OREANDA-NEWS. December 9, 2011. The US indices closed lower as the Friday summit leaks brought no good and S&P rating agency put Spanish banks’ rating on review. S&P 500 Index declined 2.11% while Russell was down by 3.14% with Financials and Basic Materials as the laggards.

The EU accord would have 17 participants out of 27, have IMF as the only lender and impose automatic sanctions on those non-complying with the agreement. ECB Draghi reminded that ECB would not be able to conduct purchases of troubled sovereign bonds if no fiscal union is formed. No plans on the joint Eurobonds were announced.

Initial jobless claims fell to 381K vs consensus forecast of 395K – employment situation is improving in the US.

Wholesale Inventories added 1.6% vs consensus forecast of 0.3%.

Asian indices were mostly down on Friday. Hang Seng lost 2.39%. Japanese Nikkei was down by 1.26%, Korean Kospi - by 1.81. S&P/ASX 200 lost 1.81%. Shanghai stock indices were down on average by 0.6%. Chinese statistics widely met consensus forecasts. CPI rose by 4.2% vs estimated 4.5%.

Trade balance data and Uof Michigan Consumer Confidence will be in focus today.