*Stocks in Asia were generally quite weak; Shanghai in particular, which fell more than five percent on the session on concerns that even more PBOC tightening could be on the way because of stronger than expected readings on inflation, today’s move erased all the gains previously gained in November. The Hang Seng lost almost two percent, the Nikkei was down 1.4% and Australia fell three quarters of a percent. European indexes are mixed at the moment with both the Footsie and Dax essentially unchanged. US stock futures are down about a half percent.
*The key outcome of the G20 meeting in Korea was that they decided to put off solutions until tomorrow for many of the problems, such as currency and current account imbalances, that are front and center today.
*The Q3 reading of German GDP slowed to +0.7% on a quarter on quarter basis from the record pace of +2.3% in the previous quarter. The growth rate was one tenth under the forecast. Overall Eurozone Q3 GDP was +0.4% quarter on quarter, one tenth below expectations and down from 1.0% in Q2.
*The preliminary November reading of consumer sentiment from the University of Michigan is due out at 8:55am CST, it is expected to be 69.0 after finishing October at 67.7.
*The Fed is scheduled to buy Treasuries today that are due to mature between 11/15/14 and 4/30/16; they expect to purchase between $6 and $8 billion of this paper. The results of the operation will be announced just after 10:00am CST.
*There are a couple of Fed speakers on the calendar today. Governor Tarullo will speak on financial reform at 7:35am CST and Governor Raskin will talk about mortgage servicing at 3:35pm CST.
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