Government for the Euro (well, Germany)
- Germany's SPD and CDU have agreed terms for a coalition, giving political leadership to the Euro area - with the caveat that the German SPD membership have to approve the deal. Assuming they do, Merkel will be reappointed Chancellor a day or two before the next European Council meeting in December.
- Investors are waiting with tense anticipation for the extent to which US consumers will indulge their hedonistic tendencies in the post-Thanksgiving shopping binge. In the meantime, durable goods orders are seen weak on the headline, but better on the details.
- UK GDP is not expected to be revised from the initial estimate, though more details are forthcoming in today's release. BoE Governor Carney was politely sceptical about some of the official data releases in his comments yesterday, especially the data pertaining to investment.
- In Italy Berlusconi faces the vote on whether or not to expel him from the Italian Senate, but as the stability of the government is not contingent on this any more it seems unlikely to influence markets too much. German consumer confidence is also scheduled.
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