- ABC Consumer Confidence improved to -41 last week, the best print since this summer:
- A single trader has reported it owns 80% to 90% of the copper sitting in London Metal Exchange warehouses, equal to about half of the world’s exchange-registered copper stockpile and worth about $3 billion. One trader holds as much as 90% of the exchange’s aluminum stocks. In the nickel, zinc and aluminum alloy markets, single traders own between 50% to 80% of those metals and one firm has 40% to 50% of the LME’s tin stockpiles. – WSJ.
- US MBA Refi index dropped 25% last week and is now down 57% from peak October levels, as the current coupon is higher by 97bps, to 4.18%.
- US 3Q GDP was revised to +2.6% vs 2.8% expected and 2.5% previously, as consumption was revised lower.
- The IMF said that it has finished its planned sale of 13% of its gold reserves. It has sold 403.3 metric tons (14.2mm ounces) since Sept 2009 BBG
- US Muni bond issuance reached an all time high of 424.8bn in 2010. Reuters
- The ECB’s 3m LTRO drew bids for 149.5bn from 270 banks, representing ~75% of the 201bn maturing tomorrow. The demand was stronger than expected and drove EONIA sharply lower following the publication of the results.
- Italian Consumer Confidence Indicator improved to 109.1 in Dec vs 108.3 expected and 108.5 previously
- This is the last recap for 2010. Happy holidays!