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Frontrunning: January 17

Tyler Durden's picture




 
  • Greece Running Out of Time as Debt Talks Stumble (Bloomberg)
  • China Economic Growth Slows, May Prompt Wen to Ease Policies (Bloomberg)
  • Spain Clears Short Term Debt Test, Bigger Hurdle Looms (Reuters)
  • U.S. Market Shrinks for First Time Since 2009 (Bloomberg)
  • IMF, EU May Need to Give E. Europe More Help (Bloomberg)
  • Securities Regulator to Relax Rules on Listing (China Daily)
  • Monti Seeks German Help on Borrowing (FT)
  • Draghi Questions Role of Ratings Companies After Downgrades (Bloomberg)
  • S&P Downgrades Eurozone Bail-Out Fund (FT)
  • Romney Unscathed From Debate Attacks (Reuters)
  • Bank of Korea Chief Says Interest Rates Still ‘Accommodative’ (Bloomberg)

Press digest:

WSJ

* Pembina Pipeline Corp agreed to buy natural-gas-liquids infrastructure company Provident Energy Ltd for 3.2 billion Canadian dollars (US$3.1 billion) in stock, in what would create Canada's third-largest energy-infrastructure company.

* German car makers Volkswagen AG and BMW AG said Monday they are recalling more than 500,000 vehicles due to possible technical problems.

* Royal Bank of Scotland Group agreed to sell its aircraft-leasing business to a group led by Japan's Sumitomo Mitsui Financial Group Inc for around $7.3 billion.

Sumitomo Mitsui already has an extensive aircraft-finance business and beat competition in the final stages of the auction for RBS Aviation Capital from China Development Bank Corp.

* China's GDP growth slowed to 8.9 percent in the last quarter of 2011, compared with a year earlier, showing that the world's fastest engine of growth is downshifting.

* Federal prosecutors are stepping up their investigation of Standard & Poor's ratings of troubled mortgage securities during the financial crisis, according to former analysts questioned by prosecutors.

* Asian stock markets rose Tuesday as China reported faster-than-expected economic growth in the fourth quarter. The Nikkei climbed 0.8 percent.

* Standard & Poor's downgraded its long-term credit rating on Europe's rescue fund to double-A-plus from triple-A, following its move last Friday to lower ratings on a number of euro-zone states.

* Responding to a difficult environment for Wall Street, Morgan Stanley plans to tell employees this week that bonuses will drop sharply, with cash payouts capped at $125,000, according to people familiar with the matter.

Some top executives will receive nothing now, deferring their 2011 payouts until the end of this year.

* Investigators on the hunt for an estimated $1.2 billion in customer money missing since MF Global Holdings Ltd collapsed are zeroing in on the securities firm's back-office operations in Chicago, people familiar with the situation said.

European Economic News

  • EU 25 New Car Registrations -6.40%. Previous -3.50%.
  • Eurozone CPI Core 1.6% y/y – in line with expectations. Consensus 1.6% y/y. Previous 1.6% y/y.
  • Eurozone CPI 0.3% m/m 2.7% y/y – lower than expected. Consensus 0.4% m/m 2.8% y/y. Previous 0.1% m/m 3.0% y/y.
  • Germany ZEW Survey (Current Situation) for January 28.4 –higher than expected. Consensus 24.0. Previous 26.8.
  • Germany ZEW Survey (Econ. Sentiment) for January -21.6 – higher than expected. Consensus -49.2. Previous -53.8.
  • Sweden PES Unemployment Rate for December 4.7% - higher than expected. Consensus 4.6%. Previous 4.4%.
  • UK DCLG UK House Prices for November -0.3% y/y. Previous -0.4% y/y.
  • UK CPI for December 0.4% m/m 4.2% y/y – in line with expectations. Consensus 0.4% m/m 4.2% y/y. Previous 0.2% m/m 4.8% y/y.
  • UK Core CPI for December 3.0% y/y – in line with expectations. Consensus 3.0% y/y. Previous 3.2% y/y.
  • UK Retail Price Index for December 239.4. Previous 238.5.
  • UK RPI for December 0.4% m/m 4.8% y/y – lower than expected. Consensus 0.3% m/m 4.7% y/y. Previous 0.2% m/m 5.2% y/y.
  • UK RPI Ex Mort Int. Payments for December 5.0% y/y – higher than expected. Consensus 4.9% y/y. Previous 5.3% y/y.
 

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Tue, 01/17/2012 - 08:08 | 2070471 agent default
agent default's picture

So, business as usual.

Tue, 01/17/2012 - 08:13 | 2070478 sabra1
sabra1's picture

more like business unusual! patience, patience!

Tue, 01/17/2012 - 09:37 | 2070666 agent default
agent default's picture

New normal.

Tue, 01/17/2012 - 08:12 | 2070476 westboundnup
westboundnup's picture

Marketwatch - Markets Soar on China Growth.  ZH - China Economic Growth Slows.  Keep in mind, the source for both headlines is Chinese manipulated data based on output that outpaces demand by factors of 10.  For all I know, both headlines are right, or wrong?  Care to trade in this market?  Bring a surfboard, but wear a lifejacket.

Tue, 01/17/2012 - 08:15 | 2070480 YBNguy
YBNguy's picture

TD, where is the bullet point about newly Islamic-dominated Egypt wanting 3 bil from the IMF. Cause they have cash to share and all.............

Tue, 01/17/2012 - 08:30 | 2070490 Snidley Whipsnae
Snidley Whipsnae's picture

Where is the headline about the British economy?

"At the end of last year, Tyler Durden at ZeroHedge published a graph from Haver Analytics/Morgan Stanley that should probably have sounded alarm bells quite a bit louder than it did."

See Haver Analytics Chart at site... GB leads the G10 debt:gdp...

http://theautomaticearth.blogspot.com/

England is in worse financial shape than any of the G10 or even the PIIGS yet they are under the radar...

Tue, 01/17/2012 - 08:41 | 2070504 Ghordius
Ghordius's picture

pssssst...!!! don't mention it yet!!! I still expect this will be the "great discovery" of the first half of 2012

Tue, 01/17/2012 - 08:47 | 2070515 GeneMarchbanks
GeneMarchbanks's picture

One thing is for sure: it won't be the media that uncovers this simple fact. It'll take a looting & rape fest during the London Olympics to get this ball rolling.

Tue, 01/17/2012 - 09:19 | 2070614 Hephasteus
Hephasteus's picture

Ya I hear they had some kind of royal wedding and then sold off all junk from it to raise money for 'charity'. Which I think involves the queens bank account.

Tue, 01/17/2012 - 08:31 | 2070491 Dick Darlington
Tue, 01/17/2012 - 08:42 | 2070501 nicxios
nicxios's picture

  Jay-z has been inspired by the birth of his daughter to never rap about bitches again! This is huge. Now that such an important person has enlightened us, perhaps those of you that toss around the word bitchez in here can humbly follow his lead?

 Now, if J-z can only get his wife to stop taking pictures looking like a white slut, like on the cover of her new album. It's not that the slut part bothers parents, it's that she's sending the message to their black kids to lighten their skin. Think about the children Beyonce!

 

This is real news folks, with real issues! Who cares about Greece China Spain? I can't even find them on a map. And economix is fer loozers. 

Tue, 01/17/2012 - 09:01 | 2070554 Snidley Whipsnae
Snidley Whipsnae's picture

I haven't a clue who J Z is... and I don't want to know. The word rap makes me nauseous and my vison blurry.

Almost as bad as Fed... ;)

Tue, 01/17/2012 - 13:28 | 2071499 xcehn
xcehn's picture

"Reports say the US is to get its top secret surveillance drone back from Iran. The catch is, the device, intercepted in December, has been reduced to 1:80 of its original size and is being marketed as a popular toy."

http://rt.com/news/iran-us-drone-toy-965/

Tue, 01/17/2012 - 16:54 | 2072221 xcehn
xcehn's picture

"Sources suggest to Debka that Israel and Iran are at the zero hour, and if the US won’t strike first, the Israelis will."

http://rt.com/usa/news/israel-iran-us-missile-011/

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