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Frontrunning: November 23
- Goodbye reserve currency: Yuan begins trading against the rouble (China Daily) this is big news
- US has no good options over North Korean clash (FT)
- South Korea Prepared to Implement Market-Stability Measures After Shelling (Bloomberg)
- Focus Shifts to China as North Korea Tensions Escalate (Reuters)
- China Inflation `Volcano' May Prove Too Hot for Controls After Cash Surge (Bloomberg)
- Growth in Thailand, Malaysia Slows, Heralding Caution in Asian Rate Moves (Bloomberg)
- Irish PM Defiant as Coalition Cracks (FT)
- IMF urges cuts in Irish minimum wage and dole payments (Irish Times)
- Europe Has Not Yet Rescued Ireland (FT)
- Markets’ Bail-Out Relief Rally Is Short-Lived (FT)
- Fed Adopts Political Tactics on Critics (NYT)
- Volatility bumps up agricultural trading costs (FT)
Economic Highlights:
- Euro-Zone PMI Composite 55.4 - higher than expected. Consensus 53.6. Previous 53.8.
- Euro-Zone PMI Manufacturing 55.5 - higher than expected. Consensus 54.4. Previous 54.6.
- Euro-Zone PMI Services 55.2 - higher than expected. Consensus 53.2. Previous 53.3.
- Germany GDP nsa for Q3 3.9% y/y – in line with expectations.Consensus 3.9%. Previous 3.9%.
- Germany GDP s.a. for Q3 0.7% q/q – in line with expectations.Consensus 0.7% q/q. Previous 0.7% q/q.
- Germany PMI Manufacturing58.9 - higher than expected.Consensus 56.8. Previous 56.6.
- Germany PMI Services58.6 - higher than expected.Consensus 55.8. Previous 56.0.
- France Own-Company Production Outlook for November 11 - lower than expected.Consensus 15. Previous 16.
- France Production Outlook Indicator for November 8 - lower than expected.Consensus 10. Previous 9.
- France Business Confidence Indicator for November 100 - lower than expected.Consensus 102. Previous 102.
- France PMI Manufacturing for November 57.5 - higher than expected.Consensus 55. Previous 55.2.
- France PMI Services for November 55.7 - higher than expected.Consensus 54.8. Previous 54.8.
- Italy Consumer Confidence Ind. sa for November 108.5 - higher than expected.Consensus 107.4. Previous 107.7.
- Norway GDP s.a. for Q3 -1.6% q/q - lower than expected.Consensus 0.5% q/q. Previous 0.1% q/q.
- Norway GDP Mainland Norway s.a for Q3 0.9% q/q – in line with expectations.Consensus 0.9% q/q. Previous 0.5% q/q.
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http://www.zerohedge.com/forum/99er-charts
Good luck, folks.
In the "OMFG" Road Signs that we have all created alone the road to chaos and famine, I think one of the big ones has just been passed.
"Yuan begins trading against the rouble."
That's [t]rouble, $!
or if we are being super silly [d]rouble [t]rouble.
but, of course, we can't be silly at such a serious time! :) :) :)
This plane needs a better class of criminal.
Dammit!! And just yesterday Barney Frankenfurter said it was 'Weedikwoowuss' to doubt or criticize the FED policy!
Help me understand the implications. Was any previous trade between China and Russia done in dollars thus this is a chink in the armor of the Dollar as a reserve currency?
<Goodbye reserve currency: Yuan begins trading against the rouble. > It is an avalanche from now.
Finally, how long will commodities be settled in US$?
Looks like FED are in the end-game with US$ collapsing in the next 12-24 months.
none
What does China really think to gain in the long run? In the short term, it gives them relief from inflation that Helicopter Ben is dumping into their economy. Over time, the Ruble is just going to collapse when Russia runs out of oil. Pfff, whatever.
But indeed. The US is the entry ticket to the world resources market.
The world resources market is much larger than the Russian plus Chinese resources.
Both these countries will request USD from the monopolitistic US to get an access to the world. They cant do otherwise.
Europe not relying on USD for inter trading? Europe is being ousting by the US from the regions of the world that helped Europe to grow. Europe is extremelly dependent on their exterior in terms of resources and the key to enter the world market of resources is the USD.
End of the story.
World needs production of goods, not production of paper money that we'll soon be wiping our asses with.
T'will not all go to waste, i like the Fed have a dual mandate to follow.
Firstly,t'will be an honour to wipe my backside wit a Greenback should it become necessary.Secondly t'would be a privilege to fire-up the stove for cookin' n heatin' using a wheelbarrow full o' 'Benny Boy' Franklin's.
Goodbye USD reserve currency? But...but...someone at the FED or Gubmint says the ECONOMY grew slighty faster than first thought! Hooray! Guess this is Chinas Thanksgiving turkey present to america....gobble gobble motherfukers.
'IMF urges cuts in min wage, etc'....I urge cuts around IMF bankers throats!
NOTHING ABOUT THE TERRORIST Attack attempts IN EUROPE?
They seem to have made serious busts in France, Belgium and England.
Oh right, they need some reason for implementing fascist airport screening over here as well.
In real news, Gold @ $1,372. Uncertainty, bitches.
I think it's way more than uncertainty. That's usually a dollar play. It's finally a real fear of Euro currency collapse and a global systemic meltdown. (!!)
Yeah, but it's of particular interest, as it coincides with expiry day. JP Morgan can't be entirely happy about this play of events.
Gold running as people run to safety in an uncertain world when US markets will be closed over holidays