Frontrunning: December 5

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  • Monti cabinet agrees Italy austerity plans (FT)
  • Sarkozy, Merkel kick off week of crisis talks in Paris (Reuters)
  • China to prepare for social unrest (FT)
  • China to stabilize exports, expand imports amid lackluster global demand (China Daily)
  • U.K. banks face higher financing costs (FT)
  • Reid Seeks to Break Impasse on Payroll Tax Cuts, Unemployment (BusinessWeek)
  • U.K. Economic Growth Forecasts Cut by EEF as Manufacturers See Stagnation (Bloomberg)
  • Germans Remain Unflappable During Euro Crisis (Spiegel)
  • Wolfgang Munchau: France and Germany look set to fudge it yet again (FT)
  • Gavyn Davies: Germany is winning the debate on fiscal union (FT)
  • Ireland Renews Austerity Push Amid Euro Worries (Bloomberg)
  • Putin’s Hold on Russian Parliament Weakens as Opposition Parties Advance (Bloomberg)

European Economic Highlights

  • UK PMI Services for November 52.1 – higher than expected. Consensus 50.5. Previous 51.3.
  • UK Official Reserves (Changes) for November -$249m. Previous $1387m.
  • Eurozone PMI Composite for November 47.0 – lower than expected. Consensus 47.2. Previous 47.2.
  • Eurozone PMI Services for November 47.5 – lower than expected. Consensus 47.8. Previous 47.8.
  • Eurozone Sentix Investor Confidence for December  -24.0 – lower than expected. Consensus -21.0. Previous -21.2.
  • Eurozone Retail Sales for October 0.4% m/m -0.4%y/y – higher than expected. Consensus 0.1% m/m -0.8% y/y. Previous -0.7% m/m -1.5% y/y. Revised -0.6% m/m -1.4%y/y.
  • Romania Retail Sales for October 2.0% m/m 2.0% y/y. Previous 0.7% m/m -5.2% y/y.
  • Spain Industrial Output WDA for October -4.0% - lower than expected. Consensus -1.8%. Previous -1.8%. Revised -1.4%.
  • Spain Industrial Output NSA for October -4.2%. Previous -1.7%. Revised -1.4%.
  • Turkey Consumer Prices for November 1.73% m/m 9.48% y/y – higher than expected. Consensus 1.27% m/m 9.00% y/y. Previous  3.27% m/m 7.66 y/y.
  • Turkey CPI (Core Index) for November 8.18% y/y – higher than expected. Consensus 7.80% y/y. Previous 7.67 y/y.
  • Italy PMI Services for November 45.8 – higher than expected. Consensus 44.1. Previous 43.9.
  • France PMI Services for November 49.6 – higher than expected. Consensus 49.3. Previous 49.3.
  • Germany PMI Services for November 50.3 – lower than expected. Consensus 51.4. Previous 51.4.
  • Czech Republic Real Average wages for Q3 0.6% y/y – lower than expected. Consensus 1.0% y/y. Previous 0.7% y/y. Revised 0.4% y/y