Frontrunning: April 8

Tyler Durden's picture
  • Japan says economy in "severe" condition (Reuters)
  • Time Running Out for US Budget Deal (FT)
  • Dickering on Budget Goes Down to the Wire (WSJ)
  • BOJ Puts Up $11.73 Billion for Rebuilding (WSJ)
  • Libyan Rebels Blame Deadly Strike on NATO Mistake (Reuters)
  • Egypt Protests Go On, Seeking New Beginning (NYT)
  • As Standoff Continues, a Bleaker Outlook for Ivory Coast (NYT)
  • Brazil Doubles Tax on Consumer Credit to 3% to Slow Inflation, Damp Demand (Bloomberg)
  • El-Erian: European Debt Crisis Morphs Into New Phase (Bloomberg)
  • Nasty Choices in a Time of Raising of Rates (FT)
  • Trichet Defends ECB Rate Increase (FT)
  • Europe's Rate Rise Signals End of Cheap-Money Era (WSJ)
  • Aftershock Shakes Japan's Ruined Northeast Coast (Reuters)

European Economic Highlights:

  • Germany Exports SA for February 2.7% mom - higher than expected.Consensus 2.0% mom. Previous -1.0% mom.
  • Germany Imports SA for February 3.7% yoy - higher than expected.Consensus 1.0% yoy. Previous 2.3% yoy.
  • Germany Current Account (EURO) for February 8.9B - lower than expected.Consensus 12.0B. Previous 7.1B.
  • Germany Trade Balance for February 12.1B - lower than expected.Consensus 13.0B. Previous 10.1B.
  • France Bank of France Bus. Sentiment for March 110.Previous 110.
  • France Central Govt. Balance (Euros) for February -28.0B. Previous -13.4B.
  • Sweden Industrial Prod. s.a. for February 1.1% mom - higher than expected. Consensus 0.0% mom. Previous 4.3% mom.
  • Sweden Industrial Prod. n.s.a. for February 16.9% yoy - higher than expected. Consensus 14.6% yoy Previous 15.3% yoy.
  • Sweden Industrial Orders s.a. for February 0.2% mom 13.7% yoy.Previous -1.5% mom 12.2% yoy.
  • Switzerland Unemployment Rate for March 3.4% - in line with expectations.Consensus 3.4%. Previous 3.6%.
  • Switzerland Unemployment Rate (sa) for March 3.3% - in line with expectations.Consensus 3.3%. Previous 3.4%.
  • UK PPI Input NSA for March 3.7% mom 14.6% yoy - higher than expected.Consensus 2.1% mom 12.5% yoy. Previous 1.4% mom 14.9% yoy.
  • UK PPI Output n.s.a. for March0.9% mom 5.4% yoy - higher than expected. Consensus 0.6% mom 5.1% yoy Previous 0.5% mom 5.3% yoy
  • UK PPI Output Core NSA for March 0.4% mom 3.0% yoy - higher than expected.Consensus 0.3% mom 2.9% yoy. Previous 0.0% mom 3.1% yoy.

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tek77blu's picture

great interview with peter grandich on gold, silver, mining equities, uranium stocks in a post-japan world, and how to sell a position:

Cdad's picture

Japan's economy is in a "severe condition" with no quick recovery in sight

 Really?  Don't tell the criminal syndicate known as Wall Street.  They are more bullish on Japan than I have ever seen since...I was born.  

Just another thing that makes you go hmmmm.

A Man without Qualities's picture

Nikkei rallied nearly 2% on the back of earthquake not being as bad as expected....  

John Law Lives's picture

If one broken window is good for the economy, devastation on a wide scale must be great for the economy.

Cdad's picture

More interesting than the Nikkei the S&P.  Look where it stopped this morning...exactly yesterday's high.  And so dumb ass computer criminal syndicate brokers bailed out their bad moves from yesterday.  All it took was a complete load of bullshit, carried by the BlowHorn, a futures bid...a pop in commodities overnight...a lift in Japan...some whoop ass on the US dollar...and presto...the dumbest traders from yesterday are made whole.

Again, this isn't a market any more.  When the market perpetually rewards the worst trader in the room, then it's a Ponzi scheme.  And we all know how those end.

velobabe's picture

cdiddy, japan panics over no cigarettes. bullish for big tobacco companies.

westboundnup's picture

Japan says economy is in "severe condition."  At Appommatox when an officer asked Lee to surrender, he replied "What would the country say?"  The officer responded "To hell with the country!  There hasn't been a country for at least a year."  I think that sentiment could be applied to the Japanese economy right about know.

Jim in MN's picture

"Chief Cabinet Secretary Yukio Edano says the government will restrict the planting of rice in the area around the Fukushima Daiichi nuclear plant if levels of radioactive substances in rice might be expected to exceed legal limits."??--NHK


John Law Lives's picture

<<<  Japan says economy in "severe" condition  >>>

But, but, but the GDP of Japan in 2011 is only supposed to contract 0.2% as a result of the ongoing disaster.  All that massive reconstruction is going to be good for them...

Too bad there is not a virulent strain of the flu bug that only infects Keynesians.


Drag Racer's picture

Too bad there is not a virulent strain of the flu bug that only infects Keynesians.

Ask Bill Gates, he may have something...

overmedicatedundersexed's picture

gov in full panic over this world wide mess..

gov speakers all talking it's really not so bad, no really it is going well ..gee QE has worked by our academic modeling really it has worked so well we will do more.

do not worry we are in charge

chilling days indeed.

Drag Racer's picture

this shit is just funny. I wish these wipes would understand my brain is clean already, stop washing me...

08:11AM Stocks head for gains as shutdown looms 08:08AM Stocks poised to rise as oil prices jump again
John Law Lives's picture

Government shutdown is bullish...  Stocks should rise.

Surging oil prices are bullish...  Stocks should rise.

HAL 9000 decides stocks should rise.  Stocks will rise.

Dapper Dan's picture
Radioactive water spilled at Onagawa nuclear plant in Miyagi

TOKYO, April 8, Kyodo

Radioactive water spilled from pools holding spent nuclear fuel rods at the Onagawa power plant in Miyagi Prefecture following the strong earthquake late Thursday, the nuclear safety agency said Friday.

But authorities said no cause for alarm,  an order of Bounty bigger picker uppers is on the way, spill will be cleaned up by market close today.

the not so mighty maximiza's picture

They ran out of road to kick the can, it is now on the dirt path, over the river and through the woods we go.

A Man without Qualities's picture

No, what happened was at the end of the road was a brick wall, so when they kicked the can it bounced back and smacked them in the face...

hedgeless_horseman's picture

The Benrnank says it is transitory.

Jim in MN's picture

China weighs in on Japanese nuclear crisis

TOKYO (Reuters) – China said on Friday it was concerned at Japan pumping radioactive water into the sea from its crippled nuclear power plant, reflecting growing international unease at the month-long crisis triggered by a massive earthquake and tsunami.

China will "closely" monitor Japan's actions to regain control of the plant, the foreign ministry said, demanding Tokyo provide swift and accurate information on the crisis which began on March 11 when a magnitude 9 earthquake and tsunami struck.

The comments came as a Chinese quality watchdog said it had detected 10 cases of ships, aircraft or cargo arriving from Japan with higher than normal levels of radiation since mid-March.

Creed's picture
  • Japan says economy in "severe" condition (Reuters)

    this plus that America hating moron Obama dissing the Japs thru neglect & the extreme lack of concern for the Japanese in contrast to the Haiti or Indonesian emergencies


    makes me wonder if the Japs will say fuck it and sell t's to prop their econ this summer


    at this point after watching the world yawning over the Jap tsunami/EQ/meltdown I wouldn't blame them for turning inwards to help themselves

    velobabe's picture

    yeah, what the fuck is up with uncompassionate americans for the japanese. this is just embarrassing, no coverage no simplicity. i simply do not understand this. at least last weekend sony ericsson tennis open mentioned it. guess just because sony is in japan.

    AlaricBalth's picture

    Avarus animus nullo satiatur lucro

    A hearty congratulations goes out to Jamie Dimon of JP Morgan for his valiant, tireless efforts during 2010 which warranted his expanded pay package. After bribing public officials, manipulating the silver market, removing hundreds of military families from their homes, charging exhorbitant fees to the unemployed and feeding at the public trough to the tune of billions of dollars, you certainly have earned such remuneration. (Sarc.)

    "After piloting the No. 2 U.S. bank through the financial crisis relatively unscathed, JPMorgan Chase & Co Chief Executive Officer Jamie Dimon is now being extremely well rewarded.

    Dimon's total compensation jumped nearly 1,500 percent to $20.8 million in 2010 from $1.3 million a year earlier, based on the U.S. Securities and Exchange Commission's compensation formula, a regulatory filing showed.

    Dimon did even better in terms of the value of money and shares actually received: his salary, bonus and stock and options from grants made largely in previous years that were actually exercised in 2010 were worth around $42 million."

    tomster0126's picture

    gotta love the time extensions...the breakdown is inevitable, the budget's a mess.   impeaching is the only option!