 11.0% prior; M1 Money Supply Y/Y: 13.1% v 10.3% prior
- (EU) Euro Zone Oct Unemployment Rate: 11.7% v 11.7%e (fresh EMU record high)
- (EU) Euro Zone Nov CPI Estimate Y/Y: 2.2% v 2.7%e
- (IT) Italy Nov Preliminary CPI (NIC incl. tobacco) M/M: -0.3% v -0.1%e; Y/Y: 2.6% v 2.7%e
- (IT) Italy Nov Preliminary CPI EU Harmonized M/M: -0.2% v -0.1%e; Y/Y: 2.5% v 2.8%e
- (BE) Belgium Oct Unemployment Rate: 7.5% v 7.5% prior
- (GR) Greece Sept Retail Sales Volume Y/Y: -12.1% v -8.7% prior; Retail Sales Value Y/Y: -10.7% v -7.2% prior
- (JP) Japan Ministry of Finance (MOF) data shows no FX intervention in Nov
- (MA) Malaysia Oct M3 Money Supply Y/Y: 13.0% v 12.5% prior
- (IN) India sold total INR130B vs. INR130B indicated in 2017, 2026 and 2030 bonds
- (ZA) South Africa sold total ZAR800M in I/L 2022, 2038 and 2050 Bonds
- FTSE 100 +0.10% at 5,873
- DAX +0.30% at 7,419
- CAC-40 +0.10% at 3,573
- IBEX-35 -0.40% at 7,942
- FTSE MIB -0.30% at 15,844
- SMI +0.10% at 6,835
- S&P 500 flat at 1,416
- UK movers [Sportingbet -2.5%(reported y/y decline in quarterly sales)]
- France movers [Vivendi -1.4% (received 4 non-binding offers for GVT)]
- Germany [Porsche +2.4% (speculation related to NY court ruling), Loewe +1.5% (named new CFO),Metro +1% (speculation related to sale Eastern European stores), ThyssenKrupp -0.50% (probing certain emerging market transactions)]
- Spain movers [Bankia -20% (broad weakness in Spain's banking sector)]
- Greece movers [Greek banks are broadly lower (concerns about participation level for bond buyback)]
Notes/Observations
Equities
Indices:
European equity markets are trading mixed after the gains seen during the prior session. Following the outperformance seen on yesterday's session, Spain's IBEX-35 and Italy's FTSE MIB have lagged. In terms of event risks, traders are awaiting the German parliamentary vote on Greece's aid package which is expected for later today. Additionally, any further news related to the Greek bond buyback plan is expected to be of interest. Over the weekend, China is due to release its Nov PMI manufacturing data.
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