Frontrunning: December 9

Tyler Durden's picture
  • Tensions Rise at EU Summit (WSJ)
  • Cameron faces showdown with Sarkozy (FT)
  • Euro Leaders’ Fiscal Union Pact Leaves Next Step to ECB (Bloomberg)
  • IMF China Chief Says Worsening Crisis May Force Hong Kong to Back Banks
    (Bloomberg) - same China expected to bail out Europe again
  • Putin blames Moscow protests on US (FT)
  • Boehner: Payroll Tax Cut Can Pass U.S. House (Bloomberg)
  • EU Leaders Drop Demands for Investor Write-Offs (Bloomberg)
  • Japan Imposes New Iran Sanctions (WSJ)
  • Gavyn Davies: A summit on German territory (FT)
  • Republicans block consumer finance nominee (FT)

European economic update:

  • Germany Consumer Price Index 0.0% m/m 2.4% y/y – lower than expected. Consensus 0.05% m/m 2.4% y/y. Previous 0.0% m/m 2.4% y/y.
  • Germany CPI-EU Harmonised 0.0% m/m 2.8% y/y – lower than expected. Consensus 0.05% m/m 2.8% y/y. Previous 0.0% m/m 2.8% y/y.
  • Germany Current Account 10.3B – lower than expected. Consensus 14.0B. Previous 15.7B. Revised 16.0B.
  • Germany Trade Balance 11.6B – lower than expected. Consensus 51.0B. Previous 17.4B. Revised17.3B.
  • France Industrial Production 0.0% m/m 1.8% y/y – lower than expected. Consensus -0.2% m/m 2.8% y/y. Previous -1.7% m/m 2.3% y/y. Revised -2.1% m/m 0.9% y/y.
  • UK PPI Input (nsa) 0.1% m/m 13.4% y/y – higher than expected. Consensus -0.1% m/m 12.9% y/y.  Previous -0.8% m/m 14.1% y/y. Revised 14.3% y/y.
  • UK PPI Output (nsa) 0.2% m/m 5.4% y/y – higher than expected. Consensus 0.0% m/m 5.3% y/y. Previous 0.0% m/m 5.7% y/y.
  • UK PPI Output Core NSA 0.0% m/m 3.2% y/y – lower than expected. Consensus 0.0% m/m  3.3% y/y. Previous -0.1% m/m 3.45 y/y. Revised 3.3% y/y.
  • UK Total Trade Balance (GBP/Mln) -£1552 – higher than expected. Consensus -£3450. Previous -£3940.  Revised -£4298.
  • UK Trade Balance Non EU GBP/Mn -$4544 – higher than expected. Consensus -£5400. Previous -£5715. Revised -£5712.
  • Sweden Industrial Production s.a. 0.4% m/m – higher than expected. Consensus -0.5% m/m. Previous 1.3% m/m. Revised 1.4% m/m.
  • Sweden Industrial Orders s.a -1.8% m/m. Previous -0.9% m/m. Revised -1.3% m/m.
  • Norway CPI  0.0% m/m 1.2% y/y – lower than expected. Consensus 0.3% m/m. 1.55% y/y. Previous -0.15% m/m 1.4% y/y.
  • Norway Producer Prices incl. Oil 1.4% m/m 12.9% y/y. Previous 0.1% m/m 15.3% y/y.
  • Netherlands Industrial Production (sa) -0.1% m/m – higher than expected.  Consensus -0.3% m/m. Previous -0.2% m/m. Revised -0.5% m/m.
  • Netherlands Industrial Sales (nsa) 6.6% y/y. Previous 12.7% y/y. Revised 13.1% y/y.
  • Ireland Industrial Production 6.6% m/m 12.1% y/y. Previous -3.5% m/m -0.1% y/y. Revised -3.8% m/m 0.4% y/y.
  • France Manufacturing Production 0.0% m/m 2.6% y/y – lower than expected. Consensus -0.2% m/m 3.5% y/y. Previous -1.6% m/m 3.4% y/y. Revised -2.1% m/m 1.8% y/y.
  • Denmark Current Account Balance 8.7B – lower than expected. Consensus 10.0B. Previous 12.0B. Revised 11.8B.
  • Hungary GDP 1.4%. Previous 1.4%.
  • Hungary Trade Balance 497.4M – lower than expected. Consensus 555.0M.  Previous 740.6M.
  • Czech Republic CPI  0.4% m/m 2.5% y/y – higher than expected. Consensus 0.2% m/m 2.3% y/y. Previous 0.3% m/m 2.3% y/y.
  • Czech Republic GDP -0.1% q/q 1.2% y/y. Previous 0.0% q/q 1.5% y/y.