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• Euro zone October retail sales -1.2% m/m, -3.6% y/y (ughh)
• Spanish 10 year govt bond extends sell-off
• Autumn Statement: UK’s AAA credit rating at risk if Osborne ditches one of his ‘cast-iron’ Budget rules
• Spanish auction result…
• Apparently the “big” 1.2650-1.3150 dnt interest………
• Greek Bank Stability Fund Head Thomopoulus: Banks have huge capital, liquidity shortfalls
• Spanish 10 year govt bond yield up 5 bps at 5.30%
• UK Nov services PMI falls to 50.2 from 50.6 in October
• RBA’s Lowe: Rate cuts proving effective in boosting overall economy
• Euro zone November final services PMI 46.7
• China’s Wen: Global economic recovery is weakening
• German November final services PMI 49.7
• French November final services PMI 45.8, down from flash 46.1
• Today’s orderboard
• Italy November services PMI 44.6 (ughh)
• BIS sells EUR/USD
• Spain November services PMI rises to 42.4
• Finland’s PM Katainen: Economy is in a challenging situation
• Spain October calendar-adjusted industrial output -3.3% y/y
• Spain goes to the well this morning

Euro zone October retail sales -1.2% m/m, -3.6% y/y (ughh) Posted: 05 Dec 2012 02:01 AM PST Demonstrably weaker than Reuters’ median forecasts -0.1%, -0.8% respectively. To compound the crap data, Septembers’ numbers have been revised down as  well.  Revised to -0.6% m/m and -1.6% y/y from previous -0.2%, -0.8% respectively.

Spanish 10 year govt bond extends sell-off Posted: 05 Dec 2012 01:56 AM PST Yield now up 9 bps on day at 5.34%. EUR/USD has extended sell-off below 1.3100, presently at 1.3093. Earlier we had reports of buy orders clustered down at 1.3070/90 and they’re fast coming into play.

Autumn Statement: UK’s AAA credit rating at risk if Osborne ditches one of his ‘cast-iron’ Budget rules Posted: 05 Dec 2012 01:51 AM PST Ya just can’t beat  the good old Daily Mail

Spanish auction result… Posted: 05 Dec 2012 01:44 AM PST Spain sold a total of  Eur 4.251 bln of Oct 2015 Bono, 2019 and 2022 obligaciones, out of a targeted Eur 3.5-4.5 bln Sold Eur 2.124 bln of 2015 Bono,  yield 3.390% ( from 3.617%), cover 2.0 ( from 2.1) Sold Eur 1.004 bln of 2019 obligaciones, yield 4.669% (from 4.541%), cover 2.5 (from 2.0) Sold Eur 1.123 bln of 2022 obligaciones, yield 5.290% (from 5.458%), cover 2.3 (from 1.9) Reasonable,  not startling, auction but  almost a full take up of  targeted amount. Spanish 10 yr yields  rising after the results, up8 bps on the day at 5.34%

Apparently the “big” 1.2650-1.3150 dnt interest……… Posted: 05 Dec 2012 01:39 AM PST Rolls off (expires) today.

Greek Bank Stability Fund Head Thomopoulus: Banks have huge capital, liquidity shortfalls Posted: 05 Dec 2012 01:36 AM PST Endgame is to get private investors into banks Greek banks must be able to weather difficulties in 2013 Eur 10 bln must be disbursed to banks this month, money to come from bailout tranche HFSF  is in regular contact with Troika Greek bank recapitalization must be completed by the end of April Bloomberg reporting

Spanish 10 year govt bond yield up 5 bps at 5.30% Posted: 05 Dec 2012 01:31 AM PST Spanish auction results out anytime now.

UK Nov services PMI falls to 50.2 from 50.6 in October Posted: 05 Dec 2012 01:30 AM PST Below Reuters consensus of  51.1 and the lowest since Dec 2010 New orders index  fell sharply to 49.6 from 52.9 , also lowest since Dec 2010 Nov Composite PMI rises to 50.2 from 49.6 in October More grim reading ahead of Osborne’s  budget statement later today. Cable heading lower towards the 1.6100  on the weaker data after earlier highs of 1.6118

RBA’s Lowe: Rate cuts proving effective in boosting overall economy Posted: 05 Dec 2012 01:21 AM PST Rate cuts have yet to boost business confidence and activity, will “bear close watching” Rate cuts also having less impact on A$, which has remained high Rates lower than otherwise partly to offset effects of an “uncomfortably high” A$

Euro zone November final services PMI 46.7 Posted: 05 Dec 2012 12:58 AM PST Up from flash 45.7. Up from 46.0 in October. Composite 46.5, up from flash 45.8.

China’s Wen: Global economic recovery is weakening Posted: 05 Dec 2012 12:55 AM PST Global crisis has spread to central Asia China is to promote setting up a development bank for SCO nations The premier was speaking at a Shanghai Cooperation Organization (SCO) meeting in  Bishkek, Kyrgyzstan

German November final services PMI 49.7 Posted: 05 Dec 2012 12:54 AM PST Nice improvement from flash read down at 48.0. Up from 48.4 in October.

French November final services PMI 45.8, down from flash 46.1 Posted: 05 Dec 2012 12:48 AM PST But still up from 44.6 in October and highest read in 3 months.

Today’s orderboard Posted: 05 Dec 2012 12:47 AM PST EUR/USD:  Bids 1.3070/90, 1.3040/50 and 1.3000/10. Offers 1.3130/50 (talk of barrier 1.3150 p/o a DNT), buy stops above ahead of tech resistance 1.3170/75 (Sept 17 high 1.3173) GBP/USD:   Bids 1.6080/90, 1.6050/60 possible sell stops below ahead of bids 1.6000/10. Offers 1.6110/20 (76.4% 1.6131/1.6090@ 1.6121), likely buy stops above and  through 1.6140 ahead of offers 1.6170/80 EUR/GBP: Offers 0.8145/60 with likely large buy stops above 0.8165 (Oct 22 high). Bids 0.81 30/35, 0.8105/15 and 0.8080/90 possible sell stops just below, tech supp/options at 0.8060/70 (200 day MA 0.8060, daily cloud top 0.8064), more bids 0.8040/50 USD/JPY: Bids 82.00/10 (large 82.00 expiry today) sell stops below and through 81.85 but stronger bids 81.50/70, with sell stop below. Offers 82.40/50 (exporters) buy stops through 82.80 ahead of large offers 82.90/00 (barrier 83.00) very large buy stops just above. EUR/JPY:  Offers 107.90/00 with buy stops above ahead of further offer/tech res 108.30/40. Bids 107.70/80, 107.40/50 sell stops below ahead of bids 107.00/10 . AUD/JPY:  Bids 85.80/90 (85.81 tenkan line) and 85.40/50, sell stops through 85.40 ahead of tech supp 85.10/20, sell stops below through 85.00. Offers 86.15/25 buy stops above tech res 86.40/50 (Apr 2 high 86.50), likely buy stops above ahead of tech res 86.70/75 (86.74 Apr 2 high) AUD/USD: Bids 1.0465/70, 1.0410/20 and 1.0390/00, sell stops through 1.0385, (100 day MA 1.0392, cloud top 1.0387)  ahead of large bids 1.0350/60 with more sell stops below. Offers 1.0480/00 (importers), ahead of barrier interest at 1.0500. Large buy stops above ahead of offers/tech res 1.2510/20 (Sep 21 high 1.5019) buy stops above ahead of larger tech res  1.0560/70 (13 Sept high 1.0569) EUR/AUD: Bids 1.2485/95 and 1.2450/60 ahead of tech supp 1.2410/20 (200 day MA at 1.2413). Offers 1.2540/50 ahead of tech res cloud top 1.2565 and offers 1.2570/80, buy stops above.

Italy November services PMI 44.6 (ughh) Posted: 05 Dec 2012 12:44 AM PST Down from 46.0 in October and weaker than Reuter’s median forecast of 45.9.

BIS sells EUR/USD Posted: 05 Dec 2012 12:16 AM PST At 1.3125. We’re touch lower at 1.3120. They betta not stop me getting my 1.3130 poll hit.  There’ll be trouble!!!!!

Spain November services PMI rises to 42.4 Posted: 05 Dec 2012 12:13 AM PST Up from 41.2 in October. Highest read since August.

Finland’s PM Katainen: Economy is in a challenging situation Posted: 05 Dec 2012 12:12 AM PST Finland has significant structural weaknesses Finnish downturn isn’t just cyclical, crisis will end at some point There are more solutions to current debt crisis now than there were months ago Must manage Finland’s credibility amid the crisis Can’t afford  not to manage debt crisis, government is committed to stopping debt growth Bloomberg headlines

Spain October calendar-adjusted industrial output -3.3% y/y Posted: 05 Dec 2012 12:00 AM PST Demonstrably better than Reuter’s forecast of -7.4%.

Spain goes to the well this morning Posted: 04 Dec 2012 11:59 PM PST To tap 3.75% October 2015 Bono,  off the run 4.60% July 2019 Obligaciones and 5.85% January 2022 Obligaciones. Target amount 3.5-4.5 bln euros Results due around 09:40 GMT

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