Archive - Oct 26, 2010 - Story

• Copper climbs to 27-month high on Dollar concern; Zinc at nine-month peak.
• Home sales picked up in Sept, but long-term picture for housing is growing grimmer.
• Sweden’s Riksbank hikes key interest rate for a third time since July on stronger economy.
• UK growth probably weakened last quarter as BOE keeps 'fingers crossed'.
• US Treasury draws negative yield for first time during 5-year TIPS auction.
• Aaron's posts Q3 EPS of $0.32 (cons $0.30); revs rose 8.9% to $452.2M.
• Amgen's Q3 net income fell 11% on higher operating costs, lower sales of key drugs.

Remember all those lies about how the Greek economy was going to grow and stuff? Here is the truth: the latest Bank of Greece report shows Greek GDP to shrink about 4% this year and unemployment to exceed 12%. And it is enough to blow Greek spreads out by 25 bps and growing. Below are the summary points from the report which is the first step to uncovering the true devastation sweeping the country. Elsewhere, Kathimerini reported that delays in the collection of taxes in Greece may cause a EUR 900mln shortfall in 2010 causing further widening in spreads.

Home prices, consumer confidence, the Richmond Fed index, and one more Fed speech….

RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 26/10/10