Recap 9-9-11

Main Items:

  • Obama outlined a 447bn stimulus program last night, with a majority coming from payroll tax cuts. He called for the congressional budget super-committee to find ways to fund the program.
  • The ECB’s chief Economist and Germany’s representative on the 6 person executive board of the ECB is retiring early / resigning over differences over the SMP. (bond purchase program) His 8 year tenure does not expire until 2014. He has been a member since 2006 and will stay on until a successor is appointed.
  • Canadian employment dropped -5.5k in Aug vs +21.5k exp and 7.1k prev. This pushed the UE rate up to 7.3% vs 7.2% exp.


  • UK PPI Output Core rose 3.6% YoY in Aug vs 3.4% exp and 3.3% prev
  • Norway CPI-ATE declined to 0.8% YoY in Aug vs 1.2% exp and prev.
  • Chinese Data for Aug:
  1. CPI rose 6.2% YoY as exp. Vs 6.5% prev
  2. IP rose 13.5% YoY vs 13.7% exp and 14% prev
  3. Retail sales rose 17% as exp vs 17.2% prev
  4. Fixed Assets Inv rose 25% vs 25.2% exp and 25.4% prev