Looking Ahead: December 3 through December 7, 2012

Economic data were mixed. While Japan’s data were better than expected, those in Europe painted a recessionary picture. Unemployment in the Eurozone and Germany climbed but economic sentiment appeared to level off, albeit under the 50 breakeven point. U.S. data were distorted by superstorm Sandy, especially jobless claims and personal income and spending. In any event, investors gave data little notice and instead hung on every word of those taking part in the fiscal cliff negotiations. The first week of the month is always a busy one. The Reserve Bank of Australia, European Central Bank and the Banks of Canada and England will hold their policy meetings. Key manufacturing PMI data for major countries will be released along with PMIs for the services sector.