Frontrunning: December 7

• Euro zone leaders may raise ESM, EFSF capacity limit (Reuters) - since denied by Germany
• EU talks on doubling financial firewall (FT)  - since denied by Germany
• Martin Wolf: Merkozy failed to save the Eurozone (FT)
• Ireland to seek cheaper bail-out (FT)
• Fast-track ‘fiscal compact’ drawn up (FT)
• Clarke rejects call for EU power grab (FT)
• Obama Sets Campaign Theme as ‘Make-or-Break Moment’ for the U.S. Economy (Bloomberg)
• Spain Weighing a Fast, Costly Cleanup of Banks (WSJ)
• China's strong trade growth shores up world (China Daily)
• Bernanke to Hill: Flawed reporting on Fed loans (Reuters)

European Economic Update:

• UK BRC Shop Price Index 2.0% y/y. Previous 2.1% y/y.
• UK Industrial Production for October -0.7% m/m -1.7% y/y – lower than expected. Consensus -0.3% m/m  -0.7% y/y. Previous 0.0% m/m -0.7% y/y. Revised -1.5% y/y.
• UK Manufacturing Production for October  -0.7% m/m 0.3%y/y – lower than expected. Consensus -0.3% m/m 1.4% y/y. Previous 0.2% m/m 2.0% y/y. Revised 0.1% m/m 1.3% y/y.
• Germany Industrial Production for October (sa) 0.8% m/m – higher than expected. Consensus 0.3% m/m. Previous -2.7% m/m. Revised -2.8% m/m.
• Germany Industrial Production for October (nsa wda) 4.1% y/y - higher than expected. Consensus 3.5% y/y.  Previous 5.4% y/y.
• Italy Industrial Production sa  -0.9% m/m – lower than expected. Consensus -0.3% m/m. Previous -4.8% m/m. Revised -4.6% m/m.
• Italy Industrial Production wda  -4.2% y/y – lower than expected. Consensus -2.7% y/y.  Previous -2.7% y/y.
• Sweden Budget Balance 5.5B. Previous 3.0B.
• Switzerland Unemployment Rate 3.1%. Consensus 3.1%.  Previous 2.9%.
• Switzerland Unemployment Rate (sa) 3.0%. Consensus 3.0%. Previous 3.0%.
• France Trade Balance for October -6248M – lower than expected. Consensus -6000M.  Previous  -6303M. Revised -6571M.
• Denmark Industrial Production for October -0.3% m/m. – higher than expected. Consensus -1.0% m/m. Previous 1.0% m/m. Revised 0.5% m/m.
• Russia Official Reserve Assets  510.9B – lower than expected. Consensus 512.0B. Previous 525.6B.
• Czech Republic Construction Output for October  -8.0% y/y. Previous -6.7% y/y. Revised -7.1% y/y.
• Czech Republic Industrial Output for October 1.7% y/y – lower than expected. Consensus  2.2% y/y. Previous 2.5% y/y. Revised 1.6% y/y.
• Czech Republic Trade Balance for October 25.5B – higher than expected. Consensus 18.1B. Previous 21.0B. Revised 21.6B.
• Hungary Industrial Production for October (sa) -.09%. Previous 3.9%.
• Hungary Industrial Production for October (wda) 3.0% - higher than expected. Consensus 2.3%.  Previous 3.0%.
• Romania Industrial Sales for October -5.5% m/m 14.7% y/y. Previous 13.6% m/m 15.2% y/y.
• Romania Net Wages 8.7% y/y. Previous 9.3% y/y.
• Norway Industrial Production for October sa -1.8% m/m. Previous -0.1% m/m. Revised 0.0% m/m.
• Norway Ind Prod Manufacturing for October sa  -0.8% m/m – lower than expected. Consensus -0.4% m/m. Previous 0.8% m/m. Revised 0.9% m/m.

Comments

[Irish66]

spain bond sale got problems

[Dick Darlington]

Ireland to seek cheaper bail-out

Nothing is never enough for those leaches. First the Irish gubbmint allowed the MASSIVE property-related debt bubble to inflate, then made even bigger mistake by taking on the banks into public balance sheet and got blown away. Since then have RAPED their own citizens and rewarded the bankers, got bailed out and started to rape other countrie's tax payers. They already got renegotiated terms on the bail out loans but apparently they want SOMEONE ELSE to carry an increasing part of the costs, ie tax payers in Europe outside Ireland. Do they make any consessions? How's that 12,5% corporate tax rate? Of course not, they want to have the cake and eat it too. The whole eurozone is full of these leaches similar to Ireland and they all deserve to get blown away and take the bankers down with them. People deserve better than this!

[Irish66]

little cranky this morning

[Dick Darlington]

Always when it has anything to do with the death... errr eurozone madness. ;-)

[Sardonicus]

air cargo tonnage tankage

http://www.bloomberg.com/news/2011-12-01/air-cargo-tonnage-at-selected-m...

Now occupy wal-mart friday is starting to make some sense.

Must be everything really was scarce and there was a good reason to risk freezing, getting, maced, and shot.

[michaelsmith_9]

We may be looking at a brief short term correction lower before a breakout higher to end the week.  Here is a look at the ES, DX, and HG, which are offering clues.  http://bit.ly/vtJVJM