"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Wednesday, January 12, 2011

"Over There, Over There, Say A Prayer, Say A Prayer For Over There"

"For Metrics are coming,
"Metrics are coming,
"And they've been announced Over There."
 
Let's start with Italy, shall we?  Industrial Production figures were released about 7 AM EST for that first among PIIGS nations, and results are actually not terrible.  They recorded a 1.1% increase in production for November (up 120 bps from October, and beating expectations by 0.5%).  Now if they can just get the trains running on time[1].
 
Moving on, Great Britain reported their merchandise trade figures around 4:30 AM EST, showing a trade deficit of £8.74 billion in November (expanding by £150 million from October and missing expectations by £340 million).
 
Finally, the European Union reported Industrial Production figures for the EU as a whole. November wrapped up with a 1.2% increase, unchanged from October but beating expectations by 70 bps.
 
[1] *rimshot*
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