Frontrunning: October 25

Tyler Durden's picture
  • German lawmakers win full say on EFSF (Reuters)
  • Spain Slipping on Deficit Increases Chances of Contagion (Bloomberg)
  • China faces tight power supply this winter (China Daily)
  • Greece, China sign memorandum of cooperation (Kathimerini)
  • Gov. Corbett launches state takeover of Pa. capital, declares fiscal emergency (WaPo)
  • In Cautious Times, Banks Flooded With Cash (NYT)
  • An apocalyptic end to world’s biggest bubble (MarketWatch)
  • China to Waive Stamp Tax on Small Lending Contracts, Gov’t Says (Bloomberg)
  • Banks Clash With Lawmakers on Greek Rescue (Bloomberg)
  • Sinopec, CNPC to Boost October Oil Processing, Oilchem Says (Bloomberg)
  • EU Signals Fund Leverage Needs More Talks (Bloomberg)

European Economic Highlights

  • Germany GfK Consumer Confidence Survey for November 5.3 – higher than expected. Consensus 5.1. Previous 5.2.
  • France Consumer Confidence Indicator for October 82.0 – higher than expected. Consensus 78.0. Previous 80.0.
  • Italy Retail Sales s.a. for August 0.0% m/m – in line with expectations. Consensus 0.0% m/m. Previous -0.1% m/m.
  • Italy Retail Sales for August -0.3% y/y – lower than expected. Consensus -2.3%. Previous -2.4%. Revised -2.3%.
  • Italy Consumer Confidence Ind. s.a. for October 92.9 – lower than expected. Consensus 97.6. Previous 98.5. Revised 94.2.
  • Sweden PPI -0.7% m/m -0.2% y/y - lower than expected. Consensus -0.2% m/m 0.3% y/y. Previous 0.3% m/m 0.9% y/y.
  • Switzerland UBS Consumption Indicator for September 0.84. Previous 0.79.
  • UK BBA Loans for House Purchase for September 33130 – lower than expected. Consensus 36000. Previous 35226. Revised 35069.
  • UK Current Account for Q2 (BP) -2.0B – higher than expected. Consensus -9.0B. Previous -9.4B. Revised -4.1B.

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Ace Ventura's picture

Anyone read that Marketwatch piece? Apparently the #1 cause of all the world's problems is (drumroll please):

People are having too many children.

Yessir, fugghedabout the bankstas and their fiat money global enslavement practices. It's all because there are too many people screwing, and so the planet is getting warmer (cuz the science is settled, I tell ya.....SETTLED!).

I wonder if he would be willing to help mankind solve the #1 problem by having some nice afternoon arsenic tea? Oh, he means OTHER people are screwing too much? Gotta love the libtardial eugenecist sociopaths.


malek's picture

Yes, a ridiculous piece. Just as said here by Sean Corrigan 2 days ago:

"the age-old Malthusian pessimism which is currently enjoying such a vogue"

brandy night rocks's picture

I thought he was trying to say it is:  #1 Republicans; #2 Too many kids; #3 We in The West


Of course, masterful point-missing.  Repubs have been a non-issue for years, and The West is declining population-wise.  The eugenecist underpinning of this particular progressive argument is interesting in contrast to the other dogma that progressives bitterly cling to: no one, anywhere, at any time should be responsible for taking care of themselves.

msmith's picture

Interesting day today.  Many market near the end of current trends.  The SPX is likely to continue higher with the EURUSD, AUDUSD, and GBPUSD all pointing higher as well.  This move seems to all be about the USD weakness, but bottom may be very near.

Catullus's picture

The Harrisburg takeover is the harbinger for a consolidation of power. Eliminate the muni level via crushing debt and imminent bankruptcy, takeover by the states, states plunge toward bankruptcy, Feds take over state finances, all power resides in the federal government. Declaring "fiscal emergency" laws gives the power of a governor to default immediately on the debt. It prevents the matter from moving into default. Not much different than the European solution: bailout in return for giving up sovereignty.

Really nixes that lie that your taxes "pay for society". Yeah, your taxes go to Washington and maybe after an army of beaureacrats have touched it, some of it may get deployed to preferred contractors that build a project that you gain ancillary benefits to.