Frontrunning: November 4

• Fed takes bold, risky step to bolster weak economy (Reuters)
• Oil rises towards $86 on Fed, weak dollar (Reuters), we expect $90 oil within a week
• Asia Girds for Stronger Currencies, Bubble Threat From Fed Move (Bloomberg)
• Obama Says He'll Negotiate With Republicans on Bush Tax Cuts (Bloomberg)
• Sarkozy To Meet Hu As France Takes G20 Lead (FT)
• Pettis Op-ed: Targeting Currencies Will Not Stop Trade Imbalances (FT)
• Bank of America Edges Closer to Tipping Point: Jonathan Weil (Bloomberg)
• Analysis: Strategic tensions threaten Asia as China rises (Reuters)
• Goldman's Pay Pool Shrinks Fastest as Traders' Fortunes Dwindle (Bloomberg)
• In Southeast Asia, Democrats' Losses Prompt Worries (WSJ)
• GM Said to Have Disagreed With Treasury Over IPO Price Range (Bloomberg)
• Simon Johnson - The Volcker Rule After the Midterm Elections (NYT)
• Qantas Grounds Airbus A380 Fleet After Emergency Landing (Bloomberg)
• Icelandic Debt Relief Saga Forces `New Ethics' on Government (Bloomberg)
• Fed Gets Aggressive After Months of Holding Back (NYT)
• Fed Ignored Foreclosed Homes in Asset Choices: Caroline Baum (Bloomberg)

Econ Highlights:

• Australia Trade Balance 1760M – lower than expected. Consensus 2000M. Previous 2446M.
• Australia Retail Sales s.a. 0.3% m/m – lower than expected. Consensus 0.5% m/m. Previous 0.3% m/m.
• Australia Retail Sales Ex Inflation 0.7% q/q – lower than expected. Consensus 1.1% q/q. Previous 1.0% q/q.
• Euro-Zone PMI Composite for October 53.8 - higher than expected.Consensus 53.4. Previous 53.4.
• Euro-Zone PMI Services for October 53.3 - higher than expected.Consensus 53.2. Previous 53.2.
• Euro-Zone PPI for September 0.3% m/m 3.6% y/y – in line with expectations.Consensus 0.3% m/m 3.6% y/y. Previous 0.1% m/m 3.6% y/y.
• Germany PMI Services for October 56.0 - lower than expected.Consensus 56.6. Previous 56.6.
• France PMI Services for October 54.8 - lower than expected.Consensus 55.3. Previous 55.3.
• Italy PMI Services for October 51.0 - lower than expected.Consensus 51.1. Previous 51.3.
• Switzerland CPI for October 0.5% m/m 0.2% y/y - lower than expected.Consensus 0.6% m/m 0.3% y/y. Previous 0.0% m/m 0.3% y/y.
• UK Halifax House Prices sa 1.8%m/m - higher than expected.Consensus 0.6% m/m. Previous -3.7% m/m.
• UK New Car Registrations for October -22.2% y/y.Previous -8.9% y/y.

Comments

[LongSoupLine]

Is anyone else listening to that complete asshat tool, Liesman after the jobs data?

"Just because prices are going up, doesn't mean we have inflation"....huh?!

[hugolp]

He has suddenly become an austrian and next thing you will see is he says inflation is an increase of the money supply. ;)

[snowball777]

$120/bbl before the announced QE2 is complete (oh yes, there will be more).

I would not want to be Bernanke's bodyguard; the stupid fucker is gonna need a Pope-mobile to get to Eccles.

[Goldenballs]

Gold and Silver going into orbit.Greece and Ireland moving nearer to defaults as bond rate increases.The climb of the Wall of Worry getting quicker and quicker.Gold up $41.09 as I write.

[Careless Whisper]

headline corrections:

Fed takes bold, risky step to bolster weak economy

Fed Monetizes Debt

Obama Says He'll Negotiate With Republicans on Bush Tax Cuts

You Can Have Your Stinkin' Tax Cuts

GM Said to Have Disagreed With Treasury Over IPO Price Range

Timmay Tells Ben To Pump N Dump GM

Fed Gets Aggressive After Months of Holding Back

Ben "Virtuous Circle" Deficit And Print

[packman]

Tyler - the PIIGS, the PIIGS!  Am I the only one noticing that Portugal and Ireland are smashing through their record highs on 10-year bonds, with Greece spiking up again as well?  This is apparently getting lost in all the other noise.

[Jim B]

Gotta get some more of my money out of dollars....  FED, you are insane!

[kathy.chamberli...]

well i am sure glad i got gold coin.

now betty luu interviewed a man saying buy gold jewelry and diamonds. just crazy it all seems to me.

ZerØHedge does tea leaves.

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