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Last Friday European shares fell after the German Chancellor appeared to rule out using the European Central Bank to conduct a European quantitative easing program.

By ·
21 Nov 2011

Last Friday European shares fell after the German Chancellor appeared to rule out using the European Central Bank to conduct a European quantitative easing program.

US shares ended mixed in thin trading on Friday as investors weighed positive economic data with continuing uncertainty about the rocky outlook for Europe's economies.

There was also a degree of pessimism given Wednesday night is the deadline for a resolution from the 12-member bipartisan super-committee that has been given the task of finding sufficient US budget cuts to avoid another debt ceiling breach ahead. A failure by the committee to arrive at a resolution could spark another US credit rating downgrade.

The US leading index rose by 0.9pct in October, well above the consensus estimate of an increase of 0.6pct.

It's a short week in the US this week with given the Thanksgiving holiday on Thursday. Tonight we will see existing home sales and the Chicago Fed national activity index. Tuesday brings the Richmond Fed manufacturing index, as well as another revision of the US September GDP. Wednesday sees durable goods, personal income and spending and consumer sentiment.

On Thursday the Fed will also release the minutes of its last monetary policy meeting.

All US markets are closed on Thursday and on Friday the NYSE has a half-day, closing at 1pm local.

In Australia the Conference Board will provide its September leading index and September quarter construction work done on Wednesday.

In China we will see HSBC's flash estimate of China's November manufacturing PMI.


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