Down 0.4% y/y (expected +0.1%) Sept revised to -0.6% m/m (last -0.7%), -1.4% y/y (last -1.5%) A mixed bag  which its seems nobody knows what to do with…

–Nov Services PMI 52.1 Vs 51.3 In Oct Due New Business –Markit/CIPS: Survey Points To Stagnation Of Growth In Q4 –Pace Of Job Losses Running At A 15-Month High –Says Plunge Into Recession Will Hinge On Solution To EZ Crisis LONDON (MNI) – The Markit/CIPS purchasing managers’ services sector survey saw only anaemic growth through [...]

–Nov Services PMI 52.1 Vs 51.3 In Oct Due New Business –Markit/CIPS: Survey Points To Stagnation Of Growth In Q4 –Pace Of Job Losses Running At A 15-Month High LONDON (MNI) – The Markit/CIPS purchasing managers’ services sector survey saw only anaemic growth through last month, with the headline activity index reading 52.1, although well [...]

…better than expected (Reuters median 50.5) Nov Services PMI employment component 48.2  down from 49.8 in Oct  (lowest for 15 mths) Small bounce in GBP/USD to 1.5669 but  looks like the market anticipated a better headline and were slipping back again to 1.5650

Morning all, Aside from the EUR/USD and GBP/USD which Gerry has already mentioned…. AUD/USD- Sell stops down through 1.0200, Offers at 1.0250/60, tech resistance around  1.0271 (Asia high) and 1.0307 (100 day MA), Also a large option expiry today at 1.0250 (250mio+) EUR/JPY- Bids 104.50 and sell stops  down through 104.00. Offers from Japanese accounts up at [...]

PARIS (MNI) – Eurozone governments should have the final word on whether to apply sanctions proposed by the European Commission for excessive deficits, French Budget Minister Valerie Pecresse argued Monday. “What we want is a ‘golden rule’” for balanced budgets in each of the Eurozone member states, the minister explained in a radio interview. “It’s [...]

Slightly below flash estimate of 47.8. Composite 47.0, slightly below flash estimate of 47.2.

10:00 GMT:  Germany to sell 3.0 bln 6-month bills 12:00 GMT:   Netherlands to sell 1.0-2.0 bln 3-month bills 13:00 GMT:   Netherlands to sell 1.0-2.0 bln 6-month bills 14:00 GMT:   France to sell 3.5 bln 3-month bills 14:00 GMT:   France to sell 2.0 bln 6-month bills 14:00 GMT:   France to sell 2.0 bln 11-month bills  

From flash 51.4. Final composite PMI 49.4, down from flash 50.3.

Retail Sales – October - %mom %yoy Median Forecast 0.1 -0.9 High forecast 0.5 -0.5 Low forecast -0.3 -1.2 Previous period -0.7 -1.5 - Number of responses 10 6 - 4Cast 0.1 -0.9 Barclays Cap. 0.1 -0.8 BNP Paribas 0.1 n/a Citi -0.3 n/a Credit Agricole 0.3 n/a ING 0.3 -0.9 Soc. Generale -0.3 -1.2 [...]

Industrial Industrial New Orders Output – October – – October - %mom %yoy %mom %yoy Median Forecast 0.5 2.4 0.2 4.2 High forecast 2.5 7.1 7.1 7.1 Low forecast -2.0 -1.3 -1.5 2.2 Previous period -4.3 7.7 -2.7 5.4 - Number of responses 16 8 17 10 - 4Cast 1.5 2.1 0.8 4.0 Barclays Cap. [...]

Industrial Production – October - %mom %yoy Median Forecast -0.5 2.9 High forecast 0.5 3.2 Low forecast -2.0 1.0 Previous period -1.7 2.3 - Number of responses 10 6 - Barclays Cap. 0.1 3.2 BNP Paribas -0.2 2.9 Citi -0.3 2.8 Commerzbank -2.0 1.0 Credit Agricole 0.5 n/a Natixis 0.0 3.1 Nomura -0.6 n/a Soc. [...]

From flash estimate of 49.3. Final composite 48.8 from flash estimate of 48.7.

Up from 43.9 in October and better than median forecast of 44.0. Employment index falls t0 47.3 from 48.6 in October,  lowest since September 2009. EUR/USD sits at 1.3445.  As aforementioned, talk of buy stops (seemingly not too large) through 1.3455.

Decision to impair value of greek bonds triggered contagion  

Down sharply from 41.8 in October and lowest read since March 2009.

Down at 422 bps presently from the 462 I jotted down first thing. Austerity measures innit….

Greek/German 10 year bond spread has widened to 3023 bps from 2843 when I jotted them down first thing. Meanwhile EUR/USD trading marginally firmer in early European trade, presently up about 25 pips since I got in at 1.3430. Given the weekend press I thought we might be trading a little higher than this. Just [...]

EU projections for Cyprus growth at almost zero for 2011,  zero in 2012 Cyprus lost access access to international capital markets in last 6 months When a state loses trust of markets country’s banking system comes under pressure Cyprus’s decision to adopt further austerity measures welcome, authorities should look at further spending curbs Reuters reporting. [...]

DAX up +0.9%, CAC 40 futures up +0.8%.