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Frontrunning: December 8
- Germany Trade Balance 14.2B - lower than expected
- Bachus picked to chair financial panel (Reuters)
- China’s CPI expected to hit 3.2% in 2010 (China Daily)
- Bond Vigilantes May Thwart Tax Deal (Barrons)
- U.S. sends more subpoenas in insider trading probe (Reuters)
- Banks face dark pool battle with Europe's bourses (Reuters)
- Obamanomics Takes a Holiday (WSJ)
- Every Income Group Hit as Budget Increases Taxes and Cuts Benefits (Irish Times)
- Asia's Inflation Worries Damp Holiday Shopping Cheer (WSJ)
- El-Erian: Tax-Cut Deal Alone Won't Add Enough Jobs (Bloomberg)
- The foreclosure mess may force a solution to the deeper economic drag of underwater mortgages and zombie banks (American Prospect)
- Obama Tax Deal May Boost Economy, Reduce Pressure for Fed Debt Purchases (Bloomberg)
- Fortune Brands Will Split Into Three Units, Focus on Spirits (Bloomberg)
- Einhorn says MBIA still faces trouble (Reuters)
- UK Jobs Growth At Risk From Cuts (FT)
- Must read Helmut Schmidt interview discussing Merkel and Schauble shortcomings (Handelsblatt, h/t Miles)
- IMF Calls For ‘Comprehensive’ Euro Solution (FT)
Economic Highlights:
- Germany Exports for October -1.1% m/m - lower than expected. Consensus 0.0%. Previous 3.0%.
- Germany Imports for October 0.3% m/m - lower than expected. Consensus 1.0%. Previous -1.5%.
- Germany Trade Balance 14.2B - lower than expected. Consensus 15.1B. Previous 16.8B.
- Germany Current Account 11.7B - lower than expected. Consensus 14.3B. Previous 14.0B.
- Bank of France Business Sentiment Indicator for November 107 - higher than expected. Consensus 103. Previous 103.
- France Budget Balance -133.1B. Previous -124.2B.
- France Trade Balance -3.4B - lower than expected. Consensus -4.2B. Previous -4.7B.
- Germany Industrial Production 2.9% m/m 11.7% y/y - higher than expected. Consensus 1.0% m/m 10.0% y/y. Previous -0.8% m/m 7.9% y/y.
- Belgium GDP for 3Q. Previous 0.5%.
And here is Reuters summary of what to expect today:
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It's all good.
The Germans have learned well from our very own Ministry of (mis)Truth.
They are claiming that the drop in German exports and slower auto sales show a sustained, stronger economy for Germany in the months and year ahead - this from an economy that is heavily export reliant.
Ya' just can't make this shit up...
Juergen Stark has a personal message for The Bernank & Co.:
"Ich liebe Dich ueber alles in der Welt, hundinnen!"
Schulden Macht Frei.
Asian inflation should be on the top of the worry list. Not some concocted number.
Real world. Here on the ground.
Housing: Wild Bubble
Food: In excess of 20% here in India. Watch for the Onion Revolt coming
Clothing: Cheap, but all cheap shit clothing.
Gas: Expensive
Market: Bubble, FDI bubble at that, hot money bubble.
In fact, all of Asia's "gains" are hot money bubble gains.
And we're all in it together. When hot money runs, it is usually for the wrong reasons.
ORI
http://aadivaahan.wordpress.com
Another failed Ger. auction: Ger Schatz auction for EUR 5bln, 1.00% 14-Dec-12, bid/cover 1.1 vs. Prev. 1.4 (yield 0.92% vs. Prev. 0.98%), retention 20% vs. Prev. 17.92%
and then there's this:
Germany 49.97 +7.07% +3.30bps
and this
Royal Bank of Scotland N.V./The 160.22 +15.57bps +10.76%
Intesa Sanpaolo S.p.A. (SUB) 339.05 +32.32bps +10.54%
Banco Comercial Portugues SA (SUB) 1616.62bpa +136.48bps +9.22%
UniCredit SpA (SUB) 390.98bps +31.82bps +8.86%
Banca Monte dei Paschi di Siena SpA (SUB) 592.23bps +41.19bps +7.48%
Just an FYI for what you should pay attention to. The rest of Eur. sov. tighter, with corporates wider [not by much though].
Yep, as the churn potential hits a higher gear. While the news of the day communicates the answer is to be found in exerting still greater macro centricism, as if that can stop the fast moving train of insolvency. Insolvency that is both private & public since they are now more one in the same than ever before as fragile global supply chains dominate enterprise of all stripes.
the answer of course is to just issue more debt..perhaps the bank run day did drain liquidity ?? just sayin.
another Goldman witness against Sergey folds under cross-examination by my cousin vinny:
http://www.courthousenews.com/2010/12/08/32412.htm
who needs tee-vee for amusement?
Classic
As national micro imperatives exert hastening the conversion of O2 into CO2 from creditors to debtors that looks sure to hasten the dynamics of implosion within the shadow system. Use it or lose it has always been an underpinning of MAD and seems to be the developing response to Bazooka Ben.
Is this the position Ron Paul was supposed to have?
No. House Subcommittee for Domestic Monetary Policy and Technology.
Oh - Spencer Bachus.
Boycott of Wal-Mart started thanks to big sis. Does having other Wal-Mart shoppers spying on you add to the shopping experience?
http://www.prisonplanet.com/boycott-wal-mart-if-you-want-to-help-save-am...
Nice attempt at getting yields down, Obam-ben:
"Obama Tax Deal May Boost Economy, Reduce Pressure for Fed Debt Purchase"