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Frontrunning: August 19

Submitted by Tyler Durden on 08/19/2010 08:56 -0400

Sarkozy Calls Crisis Meeting to Avert Loss of AAA Rating (London Times, subscription required)
Spain just says no to austerity - after all the bankrupt country can place Bills at 4% so all is good: Spain Restores €500m of Spending (FT)
US Banks Receive Basel III Boost (FT)
Citigroup's Sweetheart Deal Flunks Smell Test (Bloomberg)
BOJ May Expand Corporate Loan Program to Help Weaken Yen, Sankei Reports (Bloomberg)
Goldman's 2027 Call Means China Must Get Busy (Bloomberg)
Double-dip recession talk will be heating up (Post)
China Says Local Govt Borrowing Risks Manageable (Reuters)
U.S. Must Tackle Deficit Without Denting Recovery (Reuters)
South Korean treasuries sought by China (FT)
Bundesbank Raises German Growth Forecast After Record Quarter (Bloomberg)
Big investors pulling the exit chute. Commentary: Grab a beer and avoid the bond-bubble bang (Market Watch)
Bank of England Boss Mervyn King 'Surprised' by Strength of Inflation (Telegraph)
Bank of Canada sees new bank rules lifting economy (Reuters)
Long-Term Case for Stocks and Commodities Stronger than Case for Bonds (Ciovacco Capital)
Mexico Under Seige (WSJ)
Taking Stock of a Scary Market Signal (Barrons)

Economic Statistics:

Norway GDP s.a. for Q2 0.1% - lower than expectedConsensus 0.2% Previous -0.1% (Revised from 0.2%)
Norway GDP (Mainland) s.a for Q2 - 0.5%-higher than expected Consensus 0.3% Previous 0.1% (Revised from 0.2%)
Switzerland Trade Balance for July 12.3%-in line with expectation Consensus 12.3% Previous 12.3%
Switzerland Exports real SA for July 1.9%Previous -6.4% (Revised from -5.5%)
Switzerland Imports real SA for July -4.0%Previous -9.9% (Revised from -10.2%)
Switzerland Credit Suisse ZEW Survey (Expectations) for August 9.1Previous 2.2
UK Retail Sales Ex Auto Fuel for July 0.9% MoM 2.4% YoY - higher than expectedConsensus 0.2% MoM 1.8% YoY Previous 1.0% MoM 3.1% YoY (Revised from 1.1% MoM 3.0% YoY)
UK Retail Sales w/Auto Fuel for July 1.1% MoM 1.3% YoY - higher than expected Consensus 0.3% MoM 0.6% YoY Previous 0.7% MoM 1.3% YoY (Revised from 1.1% YoY)
UK Public Finances (PSNCR) for July -4.1B-lower than expected Consensus 0.9B Previous 20.9B (Revised from 20.7B)
UK Public Sector Net Borrowing for July 3.2B-lower than expected Consensus 4.8B Previous 14.5B (Revised from 13.9B)
UK M4 Money Supply for July 0.4% MoM 2.3% - YoY higher than expected Consensus 0.3% MoM 2.0% YoY Previous 0.0% MoM 3.0% YoY (Revised from 0.1% MoM 3.1% YoY)
UK Major Banks Mortgage Approvals for July 47KPrevious 48K
UK CBI Trends Total Orders for August Consensus -14 Previous -16

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Thu, 08/19/2010 - 09:04 | 530013 THE DORK OF CORK

There might now be Parisian pressure on the ECB to buy Gold to protect the French treasury !

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Thu, 08/19/2010 - 09:05 | 530014 Eduardo

The economics statistics at the end of the frontrunning post is great. Thanks

Thu, 08/19/2010 - 09:06 | 530017 M.B. Drapier

Spain just says no to austerity - after all the bankrupt country can place Bills at 4% so all is good: Spain Restores €500m of Spending (FT)

And the name of the game is...

Thu, 08/19/2010 - 09:10 | 530026 Cognitive Dissonance

Sarkozy Calls Crisis Meeting to Avert Loss of AAA Rating

Notice that this doesn't mean they will do anything about the underlying issues, just what can they influence or manipulate in order to kick this can down the road a few more weeks or months. The one armed paperhanger is starting to get a little frantic folks.

Thu, 08/19/2010 - 09:20 | 530052 dan22

Chinese Investors Protest and Demand their Money Back from the Government As New Chinese Cities Remain Empty

Thu, 08/19/2010 - 09:25 | 530065 MsCreant

Just print those investors that money. What's the problem?

Thu, 08/19/2010 - 09:27 | 530070 Careless Whisper

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Fri, 08/20/2010 - 07:40 | 532352 MsCreant

Always enjoy hearing your voice on the blog. Your perspective is both fresh and fun.

Thu, 08/19/2010 - 09:22 | 530059 sushi

The Intel buyout of McAfee is not a positive sign. McAfee sells corporate contract services in addition to consumer software and the service income will hold up even if hardware sales plunge. Intel is basically seeking to maintain revenue levels in the face of a pending decline in hardware sales.

Thu, 08/19/2010 - 09:47 | 530124 M.B. Drapier

Could be. OTOH, Intel always hated to see money being spent on any part of a PC except the processor. Maybe they're planning to hand out cheap or free antivirus coverage?

Thu, 08/19/2010 - 13:25 | 530798 Sisyphus

But, wouldn't Microsoft's free antivirus software at least put a serious dent on their revenue, if not kill the industry entirely?

Thu, 08/19/2010 - 09:25 | 530061 Careless Whisper

front-run this to:

bombshell: barry outed

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Frontrunning: August 19

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