Frontrunning: June 1

Tyler Durden's picture
  • Is bond trading dying? (Reuters) - of course it is; everyone is trading CDS
  • Russian president comments on wheat export ban lift (Kremlin)
  • Europe struggles towards new Greek rescue deal (Reuters)
  • A new Greek deal with troika imminent (Kathimerini)... since refuted... then confirmed... then refuted again... then confirmed again... etc
  • Rehn Sees Greek Solution in Bond Rollovers, Cuts (Bloomberg)
  • Kan Ouster Risk Rises as No-Confidence Vote May See DPJ Split (Bloomberg)
  • China May Assume Some Local Government Debt (Bloomberg)
  • SAC Faces Probe Of Biotech Trading (WSJ)
  • Australia GDP Falls Most Since 1991 (Bloomberg)
  • NATO extends Libya operations to September (Reuters)... 2020...
  • World’s Wealthy Rose by 12%: Boston Consulting (Bloomberg)
  • EU warns US to speed up bank reform (FT)
  • US home price double dip erases post-crisis gains (Robin Harding)
  • Intolerable choices for the eurozone (Martin Wolf)

European economic update:

  • France PMI Manufacturing for May 54.9 slightly lower than expectedConsensus 55.0 Previous 55.0
  • German PMI Manufacturing for May 57.7 lower than expectedConsensus 58.2 Previous 58.2
  • Italy PMI Manufacturing for May 52.8 lower than expectedConsensus 53.5 Previous 55.5
  • Norway PMI SA for May 56.9 higher than expected.Consensus 55.4 Previous 55.7 (Revised from 55.6)
  • Switzerland Retail Sales for April 7.5% y/y Previous -0.2% y/y
  • Switzerland PMI for May 59.2 Higher than expectedConsensus 57.5 Previous 58.4
  • UK PMI Manufacturing for May 52.1 lower than expectedConsensus 54.1 Previous 54.4 (Revised from 54.6)


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Bazooka's picture

What? .com and not .org?


viator's picture
Contrary to rumor IMF will NOT release next tranche

"The International Monetary Fund (IMF) will not participate probably after a newspaper report at the next partial payment of grants for Greece."

"It is generally acknowledged that the IMF is its part of the end of June next installment due not pay off," wrote the Frankfurter Allgemeine Zeitung (FAZ) on Wednesday. Apparently, the Troika of the ECB, IMF and the EU Commission in its audits come to the conclusion that the financing was not secured for the current program for twelve months. Consequently, the IMF does not pay its part. "

Frankfurter Allgemeine Zeitung (FAZ)
Wirtschafts Blatt Three options are being discussed, one of which – the bankruptcy of Greece – is wanted by no one. The second option is to use the Commission’s EFSM to take over the billions the IMF would have paid for otherwise. The advantage would be, from Angela Merkels point of view, that it involves no votes of national parliaments. A third option would be another adjustment program with yet more conditionality attached to it.

Bagbalm's picture

Nato operations extended to Sept. Very poor writing. What year?

kaiserhoff's picture

Wait until the Ozzies get a full quarter of the Japanese radiation/no power effect.  Then you will see a real swan dive.

Jim in MN's picture

I know yesterday was Fukushima day but here's evidence of what I've been second most afraid of: the air emissions measurement has just been wrong.  The effort to keep the story 'not as bad as Chernobyl' (oh and no way in Hell considering evacuating Fukushima City, too inconvenient) has not been adding up compared to the continuing discoveries of air deposition/contamination in various places.  Now this from NHK:

French research institute finds high radioactivity

A French independent radioactivity watchdog has found radiation in Fukushima Prefecture 60 times higher than the annual reference level for ordinary people recommended by an international commission.

Bruno Chareyron, director of the research institute CRIIRAD, briefed reporters in Tokyo on Wednesday on the results of its survey of the air in Fukushima Prefecture.

The measurements and calculations found an annualized amount of 60 millisieverts at a farm in Iitate Village in the prefecture.

The level is 60 times higher than the annual limit for ordinary people, except for radiation workers, of 1 millisievert, recommended by the International Commission on Radiological Protection.
The researchers also found high radiation levels in Fukushima City. At some places in the city, the levels of radioactivity were 7 to 9 millisieverts a year.

Chareyron urged Japan to increase the number of monitoring spots so that it can provide the public with detailed information on the negative effects of the radiation caused by the troubled Fukushima Daiichi plant.

The one-week survey from May 24th was conducted in cooperation with a Japanese nongovernmental organization.

Wednesday, June 01, 2011 21:49 +0900 (JST)

LeBalance's picture

Could someone with a straight face please summarize what a "Greek Solution" is?

And for your next trick, how that "Solution" relates to "Bond Roll-Overs?"

Is MAD Magazine in charge of headlines or is it Larry Flynt?