by Calculated Risk on 11/23/2010 12:44:00 PM

Plenty of data today ...

From Bloomberg: Euro in `Exceptionally Serious' Situation Amid Irish Bailout, Merkel Says

“I don’t want to paint a dramatic picture, but I just want to say that a year ago we couldn’t imagine the debate we had in the spring and the measures we had to take” over Greece, Merkel said ... “We are facing an exceptionally serious situation as far as the euro’s situation is concerned.”

Bond spreads for Spain hit a record today and the 10-year yield moved about 4.9%. The 10-year yields for Ireland and Portugal moved higher today too.

The FDIC released the Q3 Quarterly Bank report today.

Net income for the 7,760 insured commercial banks and savings institutions reporting quarterly financial results totaled $14.5 billion, a considerable improvement over the $2 billion reported a year ago. Third quarter net income was below the $17.7 billion and $21.4 billion reported in the first and second quarters of this year, respectively, but the shortfall was attributable to a $10.1 billion quarterly net loss at one large institution that had a $10.4 billion charge for goodwill impairment. Absent this loss, third quarter earnings would have represented a three-year high. Almost two out of every three institutions (63.3 percent) reported higher net income than a year earlier, and fewer than one in five (18.9 percent) was unprofitable. This is the lowest percentage of unprofitable institutions since second quarter 2008. A year ago, more than 27 percent of all institutions reported negative net income.

The number of problem institutions increased to 860 (about 11% of all institutions) with $379.2 billion in assets (about 2.8% of all assets are at official problem institutions).

The Richmond Fed manufacturing survey showed improvement in November.

In November, the seasonally adjusted composite index of manufacturing activity — our broadest measure of manufacturing — rose four points to 9 from October's reading of 5. Among the index's components, shipments rose four points to 7, new orders edged up two points to finish at 10, and the jobs index increased six points to 10.

This is slightly better than expected. I'll post a graph when after all the regional surveys have been released.

And earlier on existing home sales:

October Existing Home Sales: 4.43 million SAAR, 10.5 months of supply

Existing Home Inventory increases 8.4% Year-over-Year