Frontrunning: December 12

• Bundesbank Cools ECB Bond-Buying Talk (Bloomberg)
• Central banks fire the second barrel of QE (FT)
• Sarkozy Gets New Rival for the Presidency (WSJ)
• Wolfgang Münchau: Snags, diversions – and the crisis goes on (FT)
• Italy Sells EU7 Billion in Bills as Costs Decline (Bloomberg)
• McConnell, Graham Predict Congress Will Pass Extension of Payroll-Tax Cut (Bloomberg)
• Clegg Says Coalition Breakup Would be ‘Disaster’ as Cameron Faces Dissent (Bloomberg)
• Bank of England said to have overestimated QE boost (FT)
• US groups told to reveal Syria, Iran links (FT)
• Medvedev orders probe into vote-rigging (FT)
• Hu vows to pursue more balanced trade (FT)

'Opening-up to continue' (China Daily)

• Netherlands Trade Balance 3.4B. Previous 3.6B. Revised 3.6B.
• Germany Wholesale Price Index 0.7% m/m 4.9% y/y. Previous -1.0% m/m 5.0% y/y.
• France wages 0.3% q/q. Previous 0.4% q/q. Revised 0.6% q/q.
• France Current Account -4.5B. Previous -4.0B. Revised -4.3B.
• Denmark CPI  -0.1% m/m 2.6% y/y – lower than expected. Consensus 0.1% m/m 2.8% y/y. Previous 0.2% m/m 2.8% y/y.
• Turkey Current Account -4.2B – higher than expected. Consensus -4.6B. Previous -6.8B. Revised -6.4B.
• Turkey GDP 8.2% y/y – higher than expected. Consensus 6.3% y/y. Previous 8.8% y/y.

Comments

[Bobbyrib]

"McConnell, Graham Predict Congress Will Pass Extension of Payroll-Tax Cut"

If a Republican wants any shot at winning the Presidency in the 2012 election, they pass the payroll tax cut..unless of course they find a way to make your average citizen ineligible to vote.

[Ghordius]

oh, this is a good one, and it comes from the Guardian, of all: 

Nick Clegg lashes out at PM and vows to rebuild ties with Europe 'Bitterly disappointed' deputy prime minister joins Liberal Democrat chorus of outrage at EU veto

http://www.guardian.co.uk/world/2011/dec/11/nick-clegg-rift-david-camero...

[johnu78]

This sh*t has been going on for the last 3 years!!! I'm ready for the dollar collapse!!!

-John
http://www.youtube.com/CarMarketer

[PulauHantu29]

QE will be much bigger this time to prevent full blown depression:

The financial markets are becoming ever more dependent on the continuing willingness of the central banks to use their balance sheets to rescue the global economy. The central banks are not flinching from their task. In fact, they are in the process of firing their second barrel of quantitative easing at the global crisis. It could prove to be as large as the first barrel in 2008/09.

from yoru FT article above