Frontrunning: October 28

Tyler Durden's picture
  • Sarkozy Sees More Budget Cuts to Save France’s AAA Rating as Growth Slows (Bloomberg)
  • EU Crisis Deal Buys Time for Greece: Papandreou (Bloomberg)
  • California Proposes to Curtail Workers’ Benefits (WSJ)
  • FINRA brokerage oversight group misled regulators, SEC charges (WaPo)
  • Greece Will Leave Euro Even With Pact: Rogoff (Bloomberg)
  • Italian banks cool to demand for more capital (FT)
  • EU Crisis Resolution Critical to Obama 2012 Bid (Bloomberg)
  • Yen Record After BOJ Move May Encourage Japan to Aid Europe (Bloomberg)
  • China on ‘Bigger, Faster Treadmill’: Chanos (Bloomberg)
  • Mayor tells EU to drop financial tax (FT)
  • China's inflation will continue to ease: official (Xinhua)
  • China eyes creation of ASEAN Bank (Reuters)

European economic update:

  • France Consumer Spending for September -0.5% m/m -1.3% y/y – lower than expected. Consensus 0.0% m/m -0.7% y/y. Previous 0.2% m/m 0.3% y/y. Revised 0.1% y/y.
  • Italy Hourly Wages for September 0.3% m/m 1.7% y/y. Previous 0.0% m/m 1.7% y/y.
  • Norway Unemployment Rate for October 2.4% - lower than expected. Consensus 2.5%. Previous 2.5%.
  • Sweden Manufacturing Confidence s.a. for October -7.0 – lower than expected. Consensus -5.0. Previous -3.0. Revised -4.0.
  • Sweden Consumer Confidence for October -7.5 – lower than expected. Consensus -6.4. Previous -5.8.
  • Sweden Economic Tendency Survey for October 94.3 – lower than expected. Consensus 96.0. Previous 96.9. Revised 96.6.
  • Sweden Retail Sales s.a. for September -0.2% m/m - lower than expected Consensus 0.3% m/m. Previous -0.3% m/m.
  • Sweden Retail Sales n.s.a. for September -0.6% y/y – lower than expected. Consensus -0.2%. Previous 0.2%. Revised 0.3%.
  • Switzerland KOF Swiss Leading Indicator for October 0.80 – lower than expected. Consensus 1.00. Previous 1.21.
  • UK GfK Consumer Confidence Survey for October -32 – lower than expected. Consensus -30. Previous -30.

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papaswamp's picture

lower than expected bitchez!

Cassandra Syndrome's picture

<------ Italian 10 Year Bond to go over 6% today

<------ Italian 10 Year Bond to remain under 6% today 

paarsons's picture

I know the future for the globe.

Japan style deflation for the next  20 years--unless there is a war.

Enjoy it!

dida's picture

After what happened this year in Japan I think that it will be very difficult for the country to record growth in the next at least 10 years. Cazare Vatra Dornei

papaswamp's picture

So if 50% is a default event and those CDS are triggered, how does that impact the deal. If 50% haircut doesn't trip CDS, and thus they are useless, what will happen (other than everyone jumping out of CDS zone)? Will the bond vigilanties then come out in full force?

Enkidu78's picture

Taken from Telegraph


10.40 And a bit more Greece - while the country itself gets some breathing space by wiping away 50pc of its debts, what of the people who lent them the money in the first place?

Unsurprisingly, many of the lenders to the Greek government were Greek banks. Now, the Greek government says it will most likely to have to nationalise large parts of the banks as a result of the write-downs. Shareholders in those banks could lose all of their investment as a result.

Andreas Koutras, an analyst at InTouch Capital Markets, said:

Greek banks never had choice on whether to buy Greek bonds, and they’re now being punished. It is possible equity valuations will go to zero.

Bobbyrib's picture

Looks like a Greek hangover today for equities...

Cult of Criminality's picture

In other news I have to add this;

Oakland police shooting ,Scott Olsen a peaceful protester shot in the face point blank and then his rescuers along with him shot at point blank should show you point blank whats up.

With the thug cops laughing,this is fun for the psychopathic killers,they like killing,maiming,rape

I can assure you this was not a end to a means but the beginning of a full scale uprising.This should not be taken lightly.

When the public starts killing swat and thug cops for self defense do not blame the peaceful protesters.

It may not be peaceful much longer,there are a lot more vets and people than the 1 % psychopath cops and their supporters.

This has caused a true reality check and the answer is obvious to anyone slightly smarter than a rock.


Cult of Criminality's picture

This should make any critical thinker more than upset or nauseaous

Cult of Criminality's picture

Forget fucking Greece, France ,Germany the Fucking Piigs

The United States of America is under full scale attack.You and your family and the citizens of America are what you need to focus on

forget the diversion

msmith's picture

Expecting a less volatile day today.  The USD seems set to return to a bullish move higher which could be very signicant and signals big moves for the markets as very near.  The ES and SPX are set for another small push higher to complete their waves, while the EURUSD, USDCAD, and AUDUSD all point towards a bottom for the USD.

Schmuck Raker's picture

"FINRA brokerage oversight group misled regulators, SEC charges"

I am shocked, shocked (this was allowed to be printed).

ffart's picture

This is all getting kind of confusing, better just buy more Gold.