Frontrunning: October 27

Tyler Durden's picture
  • EU Sets 50% Greek Write-down, $1.4T in Debt Fight (Bloomberg)
  • EU pushes banks to find extra €106bn for June (FT)
  • Italy's Berlusconi Says No Plans For Early Elections (WSJ)
  • U.S. Supercommittee Flirts With Failure (Bloomberg)
  • Fed to wrestle with communication policy (FT)
  • Investors show interest in foreclosure plan (Reuters)
  • Bank's Posen says QE size about right (Reuters)
  • Japan's Finance Minister Blames Yen Rise on Speculators (WSJ)
  • China Nixes Rapid Yuan Rise (WSJ)
  • Barclays, Mizuho Predict China Policy Easing (Bloomberg)
  • H.K.’s Tsang Sees Rising Risk in Home Market (Bloomberg)
  • South Korea Ruling Party Loses Seoul Vote in Warning for Lee (Bloomberg)
  • Singapore Says Economic Growth to Stall (Bloomberg)

European Highlights:

  • Eurozone M3 s.a. 3 month avg 2.6% y/y – in line with expectations. Consensus 2.6% y/y. Previous 2.3% y/y.
  • Eurozone M3 s.a. 3.10% y/y - higher than expected. Consensus 2.80% y/y. Previous 2.80% y/y. Revised 2.70% y/y.
  • Eurozone Business Climate Indicator -0.18 – higher than expected. Consensus -0.2. Previous -0.06.
  • Eurozone Consumer Confidence -19.9 – in line with expectations. Consensus -19.9. Previous -19.9.
  • Eurozone Economic Confidence  94.8 – higher than expected. Consensus 93.8. Previous 95.0.
  • Eurozone Indust. Confidence -6.6 – higher than expected. Consensus -7.0. Previous -5.9.
  • Eurozone Services Confidence 0.2 – higher than expected. Consensus -1.0. Previous 0.0.
  • Germany CPI - Saxony for October 0.2% m/m 2.7% y/y. Previous 0.3% m/m 2.6% y/y.
  • Germany CPI - Brandenburg for October 0.1% m/m 2.4% y/y. Previous -0.1% m/m 2.3% y/y.
  • Germany CPI - Hesse for October 0.0% m/m 2.4% y/y. Previous 0.3% m/m 2.3% y/y.
  • Germany CPI - Bavaria for October 0.3% m/m 2.7% y/y. Previous 0.0% m/m 2.5% y/y.
  • Germany CPI - Baden Wuerttemberg for October 0.3% m/m 2.8% y/y. Previous 0.0% m/m 2.5% y/y.
  • Sweden Household Lending for September 5.7% y/y – lower than expected. Consensus 5.9%. Previous 6.2%.
  • Sweden Riksbank Interest Rate 2.00%. Consensus 2.00%. Previous 2.00%.
  • UK CBI Reported Sales for October -11.0 – higher than expected. Consensus -16.0. Previous -15.0.

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westboundnup's picture

Futures 200+.  Good time to get defensive. 

CPL's picture

Best offense and defense in this situation is to hold what you have, wait for that 1.4 trillion to be injected directly into the european markets.

 

If you aren't playing, don't even go near the markets.  It's not worth the stroke purchased in installments.

 

This reminds me of the Christmas dead cat bounce in 2008 after the Nov collapse.  It's a bear and bull trap.  Neither can play effectively.

peekcrackers's picture

another hail Mary pass by the PTB to get threw the weekend.

Alienated Serf's picture

a truly great day for our proletarian compatriots.  more free shit for all, forever.

peekcrackers's picture

2 letter weekend   Au  Ag

peekcrackers's picture

dont catch VD or you will see the M.D for IV in your PP.

firstdivision's picture

Wow, we've had nearly a 20% rally in one month on a whole lot of nothing.  Not one thing has been solved regarding debt spending problems. 

CPL's picture

Fun isn't it.

 

It didn't just solve any debt issues, it added another 1.4 trillion to the problem.

Irish66's picture

Can't wait to see who cries first. Should be telling

overmedicatedundersexed's picture

govs in SA you cannot have your money!!!

Argentina ordered oil, gas and mining companies such as Xstrata Plc to repatriate all future export revenue as the government struggles to stem accelerating capital flight from South America’s second-biggest economy.

juwes's picture

Today you buy the dip.

FunkyMonkeyBoy's picture

So, what happened to the old adage, "Buy the rumor, sell the news"...

i think it became:

"When the world is ruled by fascist scum, you just buy. And don't try anything stupid and protect yourself in anyway with 'traditional' items... 'cause we'll f**k you good jack"

AngryGerman's picture

you can only buy nowadays, bc selling is prohibited

MiningJunkie's picture

Just BTFD and remember that raising cash is raising shit. Eurozone and U.S. bankers are trashing the integrity of their respective currencies and they know it. SHORT cash; don't go LONG of cash by selling assets like stocks and commodities. The worst trade EVER in Zimbabwe was selling stuff to buy cash because you wanted to get "defensive".

Never underestimate the replacement power of equities within an inflationary spiral.

Ask an old German how 1921-23 was....

http://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic

msmith's picture

"Risk on" has unfolded as expected.  Equity futures are up big with the USD down big.  The ES, SPX, DX, AUDUSD, EURUSD, and USDCAD charts all have more room to run for the current moves.

msmith's picture

"Risk on" has unfolded as expected. Equity futures are up big with the USD down big. The ES, SPX, DX, AUDUSD, EURUSD, and USDCAD charts all have more room to run for the current moves. http://bit.ly/rDcoCc

Gigik's picture

Eurozone and U.S. bankers are trashing the integrity of their respective currencies and they know it.