Recap 10-11-12

Commentary:

None

Notable:

  • S&P downgraded Spain 2 notches to BBB- last night, but the market didn’t care.
  • US Initial Jobless claims dropped 30k to 339k last week vs 367k prev. The Labor Dept reported no special factors, although one state reportedly was responsible for the bulk of the decline
  • Employment in Australia increased 14.5k versus 5k expected. The unemployment rate increased to 5.4% from 5.1% (5.3% expected)

Upcoming Data:

  • Fri: JPM & WFC earnings, US PPI, U Michigan Confidence, China Trade Data
  • Mon: China CPI, PPI, US Empire Mfg, Retail Sales, BoC Loan Officer Survey
  • Tues: UK CPI, German Zew, EU Trade Balance, US CPI, NAHB Housing Index
  • Wed: BoE Minutes, UK Jobless Claims, China GDP, IP, Retail Sales
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