Frontrunning: December 2

  • Merkel Says Joint Euro Bonds Unthinkable as EU Faces Marathon (Bloomberg)
  • Draghi hints at eurozone aid plan (FT)
  • Europe prepares oil imports embargo on Iran (FT)
  • RIMM cuits guidance.... again (Marketwire)
  • Sarkozy Says Euro Zone Risks a Breakup Without Further Fiscal Convergence (Bloomberg)
  • King warns of ‘spiral’ into systemic crisis (FT)
  • JPMorgan Follows UBS Cutting Carbon Jobs (Bloomberg)
  • Merkel fights for euro she says is stronger than D-mark (Reuters)
  • Hilsenrath: Fed Officials Don’t See Central Bank Cutting Discount Rate (WSJ)
  • Agreements Lift Threat of Immediate US Rail Strike (CNBC)
  • Mukherjee: No Room for Fiscal Stimulus (WSJ)

European Economic Highlights

  • Hungary Trade balance 6.47T. Previous 6.50T.
  • Spain Unemployment (net, 000’s) 59.5 m/m. Previous 134.2 m/m.
  • Switzerland Retail Sales -0.2% y/y – lower than expected. Consensus 0.0% y/y. Previous -1.4% y/y.
  • Norway Unemployment Rate 2.4%. Consensus 2.4%. Previous 2.4%.
  • UK PMI Construction 52.3 – higher than expected. Consensus 52.0. Previous 53.9.
  • EuroZone PPI 0.1% m/m 5.5% y/y – lower than expected.. Consensus 0.2% m/m 5.6% y/y. Previous 0.3% m/m 5.8% y/y.


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