• The Treasury did not accept any tendered bids submitted in the 91 day and 182 day action on Tuesday.   Outstanding Treasury Bills now amount to Euro 174,940,000 – a decrease of Euro 35 million from the previous week.
• Japan's exports grew for a third straight month in November from a year earlier, but much more slowly than expected and despite a sharp fall in the yen, maintaining economic policy pressure on Prime Minister Shinzo Abe days after his ruling coalition's big election win.  Abe's ruling coalition won snap elections at the weekend, giving the prime minister a fresh mandate to implement his "Abenomics" reform of monetary and fiscal stimulus, combined with structural reform.
• The global economy is ending the year in a fragile state with factory activity shrinking in China, euro zone business growth remaining weak, and emerging market giant Russia in a spiralling currency crisis. Poor to mediocre business surveys in Asia and Europe are likely to put pressure on both the European Central Bank and People's Bank of China to come up with more stimulus.  They also threaten the overall 2015 outlook given the two economies'  huge global reach.

 Forex

•  The dollar pulled away from recent lows hit on skidding oil prices, Russia's financial crisis, and speculation that the Federal Reserve might take a more cautious tone on monetary policy.  Japan's exports rose 4.9 percent in November, falling short of forecasts despite the weakening yen, which helped the dollar regain ground.

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