HERE'S OVERNIGHT DATA AND EVENTS (market expectations, last...

HERE'S OVERNIGHT DATA AND EVENTS (market expectations, last observation)

EU > Industrial Production Ex Construction m/m SA (Oct): decreased to -0.6% (-0.7%, 0.2%) for the first time in six months in October due to a slump in consumer goods. However, the decline was less than economists’ estimates.

EU > Industrial Production Ex Construction y/y WDA (Oct): -11.1% (-10.8%, -12.8%)

EU > Euro-zone Employment SA q/q (3Q): -0.5% (-0.5%)

EU > Euro-zone Employment NSA y/y (3Q): -2.1% (-1.8%)

Abu Dhabi > provided US$10b to Dubai to help Dubai World avoid defaulting on US$4.1b of bond payments that was due. The rest of the money will be used to cover Dubai World’s running costs until the end of April next year. The Dubai government also announced that it would adopt a new reorganisation law to cover the eventuality of a default.

ECB > council member Erkki Liikanen: “Minor changes in the range of liquidity measures are in no way a signal of our monetary policy stance. It’s been very well understood. So I’m not concerned.”