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Frontrunning: January 5

Submitted by Tyler Durden on 01/05/2012 08:32 -0400

ECB Cash Averts ‘Funding Crisis’ for Italy, Spain (Bloomberg)
Bailout talks in Greece ‘crucial’, Premier says (WSJ)
Spain sees €50bn of new bank provisions (FT)
Fed says expand Fannie, Freddie role to aid housing (Reuters)
France’s Borrowing Costs Rise at Bond Sale (Bloomberg)
Europe worries linger after French auction (Reuters)
PBOC Suspends Bill Sale as Money Rates Rise Before Holiday (Bloomberg)
Turkey warns against Shi'ite-Sunni Cold War (Reuters)
New capital rules for banks ‘delayed to 2H’(China Daily)
China says local governments clear up some debt irregularities (Bloomberg)
Rivals set to pounce on Santorum's past (Reuters)

European Economic Highlights

Eurozone Industrial New Orders n.s.a. 1.6% y/y – lower than expected. Consensus 3.3% y/y. Previous 1.6% y/y.
Eurozone Industrial New Orders s.a. 1.8% m/m – lower than expected. Consensus 2.5% m/m. Previous -6.2% m/m.
Eurozone PPI 0.2% m/m 5.3% y/y – higher than expected. Consensus 0.1% m/m 5.2% y/y. Previous 0.1% 5.5% y/y.
Germany Retail Sales for November -0.9% m/m 0.8% y/y – lower than expected. Consensus 0.2% m/m 0.7% y/y. Previous -0.2% m/m -0.4% y/y.
France Consumer Confidence Indicator for December 80 – in line with expectations. Consensus 80. Previous 79.
Italy Unemployment Rate s.a. for Q3 8.1% - in line with expectations. Consensus 8.1%. Previous 8.0%.
Italy Unemployment Rate s.a. for November 8.6% - higher than expected. Consensus 8.5%. Previous 8.0%.
UK PMI Services for December 54.0 - higher than expected. Consensus 51.5. Previous 52.1.
UK Official Reserves (Changes) for December -$1943M. Previous -$249M.

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Thu, 01/05/2012 - 08:37 | 2034990 youngandhealthy

And here comes another $1.3Tn of MBS support from FED (QE3) in the ongoing currency war between EUR and US

http://www.reuters.com/article/2012/01/05/us-usa-fed-housing-idUSTRE8031SE20120105

Fck US

Thu, 01/05/2012 - 08:47 | 2034995 Ghordius

I don't get it, what has the EUR to do with this?

It's a purely US internal matter - I don't see the connection to the currency war

Thu, 01/05/2012 - 08:52 | 2035002 Bobbyrib

The country is broke, where is the money going to come from? I'll give you a hint: Bernanke likes to use it to make dollars.

Thu, 01/05/2012 - 08:54 | 2035007 youngandhealthy

HINT: Prin.ing mre Dllr

Thu, 01/05/2012 - 08:40 | 2034991 Snidley Whipsnae

:::::: Announcement :::::: *US Wire Deposits and Withdrawals Are Temporarily Suspended*

Dear Clients,

We’ve had an issue with our Citibank account and we’ll not be accepting wire or ACH deposits or executing check, wire or ACH withdrawals for a short period of time. All the funds are accounted for and we’ll re-commence operations by Monday or Tuesday next week.

We’ve had an issue or two in the past with banking so we understand the tension this causes for customers and us. However, we’ve always sorted out it. There hasn’t been one incident where transactions weren’t executed properly and accurately once the issue was solved.

If you have any questions, don’t hesitate to send an email to info@tradehill.com."

http://tradehillblog.com/2012/01/04/announcement-us-wire-deposits-and-withdrawals-are-temporarily-suspended/

Thu, 01/05/2012 - 08:42 | 2034992 Irish66

Wow, that is not comforting at all.

Thu, 01/05/2012 - 08:48 | 2034997 Snidley Whipsnae

Comforting? ... Comforting has nothing to do with it. These days I feel most comfortable in a bunker with a good book and a bottle of J&b.

"The Times They Are A Changing" B D

Thu, 01/05/2012 - 08:51 | 2035000 Irish66

Badly written press release

Thu, 01/05/2012 - 09:16 | 2035034 Snidley Whipsnae

The link is at Max Keiser's site. It those bankers are in panic mode they probably aren't considering grammer mistakes.

http://maxkeiser.com/

Thu, 01/05/2012 - 09:17 | 2035036 Schmuck Raker

"an instant bitcoin exchange"

Nobody, I mean nobody could have seen that coming!

Thu, 01/05/2012 - 09:18 | 2035038 GMadScientist

No amount of "more of the same" government interference from Fannie, Freddie, or any other GSE in the housing market will make me incapable of seeing that the principal is still inflated above the trend line.

Ben, it's not that people aren't buying enough houses, it's that YOU won't let prices clear so they can and will, moron.

Thu, 01/05/2012 - 09:44 | 2035083 847328_3527

Expanding Fannie, Freddie means more zero down mortgages which might prolong the correction. Shiller says they are still overpriced in many locations.

Thu, 01/05/2012 - 10:31 | 2035243 fnord88

https://www.technologyreview.com/article/39319/?nlid=nldly&nld=2012-01-05

Excellent article about the changing jobs market and the changes that the tech revolution means going forward. Basically concludes by saying despite making many jobs redundant, IT can be used to revolution education. Anybody can and should be able to learn almost anything for free, and reskill for the new reality. Of cource fails to mention .edu is a beast almost comparable to the military complex.

Mon, 01/09/2012 - 01:49 | 2045914 sara29

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Frontrunning: January 5

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