Main Items:
- Initial Jobless Claims dropped sharply to 366k last week vs 390k exp and 381k prev. This is the lowest print since May 2008.
- Empire Mfg improved to 9.53 vs 3 exp and 0.61 prev
- Philly Fed increased to 10.3 vs 5 exp and 3.6 prev
- Core PPI increased to 2.9% in Nov as exp vs 2.8% prev
- Fitch downgraded BFCM, Agricole, Danske Bank, OP Pohjola Group, Rabobank Group.
- RealtyTrac for Nov: November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year," said James Saccacio, co-founder of RealtyTrac. "Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November”
Overseas:
- EU CPI was unchanged at 3.0% YoY as exp. Core CPI was 1.6%
- EU Mfg PMI improved to 46.9 in Dec vs 46 exp and 46.4 prev
- EU Services PMI improved to 48.3 in Dec vs 47 exp and 47.5 prev
- SNB kept policy unchanged as exp. Its inflation forecast was revised lower, with the Q3 2014 forecast at just 0.8% YoY. It still expects growth of 0.5% in 2012
- Swedish UE declined to 6.7% in Nov vs 6.8% exp and 6.9% prev.
- China HSBC Flash Mfg PMI improved to 49 in Dec vs 47.7 initially
Commentary:
None
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