December 2nd, 2010 14:08:39 GMT

Trichet: Watch the data


Asked whether the ECB has accelerated bond buying, Trichet said to check the data on Monday as the ECB publishes what they do. Markets will be monitoring that figure closely.

Last week the ECB bought something like EUR 1.3 bln while the week before the total was EUR 700 mln…They bought multi-billions back in June after the Greek debacle…

Trichet said that the ECB envisaged moving to tenders at its refis before the crisis intensified (limiting liquidity to a specified amount) rather than maintaining unlimited market liquidity as is the case now.

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December 2nd, 2010 14:04:05 GMT

Trichet to EU: Up yours!


Looks like all that pressure heaped on the ECB by Rehn and Barroso backfired big time as Trichet and Cie said it would be business as usual in the European bond markets. Traders assume that means small purchases at the margin.

We will get data on Monday which will confirm or belie that assumption.

EUR/USD is getting belted as Trichet failed to ride in in his white Mercedes to save the day with a massive quantitative-ease bond-buying program.


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December 2nd, 2010 13:46:03 GMT

US Jobless Claims Rose 26,000 To 436,000 In November 27 Week


–Initial Claims 4-week Moving Average Low Since August 2, 2008 Week

By Kevin Kastner

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits rose 26,000 to 436,000 in the November 27 holiday week, above
the 425,000 level expected after the lower than expected level in the
previous week, the U.S. Labor Department reported Thursday.

A Labor Department analyst said that seasonal factors expected
unadjusted claims to fall by 16.9%, or about 78,698 claims in the
holiday week, which was as short as three business days in some states.
Instead, they fell only 11.7%, or 54,196 claims, to 410,617. Unadjusted
claims were at a level of 457,669 in the comparable week a year ago.

The analyst said that two states were estimated in the current
week. Claims from Alaska were once again estimated by the Labor
Department, while Washington state was estimated by the state itself due
to computer problems.

Economists surveyed by Market News International had expected
initial claims to rise to 425,000 in the current week, from the 407,000
level originally reported in the previous week. The November 20 week’s
level was revised up to 410,000.

Despite this week’s increase in initial claims, the seasonally
adjusted 4-week moving average fell by 5,750 to 431,000 in the November
27 week, the lowest level since the August 2, 2008 week.

In the November 20 week, continuing claims rose by 53,000 to
4,270,000. Unadjusted continuing claims fell 211,927 to 3,659,067 in the
November 20 week, still well below the 4,791,687 level a year earlier.

The seasonally adjusted insured unemployment rate held steady at
3.4% in the November 20 week, still down sharply from the 4.2% rate
reported in the comparable week a year earlier.

The unemployment rate among the insured labor force is well below
that reported monthly by the Labor Department because claims are
approved for the most part only for job losers, not the job leavers and
labor force reentrants included in the monthly report.

The Labor Department said that the level of unadjusted Emergency
Unemployment Compensation benefits claims rose by 142,874 in the
November 13 week, bringing that category to 3,944,168. Extended benefits
claims rose 92,458 to 955,928 not seasonally adjusted.

The Labor Department reported that a total of 8,909,882 persons
claimed unemployment benefits in the November 13 week, up 377,380 from
the 8,532,502 claims reported in the previous week, but down from the
9,644,990 persons in the comparable week a year ago. These data are not
seasonally adjusted, and include regular state claims, federal employee
claims, new veterans claims, the EUC and extended benefits programs,
state additional benefits, and STC/Workshare claims.

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


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December 2nd, 2010 13:46:02 GMT

US DATA: Initial jobless claims +26k to 436k in Nov..


US DATA: Initial jobless claims +26k to 436k in Nov 27 holiday
week, above the 425k level expected following a dip in the prior week.
The Labor Dept analyst said seasonal factors expected a 16.9% drop, or
about 78,698, in unadjusted claims due to the 4-day, and in some cases
3-day, business week. Actual NSA claims -11.7%, or -54,196, to 410,617.
Initial claims rev up to 410k in Nov 20 week from prev reported 407k.
Despite the increase, the 4-wk moving avg -5,750 to 431,000, low since
Aug 2, 2008 wk. Continuing claims +53k to 4.270 mln in Nov 20 week.

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December 2nd, 2010 13:37:16 GMT

Trichet does not announce bond buying


In his opening remarks, Trichet extended non-standard measures but did not announce any new plan to buy bonds…the market expected an aggressive new program.

Staff economic projections shifted to the upside of their range, he says, through risks are tilted to the downside from uncertainty.

Inflation risks are broadly balanced, he says.

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