Frontrunning: August 30

• Bank of Japan’s Moves Fail to Contain Yen (WSJ)
• ECB Likely to Extend Emergency Bank Support (FT)
• Which leads to the following - European Economic Confidence Highest in Two Years (BP) all on life support
• Bernanke Faces Scepticism on Policy Tools, May Need Fiscal Aid (Bloomberg)
• The Uncomfortable Mathematics of Monetary Policy (Reuters)
• Bubble at any cost - China Fortifies State Businesses to Fuel Growth (NYT)
• An end-of-summer puzzle for investors (Reuters)
• Deficit Cost Declines Give Obama Stimulus Clinton Couldn't Get (Bloomberg)
• As nationalism rises, will the European Union fall? (WaPo)
• Australia’s Political Uncertainty Takes Toll (WSJ)
• Recovery Spurs German Union Demands (FT)
• Sell Signal on 36% Profit Increase Has Analysts in Math Denial (Bloomberg)
• The Folly of Subsidizing Unemployment (WSJ)
• Obama Blows Off 3 Billion Wannabe Billionaires (Bloomberg)
• Why the Faltering Recovery? (Samuelson)
• Good Slowdown, Bad Slowdown (Morgan Stanley)
• The CBO Promotes a Stimulus Fantasy (RCM)

Economic data summary:

• Australia HIA New Home Sales for July -7.00% Previous -5.10%
• Australia Company Operating Profit for Q2 18.90% - better than expected. Consensus 5.80% q/q. Previous 3.90% q/q.
• Australia Inventories for Q2 -0.50% - lower than expected. Consensus 0.40% q/q. Previous 0.50% q/q.
• New Zealand Trade Balance for July -186M – lower than expected. Consensus -40M. Previous 276M.
• New Zealand Imports for July 3.75B – better than expected. Consensus 3.70B. Previous 3.51B.
• New Zealand Exports for July 3.57 B – lower than expected. Consensus 3.65B. Previous 3.78B.
• NZ Trade Balance 12 Mth YTD for July 573 – lower than expected. Consensus 793.5. Previous 639
• NBNZ Business Confidence for August 16.4Previous 27.9
• New Zealand Money Supply M3 for July -2.80%Previous -3.30%
• NBNZ Activity Outlook for August 25.7Previous 32.4

Comments

[Sudden Debt]

It's almost getting funny at this point :)

The more America approaches the edge of the cliff, the more they bash Europe, even while the indicators see proof that their economy is improving much better and faster then the American one.

Which idiot doesn't see the link here? It's deflection of attention, that's it!

[dan22]

China's Anti-Ship Ballistic Missile - a Long-Feared Weapon Known As the "Carrier Killer" - is Close to Operational

[Sudden Debt]

hmm... scarry to say the least...

[-273]

Looking at Banana Ben in his civilian attire with his bean shoes, beer belly and ripped jeans is definitely funny. (in the first reuters article)

[SgtShaftoe]

"Details are limited but state media is reporting on $75 million being put into a new research facility in Qingdao, Shandong Province that will conduct research into mining the sea floor. From the article: 'Scientists believe sea beds at a depth of 4,000 to 6,000 meters hold abundant deposits of rare metals and methane hydrate, a solidified form of natural gas bound into ice that can serve as a new energy source.' The research center's first goal is to do surveying and exploration with a new submersible named 'Jiaolong' (a mythical aquatic Chinese dragon). Hopefully these quests yield energy resources to meet growing demand for resources like liquefied coal in China."

http://news.slashdot.org/story/10/08/29/135221/China-Plans-To-Mine-the-Y...

[Spitzer]

The Nikkei 225 priced in Yen must be the best value out there.

[chirobliss]

ABC (Australian Broadcasting Company) has a must hear documentary online from this weekend's show. I think we are watching the imminent implosion of HFT.  They've overplayed their greedy hand and now everyone is saying WTF. Even if the SEC does nothing, other regulators worldwide are going to act to string these bastards up. Goodnight and good f*ing riddance.

The flash crash