- Fitch: France’s AAA rating at risk
- US weekly jobless claims rise 2,000 to 393,000
- US durable goods orders fall 0.7%, consumer spending rises 0.1%; income up 0.4%
- Olivier Sarkozy, half-brother of the French president sees a collapse of the euro zone in the next three months on a bank refinancing freeze.
- Moody’s affirms US at AAA
- German debt agency chief blames nervous market for lousy German bund auction
- University of Michigan consumer sentiment index 64.1 final November from 64.2 preliminary November
- Ex-PBOC head: CNY convertibility maybe in 10 years, reserve currency status in 15 years
- EU’s Rehn: Crisis is ravaging Europe; Euro bonds would be junk without greater fiscal governance; market situation becoming worse by the day; extremely worrying
- JP Morgan: ECB to cut rates to 0.50% by mid-2012
- BOC’s Carney: Europe’s crisis barely contained
- Bild: Germany coalition may be warming to euro bonds
- S&P 500 falls 2.2% to 1162
- US 10-year note falls 4 bp in yield to 1.88%; bunds rise to 2.07%; Italy up 16 bp to 7.03%
- WTI falls $1.92 to 96.09; gold falls $6 to $1694
Risk-off from the get-go in the US. we fell as low as 1.3320 before bouncing slightly late on talk that German is no longer categorically ruling out joint euro bonds. We end at 1.3335, the lowest close since October 7.
Commodity currencies extended recent losses as China slow-down concern amplified the European jitters. US data was soft as well, stirring fears of a very slow global economy come 2012…
Happy Thanksgiving to all!
