One Step Closer

Greece is one step closer to securing additional, and much needed, financial assistance this morning following a key vote in Athens last night. As protests continued in the streets, the Greek government successfully passed, all be it marginally, the 2013 budget which will yet again subject the Greek people to further tax increases and public sector wage cuts.

The Greek government has now done all that they can to ensure they are given access to further funding and a two year extension for debt repayments. The ball is now well and truly in the court of European finance ministers who will meet this evening in Brussels. Ministers will debate whether the steps that Greece has taken so far are adequate enough to warrant additional aid, the answer to which will more than likely be in the affirmative as any other outcome would essentially guarantee the bankruptcy of Greece.

With very little economic data out today and a public holiday in the US, trading volumes are likely to be substantially lower. This will be more than made up for later this week however, with key economic data being released each day, although the markets focus will almost certainly remain on Greece for the time being, at least until the next bailout tranche is agreed.

Please find a summary of this week’s economic calendar below

12.11.12
Public Holiday USA and Canada
EU Finance ministers meeting
07:00 German Wholesale Price Index

13.11.12
00:01 UK RICS Housing Price Balance
09:00 Italian Consumer Price Index
09:30 UK Consumer Price Index
09:30 UK Producer Price Index
10:00 German ZEW Survey – Economic Sentiment
10:00 EU ZEW Survey – Economic Sentiment
10:00 UK BOE Inflation Letter

14.11.12
09:30 UK ILO Unemployment Rate
09:30 UK Average Earnings
09:30 UK Claimant Count
10:00 EU Industrial Production
10:30 UK BOE Governor King Speech
12:30 US Retail Sales
13:30 US Producer Price Index
19:00 US FOMC Minutes

15.11.12
06:30 French GDP
07:00 German GDP
09:00 Italian GDP
09:00 ECB Monthly Report
10:00 EU Consumer Price Index
10:00 EU GDP
13:30 US Consumer Price Index
13:30 US Initial Jobless Claims

16.11.12
14:00 US Net Long-Term TIC Flows
14:15 US Industrial Production

Mark Webster 12/11/12