• The ECB’s Mario Draghi said today that the bank’s bond purchases remain limited and pushed the spotlight toward politicians trying to frame a structure of tighter fiscal integration for euro zone countries. Draghi was addressing the European Parliament in Brussels, and appeared to be managing market expectations. From Bloomberg News.
• Spain got through a funding round for 4, 5, and 6 year bonds. The maximum amount sold, and yields held well below recent highs for similar paper, ranging from 5.19 % to 5.54%. The relatively successful auction brought the 10yr spread to German bonds to 383 basis points, a three week low. From Reuters News.
• The Chinese Purchasing Managers Index dropped to 49 from 50.4, it was announced today. The forecast was for a slightly better 49.7. Separate PMI data produced by HSBC and Markit also fell to 47.7 in November from 51 in October. The data points to shrinking manufacturing activity for the first time in 3 years, and supports the governments recent move to add liquidity to the system in an effort to drive a soft landing for the economy. From The Wall Street Journal.