“Courage is rightly esteemed the first of human qualities because it guarantees all others.”
That’s a quote from Churchill in “Great Contemporaries” that is cited by Paul Reid in the preamble to The Last Lion. “He believed in virtue and right … he taught himself well and created a code he could live by.” (page 23)
While I don’t think there are any words I can write to comfort families in my neighboring town of Newtown, CT, I just wanted to take time this morning to say that they are in our thoughts and prayers.
Back to the Global Macro Grind…
US stocks closed down for the 2nd consecutive day on Friday, taking their 2-day correction to -1%. Despite the fanfare of “stocks being up YTD”, US stocks have been weak since mid-September. For Q4 of 2012, the SP500 and Nasdaq are down -1.9% and 4.7%, respectively.
Where do we go from here?
If it wasn’t for Apple (AAPL) and #EarningsSlowing (Schlumberger, the #3 component of the Energy Sector ETF (XLE) guided down on Friday), everything would be pseudo-fine this morning. But you can’t back those things out – they are big things.
So is the Global Growth Cycle – and while we aren’t raging bulls suggesting that growth is back, we are seeing the causal factor that stabilizes global economic growth (Commodity Price Deflation) start to take hold where it matters most – price and expectations.
On the expectations front, check out last week’s CFTC Futures and Options net long positioning in commodities:
- Total Net Long commodity contracts fell another -11% wk-over-wk to 802,817
- Net long commodity contracts continue to crash from their all-time high (SEP 2012), down -40%!
- Sugar contracts had their biggest 1 wk drop in 5 years at -68% last week to 6,056 contracts
- Wheat contracts plummeted -67% wk-over-wk to 11,219 net long contracts
- Oil net long positions were down -21% wk-over-wk (biggest drop since May)
- Farm Goods dropped another -10% in the aggregate to 484,088 net longs
While expected commodity deflation is crystal clear in the futures/options market at this point, prices and expectations don’t always agree. Gold is the not-so-shining example of that statement:
- Gold bets actually keep going up as the price goes down (price = down for 3 straight wks; net longs up for 4 of the last 5 wks)
- Net long contracts in Gold went up another +3% last week to 129,865
- Gold is down another -0.33% this morning to $1690, and remains bearish TRADE and TREND in our model
With Gold’s TRADE and TREND resistance overhead at $1709 and $1719, respectively, this makes for an interesting debate (ask for Darius Dale’s Gold research note from Friday if you didn’t read it). Long-term TAIL support of $1670 is the only big line left of support for Gold. If that holds, consensus bets on the net long side could be ok, but only if they own the right strikes.
If Gold’s TAIL breaks, watch-out below.
That’s how we thought about AAPL (see Chart of The Day, TAIL = $561). That’s how we think about TAIL risk. We have a line that moves dynamically as price/volume/volatility does, and we use that as our headlights. Is the probability of incremental risk rising or falling? That’s another way to simplify how we think about that. It’s not perfect, but it’s a consistent risk management code I can live by.
If you go back to the 3-factor Global Growth Model I’ve been calling out for the last 3 weeks:
- Chinese stocks (Shanghai Composite)
- Bond Yields (US Treasuries)
There’s emerging evidence that supports a shift from global #GrowthSlowing to #GrowthStabilizing. We’re not wedded to this – we’re just courageous enough to embrace the market’s uncertainty and change our minds as markets suggest we do.
Bond Yields had a big move last week with the 10yr Treasury Yield not only rising from 1.62% to 1.70% on the week, but closing above my TREND line of 1.69%. This morning, the 10yr yield is up another 2 basis points to 1.72%, confirming the move.
That’s also bearish for Gold. Rising bond yields always have been bearish for Gold because they compete with the long-standing expectation of #GrowthSlowing embedded in both Bond market and Gold bubbles.
On Friday, that’s why I cut our Fixed Income asset allocation to 0%, raised our Global Equities allocation, and stayed with what’s served us well since mid-September (0% asset allocation to Commodities).
Our immediate-term Risk Ranges for Gold, Oil (Brent), US Dollar, EUR/USD, UST 10yr Yield, and the SP500 are now $1, $105.71-108.93, $79.41-79.99, $1.29-1.31, 1.69-1.76%, and 1, respectively.
Best of luck out there this week,
Keith R. McCullough
Chief Executive Officer
TODAY’S S&P 500 SET-UP – December 17, 2012
As we look at today's setup for the S&P 500, the range is 23 points or 0.39% downside to 1408 and 1.23% upside to 1431.
SECTOR AND GLOBAL PERFORMANCE
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.49 from 1.47
- VIX closed at 17.0 1 day percent change of 2.66%
- UST 10YR – more commodity deflation this morning is good for #GrowthStabilizing expectations (consumption), globally. 10yr yield is +2bps this morning to 1.72%, 3bps above my TREND line (was resistance) of 1.69%; #1 way to get people to buy equities for real is get the flows back (they’re in bonds).
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, Dec., est. -1.0 (prior -5.22)
- 9am: Total Net TIC Flows, Oct. (prior $4.7b)
- 9am: Net L-T TIC Flows, Oct., est. $25.0b (prior $3.3b)
- 11am: Fed’s Stein speaks on dollar funding in Frankfurt
- 11am: Fed to buy $4.25b-$5.25b notes in 2018-2020 sector
- 11:30am: U.S. Treasury to sell $32b 3M, $28b 6M bills
- 1pm: U.S. Treasury to sell $35b 2Y notes
- 1pm: Fed’s Lacker speaks on economy in Charlotte, N.C.
- House, Senate in session
- Federal Retirement Thrift Investment Board meets, 10am
- Defense Secretary Leon Panetta discusses U.S. policy, 1pm
WHAT TO WATCH
- Apple downgraded at Citigroup; drops below $500 pre-mkt
- Boehner offers Obama tax-rate-boost deal w/ entitlement cuts
- Google said to end FTC probe with letter promising changes
- AIG offers to sell as much as $6.5b of AIA shares
- First Quantum again raises offer for Inmet Mining
- UBS said to face $1.6b penalty as Libor settlement looms
- Starwood Capital nears buy of Principal Hayley: Sunday Times
- China signals tolerance of slower growth after annual mtg
- Abe’s LDP wins victory over Noda in Japan election rout
- Novartis therapy wins U.S. backing for Cushing’s Disease
- Cisco said to hire Barclays to sell Linksys routers unit
- Jackson’s “Hobbit” tops weekend box office at $84.8m
- Holiday spending “modest” through Dec. 8: SpendingPulse
- SAC e-mails show Cohen consulted on Dell trade
- Akamai Says co-founder Leighton to become CEO effective Jan. 1
- Spending probably rose, home sales climbed: U.S. eco preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
GOLD – gold just doesn’t like rising rates - never has – and that makes sense as absolute return (up for 12 straight yrs) on gold looks less exciting when risk free rates move higher. Gold remains bearish TRADE and TREND in our model with a big zone of resistance up at $1/oz.
- Hedge Funds Reduce Bullish Bets by Most in a Month: Commodities
- Rubber Surges to Seven-Month High as Yen Weakens on Abe Victory
- JPMorgan Wins SEC Approval for Physically-Backed Copper ETF
- Gold Drops on U.S. Fiscal Cliff Talks as ETP Holdings at Record
- Soybeans Jump to Five-Week High as U.S. Crushes Most Since 2010
- Rebar Extends Gain on Demand Outlook as China Flags Urban Growth
- Oil Bulls in Biggest Retreat in Seven Months: Energy Markets
- China Cuts Natural Rubber Import Taxes to Boost Local Supplies
- Malaysia Sets Zero Export Tax for Crude Palm Oil to Cut Reserves
- India Cuts Benchmark Import Price of Gold to $550 Per 10 Grams
- Malaysia Sets Crude Palm Oil Export Tax at Zero for January
- Natural Gas Prices Need Cold Winter to Get Off Floor: Outlook
- HKEx May Allow Chinese Cos. as LME Category 1 Members, HKET Says
- Brent Crude Futures Drop Amid Disagreement in U.S. Budget Talks
JAPAN – the Japanese begged for a bailout bureaucracy and got it with a big LDP win over the weekend and follow through buying in the Nikkei (up another +0.94% to 9828, up +13.5% since mid November!). Probability continues to rise that Japan becomes 1st modern economy to fall on the sword of Keynesian economic policy (burning currency). Economic data is awful.
The Hedgeye Macro Team
Daily Trading Ranges
20 Proprietary Risk Ranges
Daily Trading Ranges is designed to help you understand where you’re buying and selling within the risk range and help you make better sales at the top end of the range and purchases at the low end.
This note was originally published at 8am on December 03, 2012 for Hedgeye subscribers.
“History rouses man to emulate the deeds of earlier generations.”
-Ludvig von Mises
This weekend I forced myself to watch the Sunday morning US political talk shows. While it was sad to watch, it did inspire some leadership thoughts. One was on class warfare. The only two classes I see developing are The Political Class and The Rest Of Us.
Politics is a big business. And I have never been more proud to be neither a Bush Republican nor an Obama Democrat. On economic matters, both parties are Keynesian now. Unlike the Austrian school (center right), Keynesians are center-left. There is no center.
There’s also the left of center-left (Paul Krugman). And these guys are really amping up the Marxist (way left) rhetoric. If you don’t agree with that, read Krugman’s Sunday piece in the New York Times titled “Class Wars of 2012.” #Scary.
Back to the Global Macro Grind…
In his preface to Classical Liberalism and The Austrian School, David Gordon recently wrote that, “Ideas do not, as Marxists imagine, reflect the interests of conflicting economic classes. The free market rests, not on irreparable class conflict, but on fundamental harmony of interests of people who benefit from social cooperation.”
I liked that. It’s progressive and collaborative as opposed to regressive and polarizing. On that score, the latter most definitely applies to our generational debate about the #KeynesianCliff. As far as I can see, the cliff debate has 3 big parts:
This weekend, the left side of the Political Class was focused on 1 of the 3 (TAXES). Meanwhile, this is what Gene Sperling (Director of Obama’s National Economic Council) is actually asking for (he did the interview with Bloomberg TV this weekend):
- “a long-term extension of the legal debt limit”
- “some stimulus measures to support the economy”
- “a tax rate increase for the wealthy”
Got it on point #3 guys – you want to tax us. But what about points 1 and 2? Did some Democrats vote for social issues (that most Independents and socially liberal Republicans agree with), or did they vote for raising the US Debt and Spending levels? Or both?
The Political Class can obfuscate and demagogue all they want about this, but I am pretty sure that The Rest Of Us want to see an arrest of government debt and spending increases, not another moving of the #DebtCeiling goal posts and “stimulus” spending.
Back to the government’s math. In last week’s peculiar (but less than ironically inflated) pre-Election US GDP report of +2.67%:
- GOVERNMENT SPENDING contributed positively to “growth” for the 1st time in 9 quarters!
- At +0.67% in GOVERNMENT (G) contribution (versus -0.14%, -0.60%, and -0.43% in the last 3 quarters), spending is back!
- INVENTORIES contributed the rest of the positive delta, going from -0.46% in Q212 to +0.77% in Q312
Our GDP forecasting model (it’s a predictive tracking algo) couldn’t front run that. Government Spending (+0.67%) and an out of nowhere Inventory build (+0.77%) = 54% of US GDP “growth” in Q3 whereas the C (Consumption) in C +I + G + (EX-IM) = GDP fell to +0.99%. Consumption is 71% of the economy or, put another way, The Rest Of US, too.
All the while, last week global currency investors took USA looking more and more like Italy on debt and spending and sold down the US Dollar for the 2nd consecutive week. Both European and US stocks liked that – they were both up for the 2nd consecutive week at +0.5% and +0.9% for the SP500 and EuroStoxx600 indices, respectively.
Centrally planned stock markets, however, are not the economy. What investors and day traders alike have been trained to do is play the Dollar Debauchery trade that’s in front of them. With the US Dollar under Geithner policy pressure:
- CFTC Futures/Options net long contracts jumped +9.8% wk-over-wk (best weekly gain in net long spec since August)
- Gold and Silver net long contracts jumped +13% and 12%, respectively (wk-over-wk)
- Wheat contracts spiked +35% wk-over-wk
But, if you don’t think rising government DEBT and SPENDING is causal to blowing up the credibility of a country’s currency, you probably think I am just telling you stories this morning.
Sadly, the growing number of class warfare demagogues out there who are emulating the “deeds of earlier generations” are starting to story-tell like Karl Marx did too.
Our immediate-term Risk Ranges (support and resistance) for Gold, Oil (Brent), Copper, US Dollar, EUR/USD, UST 10yr Yield, and the SP500 are now $1710-1727, $110.07-111.58, $3.54-3.65, $79.81-80.36, $1.29-1.31, 1.58-1.67%, and 1406-1424, respectively.
Best of luck out there this week,
Keith R. McCullough
Chief Executive Officer
Takeaway: Europe mostly melts higher as government intervention continues.
Asset Class Performance:
- Equities: The STOXX Europe 600 closed down -0.4% week-over-week vs +1.2% last week. Bottom performers: Cyprus -3.2%; Slovakia -0.9%; Ireland -0.6%; Switzerland -0.3%; Norway -0.3%. Top performers: Portugal +3.5%; Poland +3.0%; Spain +2.2%; Greece +1.9%; Austria +1.8%; Russia (MICEX) +1.7%; Luxembourg +1.6%; Romania +1.5%; Czech Republic +1.5%. [Other: Germany +1.0%; France +1.0%; UK +0.1%].
- FX: The EUR/USD is up +1.81% week-over-week vs -0.45% last week. W/W Divergences: PLN/EUR +0.96%; CHF/EUR -0.01%; DKK/EUR -0.06%; CZK/EUR -0.13%; HUF/EUR -0.17%; NOK/EUR -0.86%; GBP/EUR -1.01%; SEK/EUR -1.75%.
- Fixed Income: The 10YR yield for sovereigns across the periphery were down week-on-week. Greece declined -154bps to 12.92% and Portugal fell -47bps to 7.09%, and Spain lost -8bps to 5.38%. Germany gain +6bps to 1.36% and Italy rose +5bps to 4.58%.
EUR/USD: Our TRADE range is $1.29 – 1.31 with a TREND resistance of $1.31.
- Our call - the EUR/USD will trade within our quantitative levels and reflect much of the daily headline risk (from Spain, Greece, and Italy in particular), however ECB President Mario Draghi’s September announcement that “the ECB is ready to do whatever it takes to preserve the euro” and the resolve of Eurocrats to maintain the Union will prevent levels falling anywhere near parity.
- We expect a long road towards a fiscal union as states will be reluctant to give their sovereignty up to an external entity, which should strengthen the lid on the EUR/USD at $1.31.
- The cross could weaken alongside the ECB showing some willingness to cut the benchmark interest rate: Draghi cited that there was wide discussion [about a rate cut] but the prevailing consensus was to leave rates unchanged when the council met on Thursday.
Noisy Berlusconi as Grexit Fades:
This week European peripheral equity and credit markets melted higher, taking share from the core. In today’s Early Look we hit on how collectively global data and real-time prices “are signaling a shift from #SlowingGrowth to #StabilizingGrowth.” This is a switch to a marginally more bullish market tone, however the question remains whether governments can stay out of the way of economic stability.
Unfortunately, what we continue to see from Eurocrats is a suspension of economic reality; and bond and equity players have largely cheered on the workings of Draghi, Merkel, and van Rompuy since the early Fall. The latest hope rally is that Draghi will release the OMT to the likes of Spain or Italy, should either country request it.
As we touched on in last week’s note, we continue to call out that growth will remain weak throughout the Eurozone for a protracted period and that estimate revisions are just now coming closer to this reality. Remember, last week the ECB revised Eurozone growth for 2012 and 2013 growth to the ranges of -0.6% and -0.4% and -0.9% and +0.3%, respectively. This week Germany’s IFO Institute cut Germany’s 2013 GDP forecast to +0.7% from +1.3% previously, while the Bundesbank last week revised Germany’s 2013 GDP projections to +0.4% versus +1.6% predicted in June.
Yet one signal of data improvement came this week from German PMI Services, which came in at 52.1 in December versus 49.7 in November, showing expansion (above 50) and improvement over two straight months. However, Eurozone and French Manufacturing and Services PMIs registered below 50 (contraction) and saw little improvement month-over-month.
On the dealings of Eurocrats this week there were two main fronts: 1. Eurozone Finance Ministers set in motion a common bank supervisor by agreeing to terms to allow the ECB to begin direct supervision of up to 200 lenders by March 2014. (The deal still needs to be signed off on by European Parliament and ratified by National Parliaments). 2. Greece received its disbursement of a €34.4B tranche of bailout funding.
While the latter was widely expected and solidifies our call that a Greek exit (Grexit) or expulsion from the Eurozone is an extremely unlikely event in the medium term, this latest bailout gives Greece good cover going into 2013. On a Banking Union, our call now as before is that while the actions may be a step in the right direction, the key to shoring up the risk loop between banks and sovereigns is setting in place a Fiscal Union in addition to a Banking Union. Of note is that the 200 banks expected to fall under the ECB’s Banking Union is a far cry from the ECB’s original hope of all 6,000 in the region.
Finally, Berlusconi made broad headlines for a second straight week. The week started with PM Monti announcing his intention to resign once Parliament passes the 2013 budget law (expected to pass before Christmas with early elections likely following on February 17th or 24th) and Berlusconi saying he will take another run at it. Then in mid-week Berlusconi said that he would consider stepping down as a candidate for PM if Monti agreed to run in the upcoming elections as the head of a broad centre-right coalition.
What’s clear is that Berlusconi and his PDL are trailing badly in the opinion polls. Per Luigi Bersani of the Democratic Party (PD) is the current front-runner and despite Berlusconi’s comeback barks he realizes that he personally has no shot to be PM. Further, because a coalition government will have to be formed, Berlusconi may be thinking that the continuity of a Monti victory could bode well for the country’s health. While Berlusconi’s positioning and utterance may not be clear, expect the risk spotlight to turn up as elections are pushed forward and for Berlusconi's political gravitas to be less than it was in the past.
The European Week Ahead:
Sunday: Dec. UK releases Dec. Rightmove House Prices
Monday: Oct. Eurozone Trade Balance; 3Q Eurozone Labour Costs; Oct. Italy Trade Balance
Tuesday: Nov. UK PPI Input, PPI Output, CPI, RPI; Oct. UK ONS House Price; Oct. Italy Current Account
Wednesday: Oct. Eurozone Current Account, Construction Output; Dec. Germany IFO Business Climate, Current Assessment, and Expectations; UK BoE Minutes; Dec. UK CBI Reported Sales; Oct. Italy Industrial Orders and Sales
Thursday: ECB Governing and General Council Meeting; Dec. Eurozone Consumer Confidence – Advance; Nov. Germany Producer Prices; Dec. UK GfK Consumer Confidence Survey; Nov. UK Retail Sales; Nov. Spain Budget Balance; Oct. Spain Total Housing Permits; Oct. Italy Retail Sales; Oct. Greece Current Account
Friday: Jan. Germany GfK Consumer Confidence Survey; Nov. Germany Import Price Index; Nov. UK Public Finances, Public Sector Net Borrowing; Oct. UK Index of Services; 3Q UK GDP – Final, Current Account, Total Business Investment – Final; Dec. France Own-Company Production Outlook, Production Outlook Indicator, Business Confidence Indicator; Nov. Spain Producer Prices; Oct. Spain Trade Balance; Dec. Italy Consumer Confidence Indicator; Nov. Italy Hourly Wages
Eurozone ZEW Economic Sentiment 7.6 DEC vs -2.6 NOV
Eurozone Industrial Production -3.6% OCT Y/Y vs -2.8% September [-1.4% OCT M/M vs -2.3% SEPT]
Eurozone Sentix Investor Confidence -16.8 DEC (exp. -16.9) vs -18.8 NOV
Eurozone CPI 2.2% NOV Y/Y vs 2.2% OCT
EU27 New Car Registrations -10.3% NOV Y/Y vs -4.8% OCT
Eurozone PMI Manufacturing 46.3 DEC Prelim vs 46.2 NOV
Eurozone PMI Services 47.8 DEC Prelim vs 46.7 NOV
Germany PMI Manufacturing 46.3 DEC Prelim vs 46.8 NOV
Germany PMI Services 52.1 DEC Prelim vs 49.7 NOV
Germany CPI 1.9% NOV Final Y/Y vs 2.0% initial
Germany ZEW Current Sentiment 5.7 DEC (exp. 6.0) vs 5.4 NOV
Germany ZEW Economic Sentiment 6.9 DEC (exp. -11.5) vs -15.7 NOV
Germany Exports 0.3% OCT M/M (exp. -0.3%) vs -2.4% September
Germany Imports 2.5% OCT M/M (exp. 0.4%) vs -1.4% SEPT
UK ILO Unemployment Rate 7.8% OCT vs 7.8% SEPT
UK Jobless Claims Change -3K NOV vs 6K OCT
France PMI Manufacturing 44.6 DEC Prelim vs 44.5 NOV
France PMI Services 46.0 DEC Prelim vs 45.8 NOV
France CPI 1.6% NOV Y/Y vs 2.1% in OCT
France Non-Farm Payrolls -0.3% in Q3 Q/Q
France Bank of France Business Sentiment 91 NOV vs 92 OCT
France Industrial Production -3.6% OCT Y/Y (exp. -2.3%) vs -2.5% September
France Manufacturing Production -4.0% OCT Y/Y (exp. -2.4%) vs -2.6% SEPT
Italy Q3 GDP Final -0.2% Q/Q (unch) [-2.4% Y/Y (unch)]
Italy CPI 2.6% NOV Final Y/Y [unch vs initial]
Italy Industrial Production -6.2% OCT Y/Y (exp. -4.3%) vs -5.0% September
Spain CPI 3.0% NOV Final Y/Y [unch vs initial]
Spain House Prices for Total Homes -15.2% in Q3 Y/Y vs -14.4% in Q2
Spain Labor Costs -0.1% in Q3 Y/Y vs -0.3% in Q2
Portugal Construction Works Index 55 OCT vs 52 SEPT
Portugal CPI 1.9% NOV Y/Y vs 2.1% OCT
Sweden Industrial Production -4.4% OCT Y/Y (exp. -5.2%) vs -5.0% SEPT
Sweden Unemployment Rate 8.1% NOV vs 7.7% OCT
Sweden CPI -0.1% NOV Y/Y vs 0.4% OCT
Denmark CPI 2.2% NOV Y/Y [inline] vs 2.3% OCT
Finland Industrial Production -0.7% OCT Y/Y vs -2.7% SEPT
Finland CPI 2.2% NOV Y/Y vs 2.6% OCT
Norway CPI 1.1% NOV Y/Y vs 1.1% OCT
Ireland CPI 1.6% NOV Y/Y vs 2.1% OCT
Switzerland Credit Suisse ZEW Survey of Expectations -15.5 DEC vs -27.9 NOV
Switzerland Producer and Import Prices 1.2% NOV Y/Y vs 0.4% OCT [0.0% NOV M/M vs -0.1% OCT]
Switzerland 3M Libor Target Rate UNCH at 0.00%
Austria CPI 2.8% NOV Y/Y vs 2.8% OCT
Greece Industrial Production 2.0% OCT Y/Y vs -7.3% SEPT
Greece CPI 0.4% NOV Y/Y vs 0.9% OCT
Greece Unemployment Rate 24.8% in Q3 vs 23.6% in Q2
Russia Q3 GDP Preliminary 2.9% Y/Y vs 4.0% in Q2
Russia Light Vehicle and Car Sales 0% NOV Y/Y vs 5% OCT
Czech Republic Unemployment Rate 8.7% NOV vs 8.5% OCT
Czech Republic Industrial Output 4.1% OCT Y/Y vs -6.8% September
Czech Republic CPI 2.7% NOV Y/Y vs 3.4% OCT
Slovenia Industrial Production 2.0% OCT Y/Y vs -0.2% September
Slovakia CPI 3.4% NOV Y/Y vs 3.8% OCT
Romania Consumer Prices 4.6% NOV Y/Y vs 5.0% OCT
Romania Industrial Output -0.1% OCT Y/Y vs -0.1% SEPT
Hungary Consumer Prices 5.2% NOV Y/Y vs 6.0% OCT
Hungary Industrial Production -3.8% OCT Final Y/Y [unch]
Estonia Q3 GDP Final 1.6% Q/Q vs 1.7% initial [3.5% Y/Y vs 3.4% initial]
Estonia Unemployment Rate 6.0% NOV vs 5.8% OCT
Turkey Q3 GDP 1.6% Y/Y vs 3.0% in Q2 [0.2% Q/Q vs 1.7% in Q2]
Turkey Industrial Production -0.9% OCT Y/Y vs 6.2% SEPT
Interest Rate Decisions:
(12/10) Russia Refinancing Rate UNCH at 8.25%
(12/10) Russia Overnight Deposit Rate HIKED 25bps to 4.50%
(12/10) Russia Overnight Auction-Based Repo UNCH at 5.50%
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