Recap 12-16-11

Main Items:

  • US CPI declined to 3.4% in Nov vs 3.5% exp and prev. The Core measre increased to 2.2% vs 2.1% exp and prev.
  • Fitch downgraded several investment banks. BofA, Barclays, BNP, Credit Suisse, Deutsche, Goldman, MS, SocGen and UBS
  • Fitch affirmed France at AAA w/ Outlook negative. Spain, Italy and Belgium was put on rating watch negative.
  • Last night, Democrats and Republicans reached an agreement on a one trillion spending package that will get the government through 2012. The payroll tax issue looks like it is extended only until February


  • EU labor costs rose 2.7% YoY in 3Q vs 3.6% prev
  • the Spanish central bank on Fri said the debt levels of the country’s 17 semiautonomous regions has soared by 22% over the past year – AP
  • Officials in China have asked all new microblog users to register with government agencies from today for an account. People who already use microblogs will be required to register within three months. Websites will now be forced to set up monitoring systems to supervise contents and report “harmful information” to public safety authorities.