• German government bond yields climbed to a two-week high, and the euro was lower after a messy 30 year auction. Yield on the securities rose to 1.98%. 3.889B euros worth of bonds were sold out of a maximum 6B offered for sale. The results don’t bode well for other sovereign bond auctions in the region. From Bloomberg News.
• Chinese manufacturing data for November showed more weakness than anticipated. The HSBC flash PMI came in at 48 for the month, versus 51 in October. The data raises some doubts about the soft landing scenario there. China does have room for stimulative action, given recent inflation data. From Reuters News.
• President Obama is trying to salvage his jobs bill which centers around $447B in payroll tax cuts set to expire at the end of the year. With the failed super committee exercise and the outlook for near-term quantitative easing from the Fed dim, Mr. Obama faces a difficult task. From the Financial Times.
• Industrial orders in the Euro zone fell 6.4% in September compared to August, well below expectations. The data point is often volatile, but the magnitude of the decline is hard to ignore. From Reuters News