November 30th, 2010 14:00:13 GMT

Japan: No six party talks…

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Kyodo reports that Japan has told China that now is not the time for six party talks on North Korea.

Geopolitics have burst back onto the market’s radar after Wikileaks revealed that China is less supportive of North Korea than thought and that they are open to the idea of Korean unification so long as US troops remain below the present demilitarized zone which separates North from South…

EUR/JPY has been getting hammered along with EUR/USD, helping drag down USD/JPY. The BIS has been a repeated seller of USD/JPY during the early part of the US session and continues to sell hear in the 83.50s.

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November 30th, 2010 13:39:30 GMT

Large 1.3000 vanilla expiry today

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Traders report a large expiry this morning at the 15:00 GMT New York cut at the 1.3000 level. All thing being equal, this suggests we will gravitate back toward 1.3000 as the expiry approaches…

Other whispers this morning:

Buba is buying EUR/GBP at 0.8370/80 for month-end.

Large buying interest in EUR/USD for month-end at 16:00 GMT…

BIS selling USD/JPY…

Specs heavy sellers of EUR/USD, while a UK clearer is selling cable below 1.5500…

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November 30th, 2010 13:35:19 GMT

US TaxCut Watch: Obama/Congressional Leaders Meet

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WASHINGTON (MNI) – The following are items of interest Tuesday
relating to the pending congressional vote on whether to extend Bush era
tax cuts and to the deficit:

* President Obama meets later in the day with both Democratic and
Republican congressional leaders for the first time since the election
that gave control of the House of Representatives to the GOP next year.

* House Majority Leader-Elect Eric Cantor, who will be
among congressional leaders meeting with President Obama,
Tuesday indicated little give in the GOP position on tax cuts.
He told NBC’s “Today” Show Republicans oppose leaving taxes to
go up for anyone, including the wealthiest.

* White House spokesman Robert Gibbs Monday continued to say that
Bush-era tax cuts cannot be extended for households earning more than
$250,000 a year, saying “We simply cannot afford” to do more.

* Senate Finance Chairman Max Baucus told The Hill newspaper
Democrats are mounting a campaign in the Lame Duck Congress to extend
unemployment benefits for one year that are set to expire at midnight.
Without an extension the benefits would disappear for 2 million
recipient by the end of the year. The extension would cost about $65
billion.

* The Congressional Budget Office Monday revised downward the cost
to government of the crisis program to rescue banks, AIG and GM, saying
now the ultimate cost will be about $25 billion. Previous estimates had
the cost as high as $350 billion. Other transactions with financial
institutions will, taken together, yield a net gain to the federal
government, the CBO estimated.

* President Obama’s proposal to freeze federal pay for two years,
saving $5 billion, preempted the GOP’s identical proposal, helping sour
relations between the political parties going into the White House
meeting with congressional leaders, analysts said.

* The National Commission on Fiscal Responsibility and Reform,
scheduled to report its recommendations on how to narrow the deficit
Wednesday, scheduled a news conference for 3:30 p.m. ET Tuesday.
Congressional leaders have said they would consider its recommendations
if 14 of the 18 members agreed on them.

* The New York State Legislature, in special session Monday,
decided not to confront its $315 million budget deficit, the main
purpose of the session called by Gov. David Paterson, blaming the
governor for delivering his suggested deficit cuts two hours too late.

* Federal Reserve Chairman Ben Bernanke is expected to face
questions on fiscal policy later in the day when he discusses the
economy with business leaders in Columbus.

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: M$U$$$,MFU$$$,MCU$$$]

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November 30th, 2010 13:09:36 GMT

Journal: Berlin reconciles itself to bailouts

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The fine print of the weekend agreement commits Germany to do what its leaders insist they want to avoid—prop up the weakest countries of the euro zone in future debt crises, even after Europe’s current, €750 billion ($993.21 billion) bailout facility expires in 2013.

WHEN MAKING that open-ended promise to other euro nations, Germany gave up its insistence that investors automatically share in future losses.

Instead, Berlin won a watered-down agreement that will force investors to shoulder losses only if a member state is declared insolvent by a unanimous vote of all euro-zone members.

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November 30th, 2010 12:55:47 GMT

US DATA: ICSC sales for Nov 27 wk: “As the start of..

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US DATA: ICSC sales for Nov 27 wk: “As the traditional start of the
2010 holiday season got underway last Friday, retailers enjoyed some
early holiday cheer as consumers woke up early on Black Friday and
shopped. Overall for the week ending November 27, weekly retail sales
rose by 0.5 percent after two weeks of sluggish sales, according to the
ICSC-Goldman Sachs Weekly Chain Store Sales Index. In addition retail
sales regained its momentum and rose sharply by 3.5 percent on a
year-over-year basis.

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November 30th, 2010 12:55:47 GMT

US ICSC-GS Weekly Store Sales +0.5% in Nov 27 Week

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WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:

As the traditional start of the 2010 holiday season got underway
last Friday, retailers enjoyed some early holiday cheer as consumers
woke up early on Black Friday and shopped. Overall for the week ending
November 27, weekly retail sales rose by 0.5 percent after two weeks of
sluggish sales, according to the ICSC-Goldman Sachs Weekly Chain Store
Sales Index. In addition retail sales regained its momentum and rose
sharply by 3.5 percent on a year-over-year basis.

“Consumers were out in force over the last week in search of
bargains as 34 percent of consumersor about 81 million people —
reported shopping on Black or Bargain Friday and the subsequent
weekend,” said Michael Niemira, ICSC director of research and chief
economist. “This was largely as expected and helped to propel the week’s
performance from the prior week. Overall it was a good start to the
season, but consumers continue to report that their holiday gift
shopping pace is well behind last year, which bodes well for the coming
weeks,” Niemira added.

For November, which sales figures will be released on Thursday,
December 2, ICSC Research anticipates that year-over-year
comparable-store sales growth will increase by 3.0 to 4.0 percent,
industry-wide, as more favorable weather and the start of the 2010
holiday shopping season takes hold.

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: MAUDT$,MAUDS$,M$U$$$]

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