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■WHAT TO WATCH: Spain will struggle to meet its 2012 deficit target, Deputy Budget Minister Marta Fernandez Curras said. German consumer confidence will fall for a second month in January, GfK said today. S&P cut Cyprus’s long-term debt rating for the third time in five months. U.K. consumer confidence fell in December from an 18-month high. Danish GDP figures may confirm [...]
WHAT TO WATCH: European finance ministers meet to approve bailout payment to Greece. 9 a.m. The ministers early today moved closer to an agreement on a single euro-area bank supervisor. EU leaders start their two-day summit. The Federal Reserve tied its interest-rate outlook to unemployment and inflation and committed to an even faster expansion of its balance sheet. (See page 2.) [...]
WHAT TO WATCH: Mario Monti told Italy’s head of state he has lost lawmakers’ support and will resign, while Silvio Berlusconi announced plans to return to power. Greece is close to its debt buyback target, an official said. German October exports rose 0.3 percent. Industrial output in France (7.45 a.m.) and Italy (9 a.m.) probably fell, surveys show. Click here [...]
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Commentary by Joseph Brusuelas, Bloomberg Economist With the U.S. House of Representatives scheduled to adjourn until next year on Dec. 14, policy makers are now on a strict deadline to act in time to prevent a fiscal shock that may push a fragile economy into recession in the first quarter. The combination of spending cuts and tax increases scheduled to take [...]
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WHAT TO WATCH: U.K. Chancellor George Osborne will tell lawmakers today he’s no longer on course to cut government debt in 2015 and may extend austerity for another year. 12.30 p.m. Irish Finance Minister Michael Noonan is also likely to present another austerity budget for 2013. 2.30 p.m. The final euro-area composite PMI will probably match the initial [...]