Frontrunning: December 15

• Merkel Mired by Woes That May Deter Crisis Effort (Bloomberg)
• Trade wars accelerate: China set to tax US-made car imports (FT)
• Bernanke Tells Senators Federal Reserve Has No Plan to Aid European Banks (Bloomberg)
• Cameron rules out putting extra €30bn into IMF (FT)
• Inside Wukan: the Chinese village that fought back (Telegraph)
• Dems Moving From Insistence on Millionaire Tax (Bloomberg)
• Republicans face voting shake-up (FT)
• Nicolas Sarkozy: David Cameron's like a child (Metro)
• China FDI flows stumble in November as U.S. drags (Reuters)
• Putin Ally Resigns Russian Parliament Post (WSJ)
• Skills ‘Mismatch’ Hurts Unemployed in U.S. as Job Openings Grow (Bloomberg)
• Growth vow amid global woe (China Daily)
• China to stay fast to real estate policies (China Daily)

European Economic Highlights

• Eurozone PMI Composite  47.9 – higher than expected. Consensus 46.5. Previous 47.0.
• Eurozone PMI Manufacturing  46.9 – higher than expected. Consensus 46.0. Previous 46.4.
• Eurozone PMI Services  48.3 – higher than expected. Consensus 47.0. Previous 47.5.
• Eurozone CPI  0.1% m/m 3.0% y/y – in line with expectations. Consensus 0.1% m/m 3.0% y/y. Previous  0.3% m/m 3.0% y/y.
• Eurozone Employment  -0.1% q/q 0.2% y/y. Previous  0.3% q/q 0.4% y/y. Revised 0.2% q/q 0.5% y/y.
• UK BOE/GFK Inflation Next 12 Months 4.1%. Previous 4.2%.
• UK Retail Sales Ex Auto Fuel  -0.7% m/m 0.5% y/y – lower than expected. Consensus -0.4% m/m 0.3% y/y. Previous 0.6% m/m 0.9% y/y. Revised 0.9% m/m 1.1% y/y.
• UK Retail Sales w/Auto Fuel  -0.4% m/m 0.7% y/y – lower than expected. Consensus -0.3% m/m 0.4% y/y. Previous 0.6% m/m 0.9% y/y. Revised 1.0% m/m 1.1% y/y.
• Switzerland Industrial Production  -1.4% q/q -1.4% y/y – lower than expected. Consensus -0.9% q/q 0.0% y/y. Previous 3.6% q/q 2.3% y/y. Revised 2.9% q/q 1.6% y/y.
• Sweden Unemployment Rate  6.7% - lower than expected. Consensus 6.8%. Previous 6.9%.
• Spain House Prices ToT Homes  -2.8% q/q -7.4% y/y. Previous -1.2% q/q -6.8% y/y.
• Norway Trade Balance  35.5B. Previous 26.7B.
• Netherland Retail Sales  -1.7% y/y. Previous -1.0% y/y. Revised -0.7% y/y.
• Netherlands Unemployment Rate (sa)  5.8% - lower than expected. Consensus 5.9%. Previous 5.8%.
• Italy CPI-EU Harmonised  -0.1% m/m 7.0% y/y – higher than expected. Consensus -0.1% m/m 3.7% y/y. Previous -0.1% m/m 3.7% y/y.
• Ireland PPI  0.9% m/m 1.9% y/y. Previous -0.3% m/m 2.5% y/y.
• Germany PMI Manufacturing  48.1 – higher than expected. Consensus 47.5. Previous 47.9.
• Germany PMI Services  52.7 – higher than expected. Consensus 50.0. Previous 50.3.
• France PMI Manufacturing  48.7 – higher than expected. Consensus 47.0. Previous 47.3.
• France PMI Services  50.2 – higher than expected. Consensus 49.0. Previous 49.6.
• Denmark Wholesale Prices  0.1% m/m 5.2% y/y. Previous -0.1% m/m 5.5% y/y.
• Austria Consumer Price Index 0.1% m/m 3.6% y/y. Previous 0.1% m/m 3.4% y/y.
• Turkey Unemployment Rate  8.8% - lower than expected. Consensus 9.5%. Previous 9.2%.
• Hungary Industrial Production SA  -0.9% m/m 3.0% y/y. Previous -0.9% m/m 3.0% y/y.

Comments

[firstdivision]

Would you look at that.  All EU countries economic data prints were either in line or above expectations.  In the words of Gomer Pyle, "surprise, surprise, surprise".

That Irish PPI print smells really fishy.

[tarsubil]

What do the people of Wukan need right now? That is what you need in the future.

[Schmuck Raker]

Economic stimulus?

Political freedom?

I'm coming around to the idea that -ultimately- you can't have both.

[tarsubil]

I'm not really reading you. The people of Wukan need food, water filtration, and medical supplies. 20,000 super SASSes wouldn't hurt either.

[Schmuck Raker]

“Almost all of our land has been taken away from us since the 1990s but we were relaxed about it before because we made our money from fishing,” said Yang Semao, one of the village elders. “Now, with inflation rising, we realise we should grow more food and that the land has a high value.”

I was thinking of their long term needs. You were asking about 'today'. My mistake, I didn't realize you meant it so literally. Your right.

[ThrivingAdmistC...]

Dude, China is gonna collapse, then we are going to have an economic collapse

[l.hauri]

it was a nice winter day. Maybe we should have more like it.
t shirt printing