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Frontrunning: December 7

Tyler Durden's picture

  • Draconian Budget Set to Pass After Lowry Gives His Backing (Irish Times)
  • Euro Collapse 'Possible' Amid Deepening Divisions Over Bail-out (Telegraph)
  • China Outstrips Fed With Liquidity Risking 2011 Inflation Spike (Bloomberg)
  • Deal Struck on Tax Package (WSJ)
  • Dublin Woos MPs Ahead of Budget Vote (FT)
  • China Buys Most Korean Bonds in 6 Months as Won Falls (Bloomberg)
  • EU Rules Out Immediate Aid Boost, Banks on ECB to Fight Crisis (Bloomberg)
  • The theatrical farce continues: Obama Summons CEOs to White House for Talks Amid Change (Bloomberg)
  • U.S. Ends Citigroup Investment With $10.5 Billion Stake Sale (Bloomberg)
  • RBA Keeps Rate Unchanged, Sees Inflation Contained (Bloomberg)
  • China Hits Back at Criticism over North Korea (Reuters)
  • I Opt-out of California (New Geography)
  • Obamanomics: Only fat cats prosper (NYP)
  • Folding the Fed: Central bank isn't equipped to save the economy (Washington Times)

Economic Highlights

  • Norway Consumer Confidence for Q4 26.5-higher than expected. Consensus 23.6. Previous 22.7.
  • Switzerland Unemployment Rate 3.6%-in line with expectation. Consensus 3.6%. Previous 3.5%.
  • Australia Wholesale Price Index 0.8% m/m 7.7% y/y. Previous -0.2% m/m 7.0% y/y.
  • Denmark Industrial Production -4.8%m/m. Previous 2.4% m/m.
  • Denmark Industrial Orders 3.3% m/m.Previous -27.3% m/m.
  • Sweden Budget Balance SEK 13.7B. Previous -16.6B.
  • Norway Industrial Production 8.6% m/m -2.4% y/y. Previous 1.8% m/m -10.9% y/y.
  • Norway Industrial Production Manufacturing -0.3% m/m 4.0% y/y-lower than expected. Consensus 0.4% m/m 4.7% y/y. Previous 1.6% m/m 3.3% y/y.
  • UK Industrial Production -0.2% m/m 3.3% y/y-lower than expected. Consensus 0.3% m/m 3.9% y/y. Previous 0.4% m/m 3.8% y/y.
  • UK Manufacturing Production 0.6% m/m 5.8% y/y-higher than expected. Consensus 0.3% m/m 5.4% y/y. Previous 0.1% m/m 4.8% y/y.
  • Germany Manufacturing Orders 1.6% m/m 17.9% y/y-lower than expected. Consensus 1.9% m/m 18.6% y/y. Previous -4.0% m/m 14.0% y/y.
  • Irish parliament votes on 2011 budget.

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Tue, 12/07/2010 - 09:12 | 785041 papaswamp
papaswamp's picture

In the US...please also take a moment to remember those that died at Pearl Harbor 68 yrs ago today.

Tue, 12/07/2010 - 09:14 | 785045 TheSettler
TheSettler's picture


Tue, 12/07/2010 - 09:18 | 785054 papaswamp
papaswamp's picture

That captcha math fucks with me every time

Tue, 12/07/2010 - 09:26 | 785071 viator
viator's picture

It looks like some kind of haircut is inevitable in Europe. I have not seen much written on how deflationary this will be. Won't haircuts in Europe fly directly in the face of various QE efforts to inflate? The losses involved in haircuts would be anywhere from hundreds of billions to upwards of a trillion euros (etc.). Maybe more. That seems pretty deflationary. Has anyone seen any analysis of this?

Tue, 12/07/2010 - 10:12 | 785216 99er
99er's picture


Some beautiful butterflies can bite like a bear.

Good luck, folks!

Tue, 12/07/2010 - 10:29 | 785272 Bob
Bob's picture

The Ireland story:

“Failure to pass a budget would lead to further economic failure,” Mr Lowry said last night. “If our Government and political leaders renege on a vital condition of our agreement with the EU/IMF we will suffer irreparable reputational damage. Such an abdication of governance would attract ridicule and scorn throughout Europe and the international financial markets.


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