Frontrunning: November 10

• Permanent EU Bailout Fund Said to Face Delay (Bloomberg)
• Deal Greek President to Meet Party Leaders (Bloomberg)
• EU Lowers Euro-Region Growth Forecasts (Bloomberg)
• Italy Senate Speeds Vote That May Lead to Monti Government (Bloomberg)
• U.S. Dems Offer $2.3 Trillion Deficit Plan (Bloomberg)
• Friendship Is Tossed in MF Global Storm (WSJ)
• Clients who fled MF Global face clawback risk (Reuters)
• Yuan Bet Losing Its Luster (WSJ)
• Fannie Alabama’s Jefferson County Enters Biggest Muni Bankruptcy as Crisis Victim (Bloomberg)
• Olympus to stay in Nikkei Average: Nikkei publisher (Reuters)
• Indonesia slashes interest rates by 50bp (FT)

European Economic Highlights:

• Germany CPI - EU Harmonised for October 0.1% m/m 2.9% y/y – higher than expected. Consensus 0.0% m/m 2.8% y/y. Previous 0.0% m/m 2.8% y/y.
• France CPI - EU Harmonised for October 0.3% m/m 2.5% y/y – higher than expected. Consensus 0.1% m/m  2.5% y/y. Previous 0.0% m/m 2.4% y/y.
• France Industrial Production for September -1.7% m/m 2.3% y/y – lower than expected. Consensus -0.7% m/m 3.9% y/y. Previous 0.5% m/m  4.4% y/y.
• France Manufacturing Production for September -1.6% m/m 3.4% y/y – lower than expected. Consensus -0.6% m/m 5.0% y/y. Previous 0.7% m/m 5.1% y/y.
• Italy Industrial Production s.a. for September -4.8% m/m – lower than expected. Consensus -3.0% m/m. Previous 4.3% m/m. Revised 3.9% m/m.
• Italy Industrial Production n.s.a. for September -2.7% y/y – lower than expected. Consensus 0.5% y/y. Previous 4.6% y/y.
• Sweden CPI - Headline Rate for October 0.0% m/m 2.9% y/y – lower than expected. Consensus 0.3% m/m 3.2% y/y. Previous 0.7% m/m 3.2% y/y.
• Sweden CPI - CPIF for October -0.1% m/m 1.1% y/y – lower than expected. Consensus 0.2% m/m 1.4% y/y. Previous 0.7% m/m 1.5% y/y.

Comments

[wang (not verified)]

One Mario whom all ZHers should hold in high esteem

Mario Batali Apologizes for Comments Comparing Bankers to Hitler, Stalin

“So the ways the bankers have kind of toppled the way money is distributed and taken most of it into their hands is as good as Stalin or Hitler and the evil guys,” Batali said. “They’re not heroes, but they are people that had a really huge effect on the way the world is operating.”

http://www.bloomberg.com/news/2011-11-09/mario-batali-apologizes-for-com...

( http://www.mariobatali.com/restaurants.cfm )

[Mr. Lucky]

So who did he apologize to?

[HelluvaEngineer]

Great opportunity today to get short if you missed the move.  Likely another no volume slow melt-up day.

[maxw3st]

Having predicted this scenario 2 years ago when Trichet, et.al. first started talking austerity and increased interest rates it's interesting to watch it play out. Only surprise is that it took this long. I underestimated the Eu's ability to fudge numbers and drag feet.

[Bobbyrib]

Why is the market up today anyway? With all the bad news out today, is a bounce really necessary?

Also on the US side you didn't mention that foreclosure filings rose 7%: http://www.washingtonpost.com/business/foreclosure-filings-in-us-rise-7p...

[PulauHantu29]

<<Jefferson’s bankruptcy is the legacy of a sewer project dogged by political corruption. In 2009, JPMorgan agreed to a $722 million settlement with the Securities and Exchange Commission over payments its bankers allegedly made to people tied to county politicians in order to win business. Former Commissioner Larry Langford was convicted on charges of accepting bribes and the shenanigans behind the financing inspired elements of the Dodd-Frank law to protect municipalities.

In 2008, the derivate-laden refinancing set up by JPMorgan unraveled as fallout from the subprime-mortgage market collapse rippled through Wall Street, sending debt costs soaring. The ensuing crisis led some county residents and businesses to press for bankruptcy, rather than bear the full cost alone.>>>

[azusgm]

Claw back MF Global's clients segregated assets???? Freezing the cash was bad enough, but clawbacks???? That should be clawbacks of bonuses in the City of London.

I've already pulled out the money in my retail cash account. The only money I have left in a brokerage account is in an IRA. It may be time to do a rollover to the community bank or the credit union. The criminality in the US FIRE economy is almost too big to comprehend.

We should have known that the country would fall apart when banking quit being boring.

Someone needs to educate the #OWS folks so they can get on message and educate the trusting sheep who are counting on their pensions so that they can retire or the many who think they are in sufficiently good positions to be able to help out their kids.

Un-be-liev-able.

Please start a thread on this.

[l.hauri]

Thank you for the real update. I really like your style.
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