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Thursday, December 01, 2011

Europe: Hints of a Deal

by Calculated Risk on 12/01/2011 11:01:00 PM

From the Financial Times: Shape of last-ditch eurozone deal emerges

The deal involves bilateral fiscal agreements - and then possibly the ECB getting more involved.

From the WSJ: A Euro Crisis Deal Emerges

European Central Bank President Mario Draghi signaled the bank could ramp up its role battling the debt crisis if euro-zone governments enforce tougher deficit cutting—suggesting outlines are emerging of a deal that investors have been clamoring to see happen.
From the NY Times: French President Warns of Dire Consequences if Euro Crisis Goes Unsolved
Saying that he wanted to tell the truth to the French people, President Nicolas Sarkozy said Thursday night that Europe could be “swept away” by the euro crisis if it does not change. He said that Europe would “have to make crucial choices in the next few weeks,” and that France and Germany together were supporting a new treaty to tighten fiscal discipline and promote economic convergence in the euro zone.
The Italian 2 year yield was down sharply to 6.32%, and the 10 year yield was down to 6.65%.

The Spanish 2 year yield was down sharply to 4.78%, and the 10 year yield was down to 5.74%.

The Belgian 10 year yield was down to 4.75%, and the French 10 year yield was down to 3.1%.

ISM Manufacturing index indicates slightly faster expansion in November
LPS: Mortgages In Foreclosure Process at an All-Time High
Construction Spending increased in October
U.S. Light Vehicle Sales at 13.6 million SAAR in November, Highest since Aug 2009