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

HERE'S OVERNIGHT DATA AND EVENTS (market expectations, last observation):
US > CPI Urban Consumers m/m SA (Nov) increased 0.4% (0.4%, 0.3%) in November driven by higher prices for energy and medical care. Medical care prices grew 0.3% in November, reflecting higher hospital and related service costs. Transportation costs jumped 2.3% as new vehicle prices and airline fares increased. Apparel prices declined 0.3%.

US > CPI Urban Consumers y/y NSA (Nov): 1.8% (1.8%, -0.2%)

US > Core CPI m/m SA (Nov): 0.0% (0.1%, 0.2%)

US > Core CPI y/y NSA (Nov): 1.7% (1.8%, 1.7%)

US > Nominal Account Balance (3Q) widened to -$108.0B (-$107.5B, -$98.0B) in the third quarter as imports rose faster than exports. However, the recent weakness in the US dollar is likely to stabilise the deficit by promoting exports, while at the same time lifting the cost of imports.

US > Housing Starts SAAR (Nov) increased to 574K (574K, 527K) in line with analyst estimates, driven by increase in building permits. Government tax credits, lower home prices and near-record-low borrowing costs may boost sales and construction in the coming months.

US > Building Permits SAAR (Nov): 584K (570K, 551K)


US > Fed Rates (w/e Dec 16): 0.25% (0.25%, 0.25%)

US > MBA Market Index Weekly % Change SA (w/e Dec 11) rose 0.3% (8.5%) to 665.6 last week, as more homeowners refinanced to take advantage of close-torecord-low borrowing costs. The index for refinancing rose 0.9%, while purchases fell for the first time in a month.

US > Bloomberg Professional Confidence Index Global Economy (Dec): 58.87 (60.30)

UK > Jobless Claims SA (Nov) unexpectedly declined to -6.3K (12.5K, 5.9K) for the first time since February 2008, adding to signs that the economy is recovering. The number of people seeking work in the three months through October rose by 21,000 to 2.49 million, the smallest gain in 17 months.

UK > Claimant Count Rate SA (Nov): 5.0% (5.1%, 5.0%)

UK > Unemployment Rate (Oct): 7.9% (7.9%, 7.8%)

EC > PMI Composite (Dec A): 54.2 (54.0, 53.7)

EC > CPI MoM (Nov): 0.1% (0.2%, 0.2%)

GE > Manufacturing PMI Markit Survey Ticker (Dec A): 53.1 (52.6, 52.4)

EU > Core CPI y/y (Nov): 1.0% (1.2%, 1.2%)

EC > CPI y/y (Nov): 0.5% (0.6%, -0.1%)

Norges Bank > surprised with a 25bp hike to the policy rate to 1.75% though
they expect to keep rates on hold until March.

ECB > Executive Board Member Jose Manuel Gonzalez-Paramo said: Monetary
policy is common and if countries arent aligned, we cant rule out that our
monetary policy doesnt help them.

EU > Greece's long-term sovereign credit rating was cut to BBB+ from A- by
Standard & Poor's on debt concerns. S&P maintained its 'creditwatch negative'
stance on Greece's outlook, signalling that it may reduce Greece's credit rating
again in the near term.

Good luck tomorrow!