Quick Overview

• The U.S. budget deficit in 2009 is projected to spike to a record $1.2 trillion, or 8.3% of GDP.
  

• Employer Services’ report that payrolls shrank by 693,000 jobs last month, the most since records began in 2001.
  

• Australia's retail sales rose 0.1% in November
  

• Euro area’s producer prices fell 1.9% MoM, but rose 3.3% YoY.
  

• Russia shut down all gas flows to Europe through Ukraine on Wednesday.
  

• Germany saw its unemployment levels rise to 7.6%.
  

• Intel expects fourth-quarter revenue to fall 23% YoY because of weak demand and inventory reductions by its customers.
  

• The U.S. Department of Energy said:
  Supplies of crude oil rose 6.7 million barrels to 325.4 million barrels
  Supplies of gasoline rose 3.3 million barrels
  Supplies of heating oil fell 900,000 barrels
  Refinery use increased from 82.5% to 84.6%.
  Gasoline demand fell 2.2% YoY
  Distillate demand rose 0.3% YoY.

• According to a report on FarmFutures.com, the continued dry weather in top-producing areas of southern Brazil could mean a drop in corn and soybean production
  

• Madoff and his wife sent at least 16 watches, a jade necklace and a diamond bracelet to family and relatives.