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Frontrunning: November 3

Submitted by Tyler Durden on 11/03/2010 08:09 -0400

Election reaction: GOP Wins House in Huge Swing (WSJ); El-Erian: We've Voted. What's Next For The Economy? (WaPo), Obama Confronts Setback to Agenda (FT), Obama's Window for Change May Close With Republican Win (Bloomberg), G.O.P. Captures House, but Not Senate (NYT), Republicans to Take On U.S. Health Law, From Taxes to Insurance (Bloomberg)
Bernanke Bond Buying May Risk Rise in Prices Similar to 2004 (Bloomberg)
Straight from the Fed via Hilsenrath: Central Banks in Rate Clash (WSJ)
Business Looks to Republicans to Block Obama on Rules, Taxes (Bloomberg)
Borrowing Costs Rise for Weak in Europe (WSJ)
Greece Suspends Outgoing Airmail After Wave of Bombs (NYT)
Markets like divided government but real problems will go unaddressed (Barrons)
The Fed at Jekyll Island: 100 Years Later, They're Baaack! (Economic Policy Journal, h/t John)
As ZH predicted over a month ago: Cotton Clothing Price Tags to Rise (NYT)
Current Account Targets Are A Way Back To The Future (FT)
World Bank Says China Needs to Raise Interest Rates Further & raises GDP forecast (Bloomberg)
Lenihan Set to Unveil Level of Budget Cuts Tomorrow (Irish Examiner)
Wall Street Banks That Fought Dodd-Frank May Profit Under Republican House (Bloomberg)
South Korea's Lee Expects G-20 Summit Deal on `Guidelines' on Currencies (Bloomberg)
New Crisis Besets `Basket Case' Economy: David Blanchflower (Bloomberg, h/t JAFO)
Eye of a very long storm (Annaly)
The New Deal Was Anything But A Success (IBD)

Economic Highlights:

Norway Unemployment rate (AKU) for August 3.4%- in line with expectations. Consensus 3.4%.Previous 3.4%.
UK PMI Services for October 53.2-higher than expected.Consensus 52.6.Previous 52.8.
UK Official Reserves (Changes) for October $657M.Previous $1935M.
Australia AiG Performance of Service Index 50.7. Previous 45.6.
Australia Building Approvals -6.6% m/m -11.6% y/y – lower than expected. Consensus 0.0% m/m -3.7% y/y. Previous -4.8% m/m 4.2% y/y.

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Wed, 11/03/2010 - 08:13 | 695367 Revolution_star...

Nov 3rd and nothing has changed, and nothing will change until this government is overthrown. The government is owned and the elections are rigged. Starve this beast and oppose it at every turn. The time for revolution is now.

Wed, 11/03/2010 - 08:18 | 695371 fredquimby

UK Official Reserves (Changes) for October $657M.Previous $1935M.

Errr the UK 's reserves more than halved in a month??!!

Wed, 11/03/2010 - 09:04 | 695435 DavidC

fred,
My thoughts exactly! In fact I saw that and did a double take.

DavidC

Wed, 11/03/2010 - 08:29 | 695387 Careless Whisper

The Fed at Jekyll Island: 100 Years Later, They're Baaack! (Economic Policy Journal, h/t John)

out.fukin.rageous.

Wed, 11/03/2010 - 08:34 | 695399 King_of_simpletons

It looks like a victory tour to commiserate and kick it up a notch.

Wed, 11/03/2010 - 08:53 | 695421 LeBalance

There are levels of insensitive and levels of mind rape.

Thank you Fed and directors for (BAM!) kicking it up a notch!

Wed, 11/03/2010 - 09:03 | 695434 bigdumbnugly

like micheal myers or jason or some other such teen horror film villian that can't be stopped, they're back to terrorize us.

Wed, 11/03/2010 - 09:07 | 695440 hugolp

And I am guessing you have not seen the title of the conference from the Fed of Atlanta : 'A return to Jekyll Island: Origins, history and future of the Federal Reserve'

I remember when saying that the Fed was created at a secret meeting at Jakyll Island was considered wacko and conspirational.

Wed, 11/03/2010 - 09:35 | 695504 Marley

Raise your flag-wear your cross,
Stand silent of the cost.

Wed, 11/03/2010 - 08:55 | 695426 Xedus129

"Begin operation Rex 84"

Wed, 11/03/2010 - 09:47 | 695537 sbenard

The Fed goes back to Jekyll Island? Now THAT'S a nightmare! I'm going to suffer from post-traumatic stress!

Wed, 11/03/2010 - 11:28 | 695930 crazynutjob

Does anyone have the correct link for the IBD article? The link is the same as the previous bloomberg article, and I couldn't find the title using IBD's useless search feature.

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Frontrunning: November 3

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