Frontrunning: August 23
- Whatever you do, don't call it a bubble - Bond Funds Attracting Cash Like Stocks During Dot-Com Boom: Credit Markets (Bloomberg)
- The latest Ponzi spin - Spain using its social security funds to buy up its bond auctions (Fistful of Euros)
- Michael Pettis: The last chance to avoid a global trading war (FT)
- China Premier Wen Calls for Political Reform: China has to pursue
political reform to safeguard its economic health, Premier Wen Jiabao
said during a visit to the booming town of Shenzhen, the official Xinhua
news agency reporte (Reuters)
- China Sets Strict Rules on Off-Book Loans (NYT)
- Andy Xie- Inflation, not deflation, Mr. Bernanke: World divides into ice-cold and red-hot economies (MarketWatch)
- Julia Gillard and Tony Abbott Launch Bids to Secure Power (Australian)
- Bernanke Must Raise Benchmark Rate 2 Points, Rajan Says (Bloomberg)
- Implementation of Affordable Chinese Housing Construction Plan Urged (China Daily)
- Preparing for the next "Black Swan" - Investors Are Flocking to New Strategies Designed to Profit From a Market Calamity. But Will They Fly? (WSJ)
- Time for Napoleon Dynamite to write another paid for report claiming all is well in Ireland: Ireland Needs ‘Sustainable’ Finances for Recovery, Lenihan Says (Business Week)
- UK Interest rates 'may hit 8pc' in two years (Telegraph)
- Dealmakers Seize the Moment on Mergers and Acquisitions (FT)
- Blackstone invests in Chinese housing (FT)
- The U.S. Housing Fetish Hurts the American Dream (Robert Samuelson)
- The unkindest cuts: It’s not just ‘the rich’ — we all will pay more taxes if Congress fails to act this fall (Post)
- The billionaire brothers who are waging a war against Obama (New Yorker)
- Krugman ranting for more taxes now: Now That’s Rich (NYT)
Economic statistics - EUR at 1.27 as the economic 'miracle' disappears:
- Euro-Zone PMI Composite 56.1- lower than expected- Consensus 56.3 Previous 56.7.
- Euro-Zone PMI Manufacturing 55.0 - lower than expected- Consensus 56.1 Previous 56.7.
- Euro-Zone PMI Services 55.6 - higher than expected- Consensus 55.4 Previous 55.8.
- Euro-Zone Consumer Confidence 4.4 - higher than expected- Consensus 3.8 Previous 4.1.
- France PMI Manufacturing for August 54.7 - higher than expected- Consensus 53.4 Previous 53.9.
- France PMI Services for August 59.9 - lower than expected- Consensus 60.5 Previous 61.1.
- Germany PMI Manufacturing for August 58.2 - lower than expected- Consensus 60.5 Previous 61.2.
- Germany PMI Services for August 58.5 - higher than expected- Consensus 56.3 Previous 56.5.
- Switzerland Money Supply M3 (y/y) for July 6.5%Previous 7.7% (Revised from 7.4%).