- German 10 year bund auction misses target – Bloomberg
- German debt agency: Results of 10-year bund auction reflect highly nervous market environment
- Greek central bank monetary policy report: Country’s euro zone membership is at stake
- ECB buys more Italian and Spanish bonds
- German FinMin: Creating rules to make sure deficit rules are adhered to
- Greek FinMin: All Greek parties will do everything today to secure 6th tranche of EU aid
- S&P’s Beers: May be recession in parts of EU in 2012
- France has confidence in ECB to find the best methods to defend euro. Dexia restructuring plan not being renegotiated
- Euro zone November flash composite PMI 47.2, up from 46.5 in October and better than Reuters’ median forecast of 46.0
- Euro zone September industrial orders -6.4% m/m, +1.6% y/y, much worse than median forecasts of -2.5%, +8.0% respectively
- Bank of England minutes: MPC voted 9-0 to keep rates, QE steady, as expected
- Spain in race against time to avert bail-out – AEP at The Telegraph
- Consider the nitty-gritty of a euro collapse – WSJ
A becalmed morning burst into life as result of a really crappy 10 year bund auction hit the wires.
Dreadful euro zone industrial new orders data and a very sobering Greek central bank monetary policy report released around the same time helped add to the downside momentum, but it was the bund auction which was by far the most damaging.
From around 1.3445/50 at time of result hitting wires we’ve been as low as 1.3373 so far. We did manage a brief rally back just above 1.3400 but it hasn’t been sustained and we’re back down around 1.3380 at writing.
Cable down at 1.5570 from early 1.5610 having been as low as 1.5552. Reports of buy orders clustered down at 1.5525/45.
AUD/USD down at .9730 from early .9765, aussie underminned by the general risk off environment.
European stocks, oil, gold all lower.
Happy Thanksgiving y’all………….
