Ahead of another European Finance Minister coffee talk today, eyes are on the pressure the Spanish government will likely get to stop playing games on the day the Europeans are supposed to roll out their new bailout toy, the ESM. It supposedly has amazing powers of suspending reality for periods of time. Greece will be the other story as it seems they will get further leeway from their sugar daddies who will never get paid back all of what’s owed to them but for now will pretend to. German IP in Aug fell .5%, a touch better than estimates of a decline of .6%. Exports in Aug were unexpectedly higher by 2.4% m/o/m vs the estimated drop of .6%. After a vacation last week, the Shanghai index traded lower by .5% notwithstanding a rise in the HSBC private company weighted PMI services index to 54.3 from 52, a 4 month high. While the state company PMI last week fell sharply, at 53.7 is now more in line with HSBC.