Frontrunning: November 30

• China Cuts Reserve Requirement for Banks as Europe Crisis Threatens Growth (Bloomberg)
• Don’t Count on China Easing Curbs: PBOC Adviser (Bloomberg)
• Germany Told to Act to Save Europe (FT)
• Fed Policy Makers Sharpen Differences Over Bond-Purchase Policy (Bloomberg)
• European Nations Pressure Own Banks for Loans (WSJ)
• Govt tries to soothe companies' concerns (China Daily)
• S&P Rates China Banks Higher Than U.S. Rivals (Bloomberg)
• Republicans Make Demands on Payroll Tax Cuts (FT)
• Eurogroup Set to Fix EFSF Leveraging Rules, Deal With Greek Aid (Reuters)
• Euro Ministers Bid for Bigger IMF Role as Fund Boost Falls Short (Bloomberg)
• UK Faces Bigger Financial Black Hole (FT)
• Chancellor To Confirm Strategy is Missing Target (FT) 

European economic highlights: 

• Finland Trade Balance for Sept 2M. Previous 90M.
• Germany Retail Sales 0.7% m/m -0.4% y/y – higher than expected. Consensus 0.1% m/m 2.0% y/y. Previous 0.4% m/m 0.3% y/y.
• France Producer Prices 0.5% m/m 6.5% y/y – higher than expected. Consensus 0.2% m/m 5.4% y/y. Previous 0.2% m/m 6.1% y/y.
• Denmark GDP -0.8% q/q -0.2% y/y – lower than expected. Consensus -0.4% q/q 0.0% y/y. Previous 1.0% q/q 1.8% y/y. Revised 1.2% m/m 1.9% y/y.
• Switzerland Current Account SEK 76.1B. Previous SEK 61.8B.
• Germany Unemployment Rate 6.9% - lower than expected. Consensus 7.0%. Previous 7.0%.
• Italy Unemployment Rate 8.5% - higher than expected. Consensus 8.3%. Previous 8.3%.
• Norway Retail Sales 0.7% m/m 1.2% y/y – higher than expected. Consensus 0.3% m/m 2.5% y/y. Previous -0.4% m/m 3.0% y/y.
• Poland GDP 4.2% y/y – higher than expected. Consensus 4.0% y/y. Previous 4.3% y/y.
• Belgium Unemployment Rate 6.6%. Previous 6.7%.
• Eurozone CPI Estimate 3.0% - in line with expectations. Consensus 3.0%. Previous 3.0%.
• Eurozone Unemployment rate 10.3% - higher than expected. Consensus 10.2%. Previous 10.2%.
• Italy CPI (EU Harmonized) -0.1% m/m 3.7% y/y – higher than expected. Consensus 3.4% m/m 0.0% y/y. Previous 0.9% m/m 3.8% y/y.
• Switzerland KOF Swiss Leading Indicator 0.35 – lower than expected. Consensus 0.65. Previous 0.80. Revised 0.75.

Comments

[hugovanderbubble]

France is not AAA

SELL FRENCH BANKS

[Sudden Debt]

maybe just sell ANY bank?

[hugovanderbubble]

Munibonds Exposures will crash Morgan Stanley and Insurance Portfolio (mismatch asset -liabilities)

Take a look to MS 2yrs CDS

This movement done by PBOC cut reserve requirements is a completly desperation act of frustation.

[Sudden Debt]

Belgium Unemployment Rate 6.6%. Previous 6.7%.

You guys have to admit THAT'S NOT BAD AT ALL!!

in other news our immegration problems are swining through the roof and oh yes... we're broke...

[hugovanderbubble]

UK and Canadian banks are also a Sell

[firstdivision]

MBA Purchase Index, an LOL if ever there was one.  But, but, but rates are historically low.

Euro Ministers Bid for Bigger IMF Role as Fund Boost Falls Short

So why are futures green...oh wait China cut their RRR...rally on bitches.

[overmedicatedun...]

when 1+1 does not equal 2..cnbc will explain why it does = 2, or why it does not matter..UE still at historic highs debt ditto, house prices still falling in Las Wages they continue to drop to levels of historic lows.

empty store fronts, cash strapped americans living off ccards..

tax revenue falling..local gov defaults on and on..

all adds up to stock market x mass rally..LOL

[l.hauri]

Totally agree with you. I am sure that I will follow your tips.
Mallorca property