20121210 1002 Global Economy Related News.

China: Rebound accelerates
China’s factory output and retail sales topped forecasts last month in signs that an economic recovery is accelerating, improvements that may pare a jobless rate newly estimated at almost double the official figure. Industrial production climbed 10.1% in Nov from a year earlier and retail sales growth accelerated to 14.9%, while inflation was 2.0%. (Bloomberg)

Greece: Close to reaching debt buyback target
Greece is near to reaching its target in a buyback of sovereign debt that will unlock aid from the IMF and the EU, according to a Greek government official. The amount offered in the buyback of Greece’s bonds is close to EUR30bn. (Bloomberg)

Germany: Bundesbank slashes 2013 growth forecast to 0.4%
The Bundesbank sliced more than 1ppt off its forecast for economic expansion in Germany next year after the sovereign debt crisis pushed the euro area into recession and global growth slowed. The Bundesbank cut its 2013 projection to 0.4% from the 1.6% predicted in June and said the economy, Europe’s largest, will grow 0.7% this year, down from its previous forecast of 1.0%. (Bloomberg)

US: Consumer sentiment nose-dives in Dec
US’ consumer sentiment took a giant step back in Dec, as the looming fiscal cliff made its first measurable dent on the public’s psyche. The preliminary University of Michigan-Thomson Reuters consumer sentiment index fell to 74.5 from 82.7 in Nov. That’s far below the 82.0 expected in a MarketWatch-compiled economist poll, eliminating four months of gains and also representing the biggest one-month drop since March 2011. (MarketWatch)

US: Creates 146,000 jobs in Nov
Businesses maintained a steady if unspectacular pace of hiring in Nov and the unemployment rate fell to the lowest level in four years as the US economy brushed off the damage caused by Hurricane Sandy. The US added 146,000 jobs last month with the unemployment rate falling to 7.7% from 7.9%, the lowest level since Dec 2008, as more people dropped out of the labor force and stopped looking for work. (MarketWatch)

US: Retail sales probably rose on automobile demand
Sales at US retailers probably rose in Nov as the holiday shopping season got under way and demand for automobiles rebounded after Superstorm Sandy. The projected 0.4% gain would follow a 0.3% drop in October, according to the median forecast of 60 economists surveyed by Bloomberg. (Bloomberg)