Frontrunning: December 1

• Fed Dollar-funding Cut Shows Limits of Action (Bloomberg)
• Global euphoria runs out of steam (AP)
• Chinese Manufacturing Activity Slows (FT)
• Draghi calls for eurozone ‘compact’ (Dow Jones)
• Close Ties Facilitated Coordinated Moves (Hilsenrath)
• Congress Push to Relax US Securities Laws (FT)
• ECB hints at action if euro zone adopts fiscal pact (Reuters)
• Japan to Compile Fourth Extra Budget (Bloomberg)
• EU Finance Ministers Look to ECB as Saviour (FT)
• Greeks Hold Seventh General Strike as Loan Payment Approaches (WaPo)

European Economic Highlights

• Russia Manufacturing PMI 52.6. Previous 50.4.
• France ILO Unemployment Rate 9.7% - in line with expectations. Consensus 9.7%. Previous 9.6%.
• Switzerland GDP 0.2% q/q 1.3% y/y – higher than expected. Consensus 0.1% q/q 1.8% y/y. Previous 0.4% q/q 2.3% y/y. Revised 0.5% q/q 2.2% y/y.
• Ireland Manufacturing PMI 48.5. Previous 50.1.
• Sweden PMI Survey 47.6 – lower than expected. Consensus 49.0. Previous 49.8.
• Hungary PMI 47.8. Previous 48.2.
• Turkey Manufacturing PMI 52.3. Previous 53.3.
• Poland Manufacturing PMI 49.5. Previous 51.7.
• Denmark Retail Sales 0.0% m/m – higher than expected. Consensus -0.6% m/m. Previous 0.0% m/m.
• Denmark Unemployment 4.2% - lower than expected. Consensus 4.3%. Previous 4.2%.
• Norway PMI 48.6 – lower than expected. Consensus 50.2. Previous 50.8. Revised 50.2.
• Switzerland Manufacturing PMI 44.8 – higher than expected. Consensus 44.6. Previous 46.9.
• Italy Manufacturing PMI 44.0 – higher than expected. Consensus 42.8. Previous 43.3.
• France Manufacturing PMI 47.3 – lower than expected. Consensus 47.6. Previous 47.6.
• Germany Manufacturing PMI 47.9 – in line with expectations. Consensus 47.9. Previous 47.9.
• Euro-Zone Manufacturing PMI 46.4 – in line with expectations. Consensus 46.4. Previous 46.4.
• UK Manufacturing PMI 47.6 – higher than expected. Consensus 47.0. Previous 47.4. Revised 47.8.

Comments

[Starving Artist]

Soft landing!

[RemiG2010]

http://www.youtube.com/watch?v=c5bL0E-AXTU

[Spooky Polish]

Got any pillow ? 

[Whoa Dammit]

"Fed Dollar-funding Cut Shows Limits of Action". So the big euphoria only lasted a day. Lol. Or maybe I shouldn't laugh, as that means they will come up with a different bailout that will cost me more.

[DollarDive]

I wrote this post on yesterdays Swap announcment.  I researched swaps and written agreements and when you boil it all down, it was an orchestrated announcement trumpeting things that were already in place - designed to change market psychology.  

http://displacedema.blogspot.com/2011/12/fbrny-ecb-swap-agreements.html

[GMadScientist]

"Congress Push to Relax US Securities Laws"

Please tell me they at least had the decency to name it the Full Employment for Clandestine Accountants Legislation.

We'll grow our way out of this recession...with Ponzi power!

I don't suppose they even considered making the reporting requirements a function of the size of the company.

Facebook is not an "underfunded startup" as they are so fond of reminding the SF muni tax board.