- French FinMin Moscovici: French economy is not facing a catastrophe, but is in difficulty
- French manufacturing industry morale 85.0 in October, down sharply from 90.0 in September and demonstrably weaker than Reuter’s median forecast of 90.0
- ESM legality faces another challenge, this time with the European Union’s highest court – Bloomberg
- Spanish Q3 GDP -0.4% q/q, -1.7% y/y
- Bank of Spain bulletin: Q3 domestic demand falls -1.2% vs -1.4% in previous quarter
- Spain’s EconMin Montoro: 2013 will be last year of Spanish recession
- More Montoro: 2013 will see most social budget of democracy
- Spanish lenders to transfer newly constructed homes to bad bank with average discount 52.2% – Source – Reuters
- Italy’s ex-PM Prodi: Monti likely to remain PM if no clear winner in elections
- Italy’s PM Monti: ‘One country’ hesitating in seeking EU bond buying
- Italian FinMin Grilli: Won’t ask Italians to make further sacrifices
- German FinMin Schaeuble: Europe is determined to do everything to keep euro as trustworthy currency. Risks of not doing everything for euro would be “completely unpredictable”
- German ForMin Westerwelle: Euro-bloc’s on the ‘right path’ to solve euro crisis
- EU Pres Van Rompuy: Growth projections for 2013 are modest
- ECB’s Mersch: ECB saw rising deflation risks in the EU periphery before OMT
- UK September mortgage approvals rise to 31,175 from 30,683 in August. Mortgage lending £347 mln, up from £304 mln in August
- Northern European investors steer clear of needy South – WSJ
- Japan to join currency wars as exports slump – AEP at The Telegraph
Mr Market has been in a distinctly grumpy mood this morning. Risk? we don’t want no stinkin risk!!
European stocks off fairly sharply, Germany’s DAX the worst performing, off a hefty -1.2%. Oil off about a buck, gold off about 15 bucks from when I first got in. US treasury yields lower, benchmark 10 year down at 1.7730% from the 1.8046% which grreted me.
EUR/USD down at 1.3005 from early 1.3055. Early talk had buy orders clustered 1.3010 through 1.2990 and they’ve just about held the downside with a 1.2998 session low posted. Talk of sell stops gathered through 1.2990.
USD/JPY pretty much unchanged at 79.85. EUR/JPY down at 103.83 from early 104.30, the cross underminned by the general risk averse backdrop.
Cable lower at 1.5987 from early 1.6015, although selling of the EUR/GBP cross has helped limit the damage. The cross is down at .8133 from early .8165.
