Frontrunning: November 23

Tyler Durden's picture
  • Barnier Panel to Study Break-Up of EU Banks (FT)
  • Brussels Plans to Bring Eurozone to Heel (FT) - good luck with Germany
  • China’s Manufacturing May Contract Most in Three Years as Housing Falters (Bloomberg)
  • Merkel Backs ECB, Warns on Greek Aid Tranche (Reuters)
  • Obama Reopens Debate on US Stimulus (FT)
  • Germany Fails to Receive Bids for 35% of 10-Year Bunds Offered at Auction (Bloomberg)
  • To the Eurozone: Advance or Risk Ruin (Martin Wolf - FT)
  • Australia Lower House Passes Mining Tax (Bloomberg)
  • China to Pilot Carbon Trading Scheme (China Daily)
  • FCC deals serious blow to AT&T and T-Mobile deal (WaPo)

European economic highlights:

  • Eurozone PMI Composite 47.2 – higher than expected. Consensus 46.1. Previous 46.5.
  • Eurozone PMI Manufacturing 46.4 m/m – lower than expected. Consensus 46.5 m/m. Previous 47.1 m/m.
  • Eurozone PMI Services 47.8 m/m – higher than expected. Consensus 46.0 m/m. Previous 46.4 m/m.
  • Eurozone Industrial New Orders n.s.a. 1.6% y/y - lower than expected. Consensus 6.1% y/y. Previous 6.2% y/y. Revised 5.9% y/y.
  • Eurozone Industrial New Orders s.a. -6.4% m/m - lower than expected. Consensus -2.7% m/m. Previous 1.9% m/m. Revised 1.4% m/m.
  • Germany PMI Manufacturing 47.9 m/m – lower than expected. Consensus 48.5 m/m. Previous 49.1 m/m.
  • Germany PMI Services 51.4 m/m – higher than expected. Consensus 50.0 m/m. Previous 50.6 m/m.
  • France Own-Company Production Outlook for November -6.0. Previous 4.0. Revised 3.0.
  • France Production Outlook Indicator for November -35 – lower than expected. Consensus -27. Previous -29. Revised -30.
  • France Business Confidence Indicator for November 95 – in line with expectations. Consensus 95. Previous 97.
  • France PMI Manufacturing for November 47.6 m/m – lower than expected. Consensus 48.0 m/m. Previous 48.5 m/m.
  • France PMI Services for November 49.3 m/m – higher than expected. Consensus 45.0 m/m. Previous 44.6 m/m.
  • Norway Unemployment rate (AKU) for September 3.30% - higher than expected. Consensus 3.20%. Previous 3.20%.
  • UK BBA Loans for House Purchase for October 35295 – higher than expected. Consensus 33000. Previous 33130. Revised 33502.
  • Bank of England Minutes showed unanimous Nov. vote