Archive - Dec 1, 2010

A ton of data today, covering the labor market, conditions in manufacturing and construction, auto sales, and productivity. We also hear from Vice Chairman Yellen, two other members of the FOMC (Gov. Tarullo testifying on mortgage servicing at 10:00; Dallas Fed President Fisher speaking on the economy at 13:00), and the beige book. And, as always, most importantly today's POMO is at 11:00 am. Additionally, the Fed releases a data dump of information on bailed out banks at noon.

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RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 01/12/10

But while everyone’s eyes are on Portugal, the action is starting to really brew in Belgium and Hungary/Austria, all three of which I’ve mentioned as “potential next legs” in recent pieces. Belgium’s €1.425b 3mo bill auction saw a menial bid-to-cover of 1.48 today, much lower than the 3.52 last month, and yielded 86.4bps, almost 10bps higher than prior. Six months of no government and a 101% debt/GDP aren’t helping to remove Belgium from the cross hairs.

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