What happened this past week 03.12.12 – 09.12.12

Positive(s)

1. Thai NBTC gives the go-ahead to 3G licences, and the circus is finally over! We hope…

2. US econ added +146,000 jobs in November and the unemployment rate fell to 7.7% lowest since Dec ’08

3. Australia and Canada report better than expected job gains in Nov

4. German factory orders in Oct rise 3.9% m/o/m vs est of up 1%, DAX closes week just below best level since Jan ’08

5. Euro zone mfr’g and services index revised to 46.5 from 45.8, although below 50 for 10th straight month

6. China’s mfr’g PMI slightly below est but rises to 50.6 from 50.2 and services PMI up a tick to 55.6 from 55.5. Shanghai index trades at lowest since Jan ’09 but closes week at best in 4 weeks

7. RBA cuts rates to ’09 low of 3% as they have flexibility with rate still above CPI.

Negative(s)

1. Bundesbank cut it’s projection for 2013 to 0.4% from 1.6%

2. US ISM mfr’g back below 50 at 49.5 as New Orders, Backlogs and Exports fall

3. IP #’s from Germany, the UK and the Netherlands all weaker than est

4. EU retail sales in Oct below est

5. Italian MIB index ends week soft on Monti gov’t uncertainty

6. China’s HSBC PMI services index falls to 52.1 vs 53.5 in contrast to state weighted PMI

7. Both exports and imports in Nov for Taiwan well below est.

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