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• Greek unemployment rises to 24.8% in Q3
• Spanish auction result.. Sold a total of Eur 2.024 bln of 2015, 2017 and 2040 bonds
• China won’t have big-scale economic stimulus plan next year: Xinhua cites unidentified analyst
• Italian Nov final HICP confirmed at -0.3% m/m, +2.6% y/y
• Germany’s IFO think tank forecasts economy to shrink by 0.3% in Q4
• SNB’s Jordan: Expects euro area to emerge from recession in 2013, still considerable uncertainty
• Spain and Italy go to the market today,
• Moody’s says credit implications for Italy from political turmoil are limited
• EU’s Olli Rehn: ‘Confident’ of a decision on way forward on Greece today
• SNB says will continue to aim for 3-month libor at 0-0.25%
• Swiss November producer/import prices flat m/m, +1.2% y/y
• Merkel: EU needs deeper cooperation for the 21st century
• Spanish Nov Final CPI -0.1% m/m, +2.9% y/y
• China 2013 GDP may grow more than 8% – Ex NBS chief: Caixin
• Eurogroup’s Juncker doesn’t see a Cyprus solution today
• Spain 10 year bond yield falls -5 bps to 5.31%
• Chinese plane flew over disputed islands, Japan protests – Japan govt
• Today’s orderboard
• Eurostoxx 50 futures flat, EUR/USD touch firmer in early Europe
• Swiss govt sees 2012 growth at 1%

Greek unemployment rises to 24.8% in Q3 Posted: 13 Dec 2012 02:01 AM PST from 23.6% in Q2

Spanish auction result.. Sold a total of Eur 2.024 bln of 2015, 2017 and 2040 bonds Posted: 13 Dec 2012 01:44 AM PST Just over and above the  targeted Eur 1-2 bln Sold:- Eur 681 mln of Oct 2015 BONO, cover 4.8 (from 2.0), yield 3.358%  (from 3.9%) Eur  803 mln of July 2017 Obligacione, cover 3.1 (from 2.6), yield 4.20% (from 4.766%) Eur 540 mln of July 2040 Obligacione, cover 2.1, yield 5.893% (from 4.782%) (Bloomberg) Improved yields for the 2015, 2017, strong cover and an above target take up.. EUR’s steady around 1.3062

China won’t have big-scale economic stimulus plan next year: Xinhua cites unidentified analyst Posted: 13 Dec 2012 01:33 AM PST Says economy has stabilized, apparently….. Yippeeeeeeeeeeeeeeeeeeeeee!!!

Italian Nov final HICP confirmed at -0.3% m/m, +2.6% y/y Posted: 13 Dec 2012 01:06 AM PST …according to ISTAT

Germany’s IFO think tank forecasts economy to shrink by 0.3% in Q4 Posted: 13 Dec 2012 01:04 AM PST Sees growth in Q1 2013 of  0.2% Forecasts German economic growth of  0.7% next year German domestic demand and exports to countries outside of eurozone boosting growth in 2013

SNB’s Jordan: Expects euro area to emerge from recession in 2013, still considerable uncertainty Posted: 13 Dec 2012 01:04 AM PST Let’s hope he’s right!! Cannot exclude SNB will have to again intervene substantially to enforce cap Meanwhile SNB’s Zurbruegg SNB aims to further diversify foreign currency investments SNB has no interest in causing market distortions, influencing currency movements abroad

Spain and Italy go to the market today, Posted: 13 Dec 2012 12:59 AM PST  Spain’s last bond auction for the year taps the Oct 2015 BONO,  July 2017 and July 2040 Obligaciones for a targeted Eur 1-2 bln. Results due around 0940 GMT Italy’s  selling a  new 3yr Dec 2015 BTP for Eur 2.5-3.5 bln, and a 2026 BTP for Eur 0.5-0.75 bln. Results due  just after 1010 GMT

Moody’s says credit implications for Italy from political turmoil are limited Posted: 13 Dec 2012 12:50 AM PST Bulk of Monti’s reform agenda already passed in Italy parliament Expects next Italy government to adhere to most elements of Monti’s budget law Expects a centre-left Italian government would maintain reform-orientated agenda EUR/USD seeing some slippage back down at 1.3060, earlier mentioned sell orders at 1.3100 proving barrier to the topside.  Seems decent Swiss interest to sell up there. Earlier reports had buy orders clustered down at 1.3040/50. Personally I think this 1.3100 selling is yet another bloody Swiss conspiracy to stop me getting a poll right

EU’s Olli Rehn: ‘Confident’ of a decision on way forward on Greece today Posted: 13 Dec 2012 12:49 AM PST Decision today ‘to remove doubts’ over Greece, confident the EU will find plugs for financing holes in program

SNB says will continue to aim for 3-month libor at 0-0.25% Posted: 13 Dec 2012 12:31 AM PST No change, as generally expected. SNB will stick to minimum exchange rate of 1.20 per euro, also as expected. SNB prepared to buy fx in unlimited quantities SNB ready to take further measures at any time if necessary (cue the Jaws music)

Swiss November producer/import prices flat m/m, +1.2% y/y Posted: 13 Dec 2012 12:18 AM PST Up from -0.1% m/m and +0.4% y/y in October Producer prices rose 1.5% y/y with Imports up 0.7%

Merkel: EU needs deeper cooperation for the 21st century Posted: 13 Dec 2012 12:10 AM PST Wow!! Path to EU, euro stability will be difficult New EU bank supervision will protect euro bloc German FinMin Schaeuble managed to push through Germany’s main demands on EU bank supervision deal Euro bloc reforms showing first success Greek efforts to reform deserve German support Greek reforms will boost economic growth Consolidation of budgets required for jobs, growth Greek bond buyback qualifies it for delayed aid EU needs more regulation of finance markets EU must boost competitveness Competitiveness is Europe’s key global challenge Lack of competitveness played big role in crisis Euro bloc needs better economic policy coordination Cannot live alone from services sector, need industrial production in Europe Backs financial rewards rewards for euro states that reform Germany rejects any common euro bloc debt Euro coordination must become more ‘binding’ Resolving euro crisis ‘in deepest Geran interest’ Euro will emerge stronger from debt crisis Merkel speaking in Berlin parliament. ENDS SPEECH

Spanish Nov Final CPI -0.1% m/m, +2.9% y/y Posted: 13 Dec 2012 12:02 AM PST From +0.8%m/m, +3.5% y/yin Oct, (Expectations were for  -0.2%m/m, +2.9% y/y) Nov HICP -0.2% m/m, +3.0% y/y, from  +0.5% m/m, +3.0% y/y in Oct (forecasts were for  -0.3%m/m and +3.0%y/y)

China 2013 GDP may grow more than 8% – Ex NBS chief: Caixin Posted: 13 Dec 2012 12:01 AM PST Bloomberg headline. Jelly and icecream for everyone!!! I’m hazarding a guess that NBS is the National Bureau of Statistics (I just love to live dangerously)

Eurogroup’s Juncker doesn’t see a Cyprus solution today Posted: 12 Dec 2012 11:49 PM PST January’s now looking  more probable.. according to Reuters

Spain 10 year bond yield falls -5 bps to 5.31% Posted: 12 Dec 2012 11:34 PM PST We don’t need no stinkin bailout Italy 10 year bond yield falls -5 bps to 4.59%.

Chinese plane flew over disputed islands, Japan protests – Japan govt Posted: 12 Dec 2012 11:18 PM PST Oh dear China Foreign Ministry says China plane’s overflight of disputed islands “completely normal” China Foreign Ministry calls on Japan to halt all entries into waters, airspace around islands Oh dear

Today’s orderboard Posted: 12 Dec 2012 11:08 PM PST EUR/USD:  Bids 1.3040/50, 1.3000/10 (1.3001 Tenkan line) and 1.2870/80 sell stops below through 1.2870. Offers 1.3090/00 from real money, supranationals, and more up at 1.3120/30 with buy stops above  ahead of tech res 1.3170/75 (Sept highs) GBP/USD:  Bids 1.6125/35, 1.6090/10 (sovereigns, real money) and 1.6060/70 ahead of tech support 1.6015 (38.2% of 1.5828-1.6131 rally Nov-Dec rally). Offers 1.6150/60 (UKclearers), tech res 1.6170/75 (1.6173 Wed high) and larger offers 1.6200/15 EUR/GBP: Offers from 0.8120 up to 0.8150 with likely large buy stops above 0.8165 (Oct 22 high). Bids 0.8080/90, 0.8040/50 ahead of tech supp 0.8000/00 (100 day MA 0.8001) USD/JPY: Bids 83.35/45 possible sell stops through 83.30 ahead of bids 83.00/10. Strong offers from 83.70 up to an 84.00 barrier with buy stops above ahead of tech res 84.10/20(March highs) EUR/JPY:  Bids 109.00/10 and 108.65/75 (108.725- 50% of 123.33-94.12). Offers 109.40/50 (109.50 barrier) and 109.80/00 (barrier 110.00) talk of large buy stops above, AUD/JPY:  Bids/tech supp 87.70/80 and 87.30/40, Offers /tech res 88.50/65 (88.62 March 19 high, trend channel res) buy stops above AUD/USD: Bids 1.0530/40, some sell stops through 1.0520 ahead of bids 1.0500/10. Offers 1.0590/00 (1.0600 barrier) buy stops through 1.0610 ahead of offers/tech 1.0615/25 (Sept 14 high 1.0625) EUR/AUD: Bids/tech supp 1.2375/85, and 1.2330/40. Offers 1.2405/15 (1.2412- 200 day MA), tech res above at 1.2434 (cloud base) and offers 1.2440/60.

Eurostoxx 50 futures flat, EUR/USD touch firmer in early Europe Posted: 12 Dec 2012 11:05 PM PST EUR/USD touch firmer as European trade gets underway, presently testing reported sell orders at 1.3100. More seen clustered up at 1.3120/30, buy stops above there.

Swiss govt sees 2012 growth at 1% Posted: 12 Dec 2012 10:47 PM PST Same as previous forecast. 2012 inflation at -0.7% from previous -0.5% 2013 growth at 1.3% from previous 1.4%, 2013 inflation at +0.2% from previous +0.5% 2014 growth at 2%, 2014 inflation at +0.2% The government sees positive trends, but economic outlook remains very subdued.

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