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Italy's Monti Prepared to Resign...
Interesting developments to come - See what made the cut...

Italy's Monti Prepared to Resign...
Mario Monti, Italy’s technocratic prime minister announced this weekend that he is prepared to resign as soon as parliament passes a pending budget law. Monti had been working with fellow Italian Mario Draghi, European Central Bank Chief to bestow calm on the euro zone and global financial markets. Silvio Berlusconi, who has been plagued with scandal, will attempt to win the premiership once again. Berlusconi will call for the return of the lira. There is strong possibility that the turmoil in Italy will create more uneasiness with the U.S. and European markets. During early European trading on Monday, particularly the yield spread relative to safe-haven German government paper, Italian and Spanish government bonds performance will be monitored carefully. Viewed as relatively risk-free, investors will have a close eye on German paper. Italy, the euro zone’s third-largest economy and home of the world’s third-largest government bond market, Italy remains too big to be saved. A far cry from the situation a little more than a year ago, investors view Italian debt as polarized. As investors start to reprice Italian credit risk, Monday could prove to be a difficult trading session for investors.

Chinese Economy Showing Strength...
Latest government figures over the weekend showed strength in China's economy. Industrial output in China during November rose 10.1% compared to same month during 2011 for the strongest reading since March. Key data out of China: electricity production, a gauge for economic activity, advanced 7.9%; retail sales rose 14.9%; residential sales gained 31.6% and consumer prices rose by 2%. China’s new Communist Party leader, Xi Jinping, is being monitored closely for any change in the country’s business-investment policies. China, the world’s second-biggest economy, has relied on exports and investment to bolster growth over the past decade. Gains across the pond may filter over into U.S. stock markets and we could see some bull market action in days to come.

Federal Reserve to Scope Out Economic Landscape…
During Tuesday and Wednesday of the upcoming trading week, top U.S. Central Bankers, Federal Open Market Committee, will hold their two day meeting in Washington to look review the latest U.S. economic situation. Its likely the Fed will confirm the economy remains held back by weak consumer spending, lackluster hiring trends and not-so-hot business investments. As Operation Twist is set to expire, the Fed is expected to unveil more stimulus for the economy since short-term securities are running low. Investors are not looking for any major news from the Fed although there is high anticipation for the Fed to announce a supplemental bond buying program. Investors on Wall Street will listen carefully for any change in the Feds outlook for the U.S. economy. Regardless of comments from the Fed, news out of Washington on progress for the 'fiscal cliff' will remain front and center for Wall Street.

December 10, 2012


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