Fundamental Headlines

European Session Summary

The U.S. Dollar’s remarkable run the past few days seems to have taken a breather on Wednesday. As the worst performing currency ahead of the North American trading session, this appears to be little more than a corrective move after gaining over 2 percent collectively across the board from Friday through Tuesday. L

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***Economic Data***
– (CH) CHINA NOV CONSUMER PRICE INDEX (CPI) Y/Y: 4.2% V 4.5%E (lowest since Sept 2010)
– (CH) CHINA NOV PRODUCER PRICE INDEX (PPI) Y/Y: 2.7% V 3.4%E (lowest since Jan 2010)
– (CH) CHINA NOV RETAIL SALES Y/Y: 17.3% V 16.8%E; YTD Y/Y: 17.0% V 17.0%E
– (CH) CHINA NOV INDUSTRIAL PRODUCTION Y/Y: 12.4% V 12.6%E; YTD Y/Y: 14.0% V 13.9%E
– (CH) CHINA NOV FIXED ASSET URBAN INVENTORY YTD Y/Y: 24.5% V 24.8%E
– (JP) JAPAN Q3 FINAL GDP Q/Q: 1.4% V 1.3%E; NOMINAL GDP Q/Q: 1.2% V 1.2%E; GDP ANNUALIZED: 5.6% V 5.2%E
– (NZ) NEW ZEALAND NOV REINZ HOUSING PRICE INDEX Y/Y: +16.9% V +28.3% PRIOR
– (NZ) NEW ZEALAND NOV NZ CARD SPENDING M/M: -0.2% V -1.0%E; RETAIL M/M: -0.5% V -0.7%E
– (KS) SOUTH KOREA NOV PRODUCER PRICE INDEX (PPI) Y/Y: 5.1% V 5.6% PRIOR
– (NZ) NEW ZEALAND DEC ANZ CONSUMER CONFIDENCE M/M: 108.4 V 109.0
– (JP) JAPAN NOV JAPAN MONEY STOCK M2 Y/Y: 3.0% V 2.7%E; M3 Y/Y: 2.5% V 2.3%E
– (JP) JAPAN Q4 BSI LARGE ALL INDUSTRY Q/Q: -2.5 V 6.6 PRIOR; LARGE MANUFACTURING Q/Q: -6.1 V 10.3 PRIOR
– (MA) MALAYSIA OCT TRADE BALANCE (MYR): 13.2B V 9.0BE

***Markets Snapshot (as of 04:30GMT)***
– Nikkei225 -1.7%
– S&P/ASX -1.6%
– Kospi -1.7%
– Taiwan Taiex -1.1%
– Singapore Straits Times -1.1%
– Shanghai Composite -0.6%
– Hang Seng -2.6%
– S&P Futures +0.1% at 1,237
– Feb Gold +0.1% at $1,714/oz
– Jan Crude -0.1% at $98.22

***Overview/Top Headlines***
– Markets for a second day saw some heavy selling across the region, Europe’s debt crisis continues to be the catalyst. Read more…

U.S. payrolls number broadly in line with expectations

U.S. unemployment rate falls to 8.6 percent

Euro reverses gains ahead of key event risks next week

NEW YORK, Dec 2 The euro fell on Friday after four straight days of gains, with investors hesitant to go very bullish on the single currency ahead of a European Central Bank meeting and a European Union summit next week.

The euro zone’s common currency posted sharp gains after data showed the U.S.

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Fundamental Headlines

European Session Summary

Despite persisting light liquidity conditions, concerns have not abated over Europe. The Thanksgiving holiday week typically provides relief for markets; seasonality trends dictate the last few weeks of November and the month of December are bullish for higher yielding currencies and risk-correlated assets. This year has proven different, however, at least at the beginning of this typically bullish period: the U.S. Dollar (Ticker: USDOLLAR) is up 1.71 percent this week thus far.

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