David Fry's  Instablog

A statement from Germany and France: "The President and the Chancellor will meet Saturday night in Brussels ahead of the European Council summit in the euro area on Sunday. France and Germany have agreed that all elements of this ambitious and comprehensive response will be discussed in depth at the summit on Sunday in order to be finally adopted by the Heads of State and Government at a second meeting no later than Wednesday." Okay, got that? So Sunday's grand deadline has been postponed thus relieving some tension temporarily. Whatever they decide, it's said to be much too small and might be backstopped by new derivatives freshly minted in Berlin.

Jobless Claims came in still over 400K after revisions from the previous report showed a slight improvement meaning we're still wallowing along the bottom there. The surprise was a strong Philly Fed reading 8.7 versus -9.8 expected and prior of -17.5. This leap featured the Shipments Index rising from -22.8 to 13.6--the largest jump ever. This must be iGadgets hitting the road. That number is set against Bloomberg's October Economic Index which dropped to -45 versus -34 previously.  

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