Frontrunning: September 3

• Is this the reason for Japan's unwillingness to intervene: Japan Said to View U.S. Opposition as Yen Intervention Obstacle (Bloomberg) - Japan views probable U.S. opposition to intervention in the foreign-exchange market to address the appreciating yen as an obstacle to taking unilateral action, according to three Japanese government officials.
• LOL European Stress Tests: Lenders Shunned on Stress Tests Doubts (FT)
• LOL v2: White House: No Second Stimulus Being Considered (Reuters)
• East coast braces for Hurricane Earl (WSJ)
• French government vows to face down pension strike (Reuters)
• Chinese Funds Post Huge Losses in H1 (Caixin, h/t Mark)
• Bundesbank Asks German President to Dismiss Sarrazin After Race Comments (Business Week)
• Does Grandma Cause Unemployment? (Barrons)
• Reich: How to End the Great Recession (NYT)
• New Regulations May Prompt 'too big to fail' Banks to Break Up (Telegraph)
• Economists? Not a clue (Atomatic Earth)
• You Say Recession, I Say Depression (New Republic)
• BOJ to stand pat next week, eyes easing next month (Reuters)
• And today's broken record comes from Krugman: The Real Story (NYT)

Economic Data:

• Australia AiG Performance of Service Index 47.5 m/m. Previous 46.6 m/m.
• Japan Capital Spending Excluding Software -1.50% q/q – higher than expected. Consensus -5.90% q/q. Previous -12.90% q/q.
• Japan Capital Spending -1.70% q/q – higher than expected. Consensus -6.50% q/q. Previous -11.50% q/q.
• Euro-Zone PMI Services for August 55.9 - higher than expected.Consensus 55.6 m/m. Previous 55.6 m/m.          
• Euro-Zone PMI Composite for August 56.2 - higher than expected.Consensus 56.1 m/m. Previous 56.1 m/m.                  
• Euro-Zone Retail Sales for July 0.1% m/m 1.1% y/y - lower than expected m/m, higher than expected y/y. Consensus 0.2% m/m 0.6% y/y. Previous 0.2% m/m 1.2% y/y.
• Germany PMI Services for August 57.2 - lower than expected.Consensus 58.5 m/m. Previous 58.5 m/m.             
• France PMI Services for August 60.4 - higher than expected.Consensus 59.9 m/m. Previous 59.9 m/m.                
• Italy PMI Services for August 51.4 - higher than expected.Consensus 50 m/m. Previous 49.6 m/m.           
• Norway Unemployment Rate for August 2.9% - lower than expected.Consensus 3.0% m/m. Previous 3.0% m/m.           
• Switzerland CPI for August 0.0% m/m, 0.3% y/y - lower than expected.Consensus 0.0% m/m 0.4% y/y. Previous -0.7% m/m 0.4% y/y.
• UK PMI Services for August 51.3 m/m - lower than expected.Consensus 52.9 m/m. Previous 53.1 m/m.           
• UK Official Reserves (Changes) for August $754M.Previous -$24M m/m.

Comments

[Steak]

I present for y'alls listening pleasure, another two playlists.  The first is a mix of new and recent EDM productions, many of which can melt faces.  The second is for all y'all who like to funk it up, with an EDM twist of course.

2cool (4skool) <ass-kicking>: http://www.youtube.com/view_play_list?p=12689F04C0CEEF6C 

up with the get down <funky fresh>: http://www.youtube.com/view_play_list?p=4217E3682ABFEFB9 

[kathy.chamberli...]

steaky i am on audio overload with a big twist of giggles;-]

[Steak]

:D TGIF kathy

[yuri82]

I don't understand why it's such a big deal that Japan would intervene in the currency market...Brazil does it all the time:

http://www.bloomberg.com/news/2010-09-03/real-traders-defy-mantega-as-cu...

[anvILL]

First, look at the last intervention by the BoJ.
Second, imagine how many trading desks blew up.

[Jim B]

Krugman LOL

Print and spend, spend and print, ..........

[Temporalist]

My grandma is dead.  If she is causing unemployment she is more of a witch than my family said she was.

[Tipo anónimo]

"Japan Said to View U.S. Opposition as Yen Intervention Obstacle"

Timmah: hey Mr. JCB wassup?

Mr. JCB: need some help on the yen

Timmah: whoa, hey let's not go there.  Intervention is baaaaad.

Mr. JCB: Howsabout you cook me the Friday jobs report.

Timmah: Done.

[Grand Supercycle]

DOW chart update:

http://stockmarket618.wordpress.com

[Catullus]

The japan article is awesome. The only impediment to us acting unilaterally is someone else responding to our actions. This seems ipso facto to what the word unilateral means.

But, race is to devaluation it is.

[Herry12]

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