Frontrunning: February 3

• Violence Escalates After Gunfire Assault (WSJ)
• Yemenis Protest After Saleh Makes Concessions to Defuse Tension (Bloomberg)
• Here come subsidies: China allocates $228m for vegetable supply (China Economic Net)
• ECB Seeks to Shed ‘Uncomfortable’ Bond-Buying Duty (Bloomberg), because if it's a third party CDO monster, then it is nobody's fault really
• And minutes after our own headline... Oil Climbs on Egypt as Stocks Decline; Copper Hits $10,000 (Bloomberg)
• Senate Rejects Repeal of Health Care Law (NYT)
• Egypt Millionaires `Sacrificed' as Leadership Turns to Military (Bloomberg)
• S&P Says No Plans to Cut U.S. Rating in Medium Term (Reuters) and nobody has any plans to listen to S&P ever again
• White House Charts a New Plan (WSJ)
• Enough Is Enough On Raising The Federal Debt Limit (Forbes)
• What causes higher prices & inflation? (Fundmastery)
• Cyclone Yasi Hits Australian Coast (FT)
• IMF Warns On Asian Economies (WSJ)
• Trichet Fights to Curb Pay Pressures as Inflation Accelerates (Bloomberg)

European economic highlights:

• Euro-Zone PMI Composite for January 57.0–higher than expected.Consensus 56.3. Previous 56.3. 
• Euro-Zone PMI Services for January 55.9 –higher than expected.Consensus 55.2. Previous 55.2.
• Euro-Zone Retail Sales for December -0.6% m/m-0.9% y/y – lower than expected.Consensus 0.5% m/m 0.2% y/y. Previous -0.8% m/m 0.1% y/y.
• Germany PMI Services for January 60.3–higher than expected.Consensus 60.0. Previous 60.0.
• France PMI Services for January 57.8–higher than expected.Consensus 57.1. Previous 57.1.
• Italy PMI Services for January 49.9–lower than expected.Consensus 50.5. Previous 50.2. 
• Switzerland Trade Balance for December 1.28B. Previous 1.93B.
• Switzerland Exports real SA for December 4.2% m/m. Previous -3.4% m/m. 
• Switzerland Imports real SA for December -4.1% m/m. Previous -3.3% m/m.               
• UK PMI Services 54.5– higher than expected.Consensus 51.3. Previous 49.7.
• UK Official Reserves (Changes) $-384M. Previous $976M.

Comments

[spanish inquisition]

China allocates $228m for vegetable supply ... "to ensure supply and stabilize prices" 

Still time to order and plan for your very own Victory garden!

[docj]

Holy crap.  If anyone is interested in seeing what a first-class Hopium overdose looks like, try this (complete with a "take your banker to lunch day" suggestion!!)...

http://www.maritime-connector.com/NewsDetails/11583/lang/English/Economi...

If you haven’t already, lock in your borrowing costs and take your banker to lunch, (Dr. J. Antonio Villamil, dean and research professor of economics at the St. Thomas University School of Business, Miami Gardens, Fla) suggested, as long-term banking relationships will continue to be essential to growth.

“2011 and 2012 will likely show an improving business environment from the dismal 2008 to 2010 period,” he concluded, “but a return to the good old days of 2004 to 2007 is unlikely for the foreseeable future.”

[Cash_is_Trash]

take your banker to lunch

Better: Take him out back and shoot the fucker.

[FunkyMonkeyBoy]

Only 45 points now from the Baltic Dry being in triple digit territory. This week, next week?

And what magical Put is the Bernank going to come up with to fix this problem?

[youngman]

You fill them with GM cars ..have them sail around a little bit.....and then return them to us......see..its all fixed now....

[Cash_is_Trash]

haha, like having unemployed men dig-up and fill-in ditches.

Why didn't we think of that?

Thanks Lord Keynes!

[Careless Whisper]

"We conclude that this is a question of great public importance, as many, many mortgage foreclosures appear tainted with suspect documents," the appeals court wrote.

Florida Court Getting Fed Up With Totally Bogus Bank Docs:

http://www.palmbeachpost.com/news/alleged-foreclosure-fraud-involving-gr...

[Careless Whisper]

Want to see the birth certificate in Connecticut? You're a racist!

"When you look at (similar bills) across the country, it smacks of a kind of racial prejudice," Armstrong said.

http://www.newstimes.com/news/article/Greater-Danbury-NAACP-head-critici...

[hugovanderbubble]

http://www.financialchat.com/sites/default/files/PAPELCOMERCIALVSBALTICDRYINDEX1.jpg

Fyi,

[satansanus]

covering slv shorts selling dzz longs by eod

[satansanus]

congrats to any hookers that sold slv/bought dzz on the pops this week. closing out

[satansanus]

adding jnk and agency reits

[Miles Kendig]

Egypt Millionaires `Sacrificed' as Leadership Turns to Military

The guns out gun the $.  Facts of life