Recap 12-11-13


from JPM:

Also, this chart from JPM via Riholtz is interesting:

In non recession or recovery years, the annual drawdowns have tended to be in the high single digits.


  • Japan Machine Orders rose 17.8% YoY vs 15.0% exp and 11.4% prev
  • The Murray and Ryan budget deal was outlined last night. New revenue would come from higher fees on airline passengers and changes to federal pension plans. Annual discretionary spending target will be raised to $1.012 trillion in 2014 (from $967B) and $1.014 trillion in 2015 (from $986B). The debt ceiling was not raised as a part of the deal. It will need to be agreed upon sometime in the spring.
  • Moody’s raised their outlook on the Spanish banking sector to stable from negative.
  • The weakening yen is diminishing the case for imminent extra easing, people familiar with the BOJ’s thinking told the Journal. The recent weakening is a “welcome move.”

Upcoming Data:

  • Wed: Australia Employment
  • Thu: US Jobless Claims, Retail Sales
  • Fri: US PPI,
  • Mon: Japan Tankan, China Flash Mfg PMI, EU PMI, US Empire Mfg, Prelim PMI
  • Tue: UK PMI, GermanyZew, US CPI, NAHB Housing Index, Japan Trade Balance