Frontrunning: November 23

Tyler Durden's picture
  • Barnier Panel to Study Break-Up of EU Banks (FT)
  • Brussels Plans to Bring Eurozone to Heel (FT) - good luck with Germany
  • China’s Manufacturing May Contract Most in Three Years as Housing Falters (Bloomberg)
  • Merkel Backs ECB, Warns on Greek Aid Tranche (Reuters)
  • Obama Reopens Debate on US Stimulus (FT)
  • Germany Fails to Receive Bids for 35% of 10-Year Bunds Offered at Auction (Bloomberg)
  • To the Eurozone: Advance or Risk Ruin (Martin Wolf - FT)
  • Australia Lower House Passes Mining Tax (Bloomberg)
  • China to Pilot Carbon Trading Scheme (China Daily)
  • FCC deals serious blow to AT&T and T-Mobile deal (WaPo)

European economic highlights:

  • Eurozone PMI Composite 47.2 – higher than expected. Consensus 46.1. Previous 46.5.
  • Eurozone PMI Manufacturing 46.4 m/m – lower than expected. Consensus 46.5 m/m. Previous 47.1 m/m.
  • Eurozone PMI Services 47.8 m/m – higher than expected. Consensus 46.0 m/m. Previous 46.4 m/m.
  • Eurozone Industrial New Orders n.s.a. 1.6% y/y - lower than expected. Consensus 6.1% y/y. Previous 6.2% y/y. Revised 5.9% y/y.
  • Eurozone Industrial New Orders s.a. -6.4% m/m - lower than expected. Consensus -2.7% m/m. Previous 1.9% m/m. Revised 1.4% m/m.
  • Germany PMI Manufacturing 47.9 m/m – lower than expected. Consensus 48.5 m/m. Previous 49.1 m/m.
  • Germany PMI Services 51.4 m/m – higher than expected. Consensus 50.0 m/m. Previous 50.6 m/m.
  • France Own-Company Production Outlook for November -6.0. Previous 4.0. Revised 3.0.
  • France Production Outlook Indicator for November -35 – lower than expected. Consensus -27. Previous -29. Revised -30.
  • France Business Confidence Indicator for November 95 – in line with expectations. Consensus 95. Previous 97.
  • France PMI Manufacturing for November 47.6 m/m – lower than expected. Consensus 48.0 m/m. Previous 48.5 m/m.
  • France PMI Services for November 49.3 m/m – higher than expected. Consensus 45.0 m/m. Previous 44.6 m/m.
  • Norway Unemployment rate (AKU) for September 3.30% - higher than expected. Consensus 3.20%. Previous 3.20%.
  • UK BBA Loans for House Purchase for October 35295 – higher than expected. Consensus 33000. Previous 33130. Revised 33502.
  • Bank of England Minutes showed unanimous Nov. vote

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papaswamp's picture

Nokia Siemens to Cut 17,000 Jobs (WSJ)….signaling a strong improving economy….right?

Sudden Debt's picture

Nokia.... sells phones that are 4 years outdated!

Siemans is the smart guy and doing what will need to be done in 12 months from now. They already transfered their cash out of european banks. They'll dominate the market after this crisis in 2027.


firstdivision's picture

Why is the DXY rising and the 10Y yield rising as well?

EscapeKey's picture

Because the USD is the best looking horse in the glue factory.

Crash N. Burn's picture

Latest from "worldwide race to debase" comparing 75 fiat currencies versus gold (and silver) through Q3.

 How's YOUR fiat compare?

chinaguy's picture

Merkel want's the Greek austerity agreement " in writing" - LMAO

eigenvalue's picture

I think ZH should have added "MuddyWaters website has been hacked." I guess it's was the hackers hired by FMCN

michaelsmith_9's picture

Clearly risk off is the theme, which was expected. Here is an updated look at the DX and CL.  Both indicate that equities should remain very heavy and are headed much lower in the days ahead.

l.hauri's picture

I guess that is the future in this area. I will try to read more about it. pension loan