US Retail sales for November just failed to meet expectations, 0.3% vs 0.4%, as did the University of Michigan’s Consumer Confidence survey 91.8 vs 92 ahead of next week’s US interest rate decision.
Some positive news for the Eurozone after today's Targeted LTRO showed an increase in demand by Euro-Zone banks for TLTRO’s. 55 Euro-Zone banks bid 18.3Bn Euros for the low interest rate loans, with the prior figure in September lower at 15.5Bn Euros. LTRO’s provide long term refinancing by the ECB to the financial sector by offering liquidity to banks. The “T”, as in targeted, means that these loans are granted to banks on the condition that they are lent to the real economy, which usually leads to lower long-term interest rates.