[Truman]

Major European indices mostly trade just below their flat lines.

—Equity Markets—

STOXX Europe 600: UNCH (+1.7% week-to-date)
Germany’s DAX: -0.2% (+0.6% week-to-date)
U.K.’s FTSE 100: +0.2% (+1.3% week-to-date)
France’s CAC 40: -0.1% (+0.7% week-to-date)
Italy’s FTSE MIB: -0.2% (-0.1% week-to-date)
Spain’s IBEX 35: -0.1% (+3.1% week-to-date)

[Truman]

Germany’s GDP was revised higher in the second estimate for Q3, but GfK Consumer Confidence was below expectations once again. European Central Bank Chief Economist Lane said that long term inflation expectations are well anchored. NHS Nurses in the U.K. are planning a strike for December 15 and December 20. Spain’s plan to impose a windfall tax on banks and energy companies is making its way through parliament.
Germany’s Q3 GDP 0.4% qtr/qtr (expected 0.3%; last 0.1%); 1.2% yr/yr (expected 1.1%; last 1.7%). December GfK Consumer Climate -40.2 (expected -39.6; last -41.9)
France’s November Consumer Confidence 83, as expected (last 82)
Italy’s November Business Confidence 102.5 (expected 99.6; last 100.7) and Consumer Confidence 98.1 (expected 91.0; last 90.1). October non-EU trade deficit EUR2.04 bln (last deficit of EUR5.44 bln)
Spain’s October PPI 26.1% yr/yr (last 35.6%) o Swiss Q3 Employment Level 5.362 mln (last 5.316 mln)

[Truman]

Credit Suisse shareholders approved capital increase; increase is to be carried out through two capital increases with expected aggregate gross proceeds of approximately CHF 4.0 bln
$CS $3.67 ▼ -0.15 (-4.05%)

[Truman]

Activision (ATVI 74.05, -2.54, -3.3%): FTC likely will file an antitrust lawsuit to block Microsoft’s (MSFT) acquisition of Activision, according to Politico
Amazon (AMZN 94.15, +0.05, +0.1%): experiencing Black Friday protests and strikes, according to Bloomberg
Tesla (TSLA 186.89, +3.66, +2.0%): to recall 80,000 vehicles in China, according to The Wall Street Journal
Apple (AAPL 150.16, -0.91, -0.6%): Foxconn (HNHPF) issues could impact November Apple (AAPL) iPhone shipments from that plant by 30%, according to Reuters
Visa (V 212.30, +0.57, +0.3%): discloses November U.S. payments volume on a year-over-year basis was up 9%

[Truman]

U.S. Treasuries are on track for a modestly lower start in most tenors with 10s and 30s expected to show relative strength in the early going. Treasury futures dipped last evening but recovered their early losses during the Asian session. However, renewed selling picked up once the focus turned to Europe, sending futures to fresh lows.

Concerns about growth in China remained at the forefront after the country’s lockdown measures were expanded. Aiming to free roughly CNY500 bln in liquidity, the People’s Bank of China lowered its reserve requirement ratio by 25 bps.

In Europe, Germany’s GDP was revised higher in the second estimate for Q3, but GfK Consumer Confidence disappointed once again.

The U.S. session, which is set to end an hour early at 14:00 ET, will not feature any data.

The U.S. Dollar Index is up 0.3% at 106.14.

Yield Check:
2-yr: +2 bps to 4.49%
3-yr: +4 bps to 4.25%
5-yr: +2 bps to 3.91%
10-yr: UNCH at 3.71%
30-yr: UNCH at 3.74%

[CautiousInvestor]

[CautiousInvestor]

November 27 – December 3, 2022 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community…
[See the full post at: Traders Market Weekly: Holiday Sales and Jobs]

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