Frontrunning: September 9
- Norway Buys Greek Debt as Sovereign Wealth Fund Sees No Default (Bloomberg), and in two years those responsible for the decision will be sued for criminal negligence; In other news ECB funding to Greek banks stays within €0.3 billion of all time high at €95.9 billion. Perhaps Norway meant buying ECB bonds?
- Funniest self-serving statement of the year: Greece Says Bonds Now an 'Opportunity' as Budget Deficit Falls (Bloomberg)... as opposed to yesterday when they were a catastrophic investment. Also not mentioned was the austerity is really working as Greek industrial production plunges far below expectations
- And guess what - more QE coming to a broke Europe near you: BOE Mulls ‘Second Wave’ of Bond Buying as Rebound Ebbs (Bloomberg)
- Base metals overnight flash crash in China (Reuters)
- OECD Says Slowdown `More Pronounced' Than Anticipated (Bloomberg)
- European Crisis Flares Up in Ireland (WSJ)
- A recent uptick in insider buying is normally considered a positive for the stock market, but it may be misleading for investors (Reuters)
- Japan Plans to Seek Discussions With China on Bond Purchases (Bloomberg)
- Economists cut U.S. growth forecast again (Reuters), yet corporate earnings mysteriously stay flat to very flat
- UK watchdog fines Goldman Sachs $27 million (Reuters)
- Mr. Bubble Bounces Back: Greg Lippmann Leaves Joke T-Shirts, Daily Sushi and the Glorious Bust Behind Him (NY Observer)
- NYT Editorial: Debating the Economy (NYT)
- Searching for Yield: At Any Cost? (Merk Investments)
- Senate, House eye action on China currency (Reuters)
- Drunken, Rowdy Bond Market Is About to Be Ill: Mark Gilbert (Bloomberg)
- Speculation swirls as Rahm Emanuel mulls mayoral run (Reuters)
- Germany Consumer Price Index for August 0.00% m/m 1.0%y/y – in line with expectations.Consensus 0.00% m/m 1.0%y/y. Previous 0.00% m/m 1.00% y/y.
- Germany CPI - EU Harmonised for August 0.01% m/m 1.0%y/y –higher than expected. Consensus 0.00% m/m 0.90% y/y. Previous 0.00% m/m 0.90% y/y.
- France Non-Farm Payrolls for Q2 0.20% - in line with expectations. Consensus 0.20%. Previous 0.20%.
- Sweden CPI Level for August 302.06–lower than expected. Consensus 302.36. Previous 302.04.
- Sweden CPI - Headline Rate for August 0.0% m/m 0.9% y/y –lower than expected. Consensus 0.1% m/m 1.0% y/y. Previous -0.3% m/m 1.10% y/y.
- Sweden CPI - CPIF for August 0.0% m/m 1.4% y/y –lower than expected. Consensus 0.0% m/m 1.5% y/y. Previous -0.3% m/m 1.7% y/y.
- UK Visible Trade Balance GBP/Mn for July -£8667 – lower than expected. Consensus -£7500. Previous -£7532.
- UK Trade Balance Non EU GBP/Mn for July -£4800 – lower than expected. Consensus -£4300. Previous -£4313.
- Australia Employment Change 30.9K – higher than expected. Consensus 25K. Previous 23.5K.
- Australia Unemployment Change 5.10% - lower than expected.Consensus 5.20%. Previous 5.30%.
- Australia Full Time Employment Change 53.1K.Previous -4.2K.
- Australia Part Time Employment Change -22.1K.Previous 27.7K.
- Australia Participation Rate 65.40% - lower than expected.Consensus 65.5%. Previous 65.5%.
- Japan BOJ September Monthly Report
- Japan BSI Large All Industry 7.1 q/q. Previous 4 q/q.
- Japan BSI All Industry 13.3 q/q.Previous 10 q/q.
- Japan Buying Foreign Bonds¥731.7B.Previous ¥70.8B.
- Japan Buying Foreign Stocks¥215.3B.Previous ¥141.0B.
· Foreign Buying Japan Bonds¥100.5B.Previous ¥77.4B.
· Foreign Buying Japan Stocks¥40.1B.Previous -¥150.0B.
· Japan Tokyo Average Office Vacancies 9.17%.Previous 9.10%.