Frontrunning: December 19

• Obituary: Kim Jong-il (FT)
• Draghi Warns on Eurozone Break-up (FT)
• EU Ministers Seek Crisis IMF Funding Deal (Bloomberg)
• China November Home Prices Post Worse Performance This Year (Bloomberg)
• China Debts Dwarf Official Data With Too-Big-to-Finish Alarm (Bloomberg)
• China opens up to offshore renminbi investors (FT)
• Voters to Read Recovery Signs (Hilsenrath)
• Germany May Pay Full ESM Contribution in 2012 (Reuters)
• U.S. Housing Heals Even as its Damage Widens (Reuters)
• S&P Cut Proves Absurd as Investors Prefer U.S.  (Bloomberg)
• UK Government to Accept Vickers ‘in full’ (FT)
• Payroll-Tax Cut in Limbo as U.S. Lawmakers Brace for Fiscal-Policy Fight (Bloomberg)

European economic data:

• Eurozone Current Account (nsa) 1.7B. Previous -2.5B. Revised -0.7B.
• ECB Current Account (sa) -7.5B. Previous 0.5B. Revised 2.2B.
• Eurozone Construction Output (sa) -1.4% m/m. Previous -1.3% m/m. Revised -1.5% m/m.
• Eurozone Construction Output (wda) -2.8% y/y. Previous 0.4% y/y. Revised 0.1% y/y.
• Italy Trade Balance for October (Total) (Euros) -1077M. Previous -1840M. Revised -1881M.
• Italy Trade Balance EU for October (Euros) -217M. Previous -8M. Revised -49M.
• UK Rightmove House Prices for December -2.7% m/m 1.5% y/y. Previous -3.1% m/m 1.2% y/y.

Comments

[lolmao500]

S&P Cut Proves Absurd as Investors Prefer U.S.  (Bloomberg)

Yeah because ``investors`` have been brainwashed for 60 years by their economic teachers on how America's bonds are AAA and are the safest place on the planet. Those idiots were brainwashed for 60 years. No better than all the slaves who cry for Kim Jong Il's death. When the ponzi ends, it'll be them crying when they lose everything.

[BigJim]

Sounds to me like Kim-Jong's condition is worse than just 'il'.

[spanish inquisition]

OT: Found this in forums http://www.zerohedge.com/news/sipc-covers-800-stock-investors-wiped-out-mf-global%E2%80%93-will-sipc-survive-next-financial-crisis

It says 800 investors got full refunds from SIPC for MFG. My question is what was the criteria? As a private corporation, I will assume private owners got the full bailout? So not only are investors losing anything they have at the company (gold and all), the insurance company is set up to bail out the banksters first.....

[Hard1]

S&P Cut Proves Absurd as Investors Prefer U.S. ...Untill somebody screams the emperor is naked!