World stocks hit a 12-day low on Monday, depressed by recent weak U.S. economic data and failing to find support from the G20 summit, while the yen attracted fresh flows to hit an eight-month high against the dollar.

European shares climbed 1 percent on Monday, boosted by upbeat euro zone data, while the dollar steadied after falling late last week on a renewed call by China for a super-sovereign reserve currency.

A quick glance at the calendar this week and an instant case of nausea should set in. The week is not only overloaded with reports, but only a few are expected to show improvement.

The economic calendar wastes no time getting off to a busy start in the first full week of 2009.  The Construction Spending report for November this morning leads off the week, and carrying over from last year, it should show a continued slowdown. Until the housing market stabilizes, and the credit markets unfreeze, money simply won’t be spent on new construction. Since neither of those options looks likely to occur anytime soon, 2009 could be another long year for the construction industry.

Currency Volatility!  Trading Theme creeps back!  ADP indicates a bad Jobs Jamboree…  Putting on my thinking cap…  And Now… Today’s Pfennig!