Frontrunning: September 2

• Headline of the day: Economy Avoids Recession Relapse as Data Can't Get Much Worse (Bloomberg).... yes, this is headline news
• Could investors fleeing stocks become a lost generation? (USA Today)
• Will the White House have to replace its recovery blog with a double-dip one? (Telegraph)
• Ozawa Pledges Yen Intervention, Futenma Rethink in Japan Leadership Race (Bloomberg)
• Fisher `Reluctant' to Ease Until Fiscal Action Taken (Bloomberg)
• South Korea's Won Rises to a 2-Week High as IMF Says Currency Undervalued (BusinessWeek)
• Japan dilemma as economic dependence on China grows (Reuters)
• European Exports, Investments Spur Economy's Recovery (Bloomberg)
• But it is all fake and due to the ECB's ongoing life support: ECB holds rates, tipped to extend liquidity lifeline (Reuters)
• Summer of Economic Discontent (WSJ)
• Outgoing economic something or another Romer has some Keynesian parting words: "U.S. Must Find Will for Further Stimulus" (ABC)
• America's biggest jobs program: the US Military (Robert Reich, h/t Robert)
• Bruised Quant Funds Seek a Human Touch (WSJ)
• Fed's Duke Backs Rental Option to Mitigate Home Foreclosures, Unemployment (Bloomberg)
• Already discussed on Zero Hedge previously, but we figured we'd post it one more time: Changing Our 2H US Growth Outlook (Morgan Stanley)
• Bernanke's Jackson Hole Message (Cumberland)

Economic data:

• Australia Trade Balance for July 1888M– narrower than expected. Consensus 3100M. Previous 3539M.
• Japan Monetary Base for August 5.40% Previous 6.1% y/y.
• Japan Buying Foreign Bonds ¥70.8BPrevious ¥1040.8B.
• Japan Buying Foreign Stocks ¥141.0BPrevious ¥32.0B.
• Japan Foreign Buying Japan Bonds ¥77.4B Previous -¥129.5B.
• Japan Foreign Buying Japan Stocks -¥150.0BPrevious -¥39.1B.
• Euro-Zone Gross Fix Cap for Q2 1.8%.Previous -0.4%.
• Euro-Zone Govt Expend for Q2 0.5%.Previous 0.2%.
• Euro-Zone Household Cons for Q2 0.5% - higher than expected.Consensus 0.2%. Previous 0.2%.
• Euro-Zone PPI for July 0.2% m/m 4.0% y/y m/m - lower than expected.Consensus 0.3% m/m 4.0% y/y. Previous 0.3% m/m 3.0% y/y.
• Euro-Zone GDP s.a. for Q2 1.0% q/q 1.9% y/y - higher than expected.Consensus 1.0% q/q 1.7%. y/y Previous 1.0% q/q 1.00% y/y.
• ECB Announces Interest RatesConsensus 1.0%. Previous 1.0%.
• France Mainland Unemp. Change (000s) for Q2 -70K.Previous -8K.
• France ILO Mainland Unemployment Rate for Q2 9.3% - lower than expected. Consensus 9.6%. Previous 9.5%.
• France ILO Unemployment Rate for Q2 9.7% - lower than expected.Consensus 10.0%. Previous 9.9%.
• Italy PPI for July -0.1% m/m 4.1% y/y - higher than expected.Consensus 0.4% m/m 4.3% y/y. Previous 0.2% m/m 3.5% y/y.
• Switzerland GDP 0.9% q/q 3.4% y/y - lower than expected.Consensus 0.8% q/q 2.6% y/y. Previous 1.0% q/q 2.3% y/y.
• Switzerland Retail Sales (Real) for July 4.8%.Previous 1.0%.
• Sweden Riksbank Interest Rate for September 0.75% - in line with expectations.Consensus 0.75%. Previous 0.75%.
• UK Nat'wide House prices sa for August -0.9% m/m 3.9% y/y - lower than expected.Consensus -0.3% m/m 4.9% y/y. Previous -0.5% m/m 6.6% y/y.
• UK PMI Construction for August 52.1 - lower than expected. Consensus 53.2. Previous 54.1.

Comments

[dan22]

Militancy and the U.S. Drawdown in Afghanistan

http://israelfinancialexpert.blogspot.com/2010/09/guest-post-militancy-and-us-drawdown-in.html

[Sudden Debt]

pussies...

[whatsinaname]

Yes that Bloomberg headline was HILARIOUS. Really caught my eye this morning. Hello ? Have you heard of the Great Depression Mr. Bloomberg ?

[kathy.chamberli...]

M O M O 's

[TheSettler]

Go somewhere else spammer!

[defender]

Isn't this page about articles that have been posted/come into the spotlight over the last 24 hours?  How is a link to an article, posted on this page, spam? 

I think your bias is showing.

[bada boom]

Last night, Donald Kohn stated that wall street shouldn't expect anymore help.

[taraxias]

"wall street shouldn't expect anymore help"

wink, wink

[Sudden Debt]

U.S. Must Find Will for Further Stimulus

YES WE CAN!

LET'S DO THIS PEOPLE!

LET'S PUMP MY STOCK AND MAKE DADDY RICH!! :)

[SheepDog-One]

Justify further stimulus how?
While theyre pumping markets and saying all is well, theyll need to print $5 trillion to 'save us' from what? What everyone is missing here is they need to TANK the markets in order to pull off more stimulus BS, war of the markets on deck!

[101 years and c...]

I couldn't agree more.  At some point (soon, I think), there will be an event that will begin the markets' collapse.  This event will be the reason we are in a double dip and can be used as the backdrop for $5 trillion in QE.  It is already planned and it will happen.

[MachoMan]

You had me til the last sentence.  QE 2.0, et al, are going to be more under the radar/behind the scenes...  and in smaller amounts than commonly thought...  QE 2.0 will not be a giant cockhammer...  it will be a pinky that whispers sweet nothings.

Very large QE kills everything and the people who would implement it KNOW that.  Given that they cannot stop cold turkey, they're left with but one alternative...  keep this bitch limping along with smaller and smaller injections.  Eventually we'll be posed the decision of default or repudiation, but that day hasn't come.  The only certainty at this point is that our creditors have loaded the chamber, put the gun to our heads, and said suck or die.  We'll suck for now.  (maybe later we'll get the courage to bite).

[cnbcsucks]

"Headline of the day: Economy Avoids Recession Relapse as Data Can't Get Much Worse"

To think someone actually draws a salary and benefits to come up with delusional bullshit like that is frightening.  And then you need to find an editor that's stupid enough to give the ok to print it.

[Bankster T Cubed]

woke up

fell out of bed

uploaded farce into my head

[SheepDog-One]

Romer the pig says 'The US simply MUST find the 'will' for further stimulus'...
Kind of hard to create panic and fear so the govt tinkerers can rush in an 'save us' sheeple with massive further stimulus, when theyre PUMPING the markets!
ALL IS WELL! So wheres the dire need for stimuli ?

[Bankster T Cubed]

the monetary authorities have stimulated our economy to death

[Tense INDIAN]

Economy Avoids Recession Relapse as Data Can't Get Much Worse

I thought what they meant was that even when the data is as worse as it can get, the economy hasnt fallen off a cliff.....and so it wont in the future too

[Jim in MN]

Tyler,

You might want to include this piece, or even do a post on it.  One of the best, and shortest, summaries on the Chinese economy you will ever see.  Really good insights, such as "the country's weather patterns, rather than its economic cycle, are arguably more important in forecasting the CPI" and "China's domestic demand provides less support to global growth than popularly believed" with the data to back it up.  Korea and China are shown to be about equal in imports of manufactured products from the industrialized economies--in the $300-400 billion range.

http://www.bloomberg.com/news/2010-09-01/china-cheat-sheet-helps-investors-survive-commentary-by-ben-simpfendorfer.html

[Ned Zeppelin]

WSJ op-ed made me want to vomit, the writer is such a phucking idiot. The entire Op-Ed section today was filled with silly writings by idiots such as Karl Rove.

"Not surprisingly, the left is frantically calling for a second "stimulus" and demanding tax hikes for the "rich"—a.k.a. our most productive citizens and small businesses." 

What an asshole.  Tired of these guys - they had their turn at bat, and they brought us to where we are.

[Herry12]

Article is very interesting,thanks for your sharing.I will visit this site.welcome to my site!... cheap site hosting
windows web hosting
windows vps hosting