Dec 14, 2012

The market is flat. SFE Futures were down 7 this morning.

Dow Jones was down 75. US markets continued yesterday’s trend and sold off on mixed economic data and further fiscal negotiation concerns. US Retail Sales were up 0.3% in November, below the forecast for a 0.5% gain and Producer Prices were down 0.8% in November. New Claims for unemployment were down by 29,000 to 343,000 in the latest week beating the forecast of 375,000. Republican Speaker John Boehner addressed the media in Washington, he suggested President Obama is not serious about cutting spending, and the White House is willing to go over the fiscal cliff. John Boehner has again blamed President Barack Obama for the “fiscal cliff” stalemate and demanded concessions on spending. “It’s clear that the president is just not serious about cutting spending, but spending is the problem,” Mr Boehner told reporters, insisting that tax increases alone will not resolve the US fiscal crisis. “The president wants to pretend that spending isn’t the problem — that’s why we don’t have an agreement, here we are at the eleventh hour, and the president still isn’t serious about dealing with this issue right here,” he said.

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