Tuesday, November 29, 2011

Quick Overview

  • U.S. consumer confidence rose 15 points to 56 in November – the largest gain since 2003.

  • Standard & Poor's lower ratings on 37 banks and their subsidiaries. Among U.S. banks, Wells Fargo & Co. had its rating lowered to A+ from AA, J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. both had their A+ ratings cut to A, and Citigroup Inc. and Bank of America Corp. both had their A ratings cut to A-.

  • According to S&P/Case-Shiller U.S. home prices fell 0.6% in September. YoY the home price slide was 3.6%.

  • No recovery in sight for U.S. housing, says Yale's economist Shiller.

  • Hungary’s raised its base rate by half of a percentage point to 6.5%.

  • All measures of the money supply in the Eurozone contracted in October with drastic falls across parts of southern Europe, raising the risk of severe recession over coming months.

  • American Airlines and its parent company are filing for bankruptcy protection.

  • Weak growth, continuing Eurozone woes and an absence of safe havens will ensure a tough year for investors in 2012, according to a new report from Merrill Lynch

  • YoY Sweden's GDP rose by 4.6% in Q3.

  • Japan's unemployment rate stood at a 4.5% in October
  • According to the OECD's twice-yearly Economic Outlook report, despite planned tax hikes and spending cuts, Japan will see government debt rise to 230 % of GDP in 2013, meaning the nation's public finances, already the worst in the industrialized world, are set to worsen further.

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