Northern, WI  12/13/2012 (BasicsMedia)  —  Stocks were mixed in Asian trade. The Nikkei was among the best in the region with a gain of 1.7%, but Australia was flat, the  Hang Seng was down a quarter percent and Shanghai fell one percent. European indexes are mostly lower this morning, with the Dax down about a half percent and the Footsie off by 0.3%. US stock futures are flat.

*In December the Australian Consumer Inflation Expectation is 1.8%; that is down from 2.2% in November and is the lowest expectation since June 1997.  Greece now gets the cash from the Euro Zone. At a Eurogroup meeting that spanned the last couple of todays it was agreed that Greece had done enough, (for now anyway and don’t think  for a second that there is not more to do), and will receive a total of EU49.1 billion between now and March, with most of it, EU34.3 billion, due in coming days.

*Busy, busy, busy…After marathon talks the European Union Fin Mins reached a “historic agreement” on joint banking supervision very early today, with the ECB being the overseer in chief.  The EU Financial Services Commissioner Barnier says the new supervisor should be ready by March 1, 2014, with about 200 banks automatically qualifying for direct ECB oversight. This is being described as a first step, full of compromise, but today’s agreement could theoretically allow the ESM to recapitalize troubled banks directly is there is a unanimous request to the ECB to have direct oversight of a particular bank.

*The Swiss National Bank kept their 3-month Libor target rate at 0.0% at their policy meeting today, as expected. They also left unchanged their Swiss Franc/Euro ceiling at 1.200; which they say they will defend with the utmost determination. The SNB still sees considerable downside risks for the economy. Interestingly, SNB boss Jordan, in response to a question about negative rates, said “we do not exclude any measures, including negative rates. Related to that he declined to comment on whether the SNB encouraged UBS and Credit Suisse on negative rates.

*The November reading of Switzerland’s Producer and Import Prices is 0.0% on a monthly basis; it had been expected to be -0.3%.  Three bits of data are due out at 7:30am CDT, including: the November reading of Retail Sales is expected to be up 0.5% on the month and Sales Ex-autos is forecast to be unchanged on a month on month basis; the November reading of the Producer Price Index is expected to be down 0.5% on the month and the estimate for the Core PPI is +0.1% on the month; and the weekly report on Initial Jobless Claims is expected to be 369k. The October reading of Business Inventories is due out at 9:00am CDT, it is forecast to be +0.4% on the month.

*The weekly report on Natural Gas inventories is due out at 9:30am CDT, it is forecast to show a decline of 3 bcf.  The Treasury is scheduled to announce at 10:00am CDT the details for next week’s auctions of 2 Year, 5 Year and 7 Year Notes.  The Fed is scheduled to buy Treasuries today that are due to mature between 2/15/21 and 11/15/22; the results of the operation will be announced just after 10:00am CDT. They are also scheduled to sell Treasuries today that are due to mature between 4/15/15 and 5/31/15; the results of this operation will be announced just after 1:00pm CDT.

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