–Dec Services PMI 54.0 Vs 51.5 Median, 52.1 In Nov –Business Expectations Continue To Languish At Sep’s 2 1/2 Year Low –All-Sector PMI Rises To 53.2 Vs 51.2 In Nov –But Data Still Point To Economic Stagnation In Q4 LONDON (MNI) – The latest Markit/CIPS purchasing managers’ services sector survey showed a positive end to [...]

Falls to 1.2830 just ahead of the Sep 2010 lows of 1.2828, as market ignores the French auction results and concentrates on  bank capital concerns. Talk of sell stops down through 1.2790. EUR/USD’s bounced a tad,  back up around 1.2840  

Against expectations of +o,1% m/m, +5.2% y/y

Oct preliminary: +1.8% m/m, +1.6% y/y MNI median forecast: +2.3% m/m, +3.5% y/y MNI survey range: flat to +4.0% m/m Sept revision: -7.8% m/m (-6.4%) August revision: +1.7% m/m (+1.4%) July revision: -1.7% m/m (-1.9%) June revision: -0.9% m/m (-0.7%) May revision: +3.5% m/m (+3.3%) — PARIS (MNI) – Eurozone industry orders recovered less than [...]

November: +0.2% m/m, +5.3% y/y October: +0.1% m/m, +5.5% y/y September: +0.3% m/m, +5.8% y/y August: -0.2% m/m, +5.8% y/y July: +0.4% m/m, +6.1% y/y June: flat m/m, +5.9% y/y – FRANKFURT (MNI) – Producer prices in the Eurozone regained speed in November, as costlier energy and consumer goods offset cheaper intermediate goods, Eurostat reported [...]

EMU DATA: October sa industry new orders +1.8% m/m, +1.6% y/y – EMU September industry orders rev down -7.8% m/m (-6.4%) – EMU October orders ex-ships/rail/aerospace -0.5% m/m, +1.9% y/y – EMU October industry orders -3.1% vs 3q avg; 3q -2.8% q/q – EMU October orders 3mm avg (August-October:July-September) -1.6% after September -2.7% – For [...]

EMU DATA: November industrial PPI +0.2% m/m, +5.3% y/y – EMU October PPI m/m unrev +0.1%; y/y unrev +5.5% – EMU November energy PPI +0.9% m/m, +12.3% y/y; October +0.7%/+12.3% – EMU November PPI ex-energy -0.1% m/m, +3.0% y/y; October -0.1%/+3.2% – See MNI MainWire for details

Sold  E 4.02  bln of 2021 OAT cover 1.64   (prev 3.05  ), yield 3.29  % (prev 3.18  %) Sold E 690 mln  of 2023 OAT  cover 3.23 , yield 3.5  % Sold E1.088  bln of 2035 OAT  cover 2.02,  yield 3.96  % Sold E2.165 bln of 2041 OAT cover 1.82   (prev 2.26 ),  yield 3.97 %  (prev 3.94 %)

Against expectations of  2.4%m/m and  3.3% y/y

–Dec Services PMI 54.0 Vs 51.5 Median, 52.1 In Nov –Business Expectations Continue To Languish At Sep’s 2 1/2 Year Low LONDON (MNI) – The latest Markit/CIPS purchasing managers’ services sector survey showed a positive end to the year for the UK service sector. The latest Chartered Institute of Purchasing and Supply/Markit Purchasing Managers’ Survey [...]

The little house on the prairie’s  just been blown away At least so he tells me… Hopefully he’ll be back shortly  

TOKYO (MNI) – A senior official at the Japanese Finance Ministry said Thursday that Tokyo will closely watch developments in the foreign exchange market and continue to act in an appropriate manner, when needed. The official, speaking to reporters on condition of anonymity, declined to comment on the U.S. semi-annual FX report released by the [...]

More details when i get them….

Financial system must contribute to debt cutting Eurozone is creating a “real budgetary union” Efforts aimed at giving the Euro  a “second life”

Survey points to slightly tighter outlook for credit supply conditions Banks expect credit availability to households and companies to increase a little in Q1 2012 Banks expect credit demand from households and companies to fall in Q1 2012  Banks saw credit demand from small businesses fall sharply in Q4, expect further fall in Q1 2012 [...]

London (MNI) – Corporate credit availability increased modestly in the fourth quarter but lenders warn that adverse economic conditions and tougher funding conditions could restrict future lending. The fourth quarter Bank of England Credit Conditions survey showed corporate credit availability improved more than that for households, but there were risks credit would get tighter in [...]

Well above expectations  of 51.5 and cable gets a lift to  the mid 1.5570′s from around 1.5550 Dec Business expectations fall to 63.5 from 67.4 in Nov which is somewhat spoiling the party

Anyone surprised?

Real money selling from the 1.0330′s led the recent crunch lower  to 1.0275. Stops went through on the break down through 1.0300 and bids 1.0275/85 are currently  limiting the downside. EUR/AUD ’s turned down sharply from 1.2546  and looks likely to retest  overnight Asian lows of 1.2475 again.  

US DATA: The American Bankers Association’s composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 29 basis points to 2.59% of all accounts in Q3 2011. That compares to 3.01% in the third quarter of 2010. Bank card delinquencies rose just three basis points to 3.25% compared to the previous quarter. Home [...]