Frontrunning: October 7
- It’s Too Hard to Know Who Is Too Big to Fail (Bloomberg)
- China Currency Bill Passes US Senate Test (FT)
- China Labor Costs Push Jobs Back to US (FT)... one week behind Zero Hedge
- Credit Swaps on Chinese Debt Surge on Slowdown Fears (FT)... three weeks behind Zero Hedge
- America’s Six Key Lessons for a ‘Euro Tarp’ (FT)
- EU Pressured for Bank Rescue Plan Before G-20 (Bloomberg)
- Whitehall Fears New Bail-out for RBS (FT)
- Bank of Japan Keeps Policy on Hold (Reuters)
- Euro-Indebted Emerging Currencies Have Further to Fall on Growth (Bloomberg)
- Moody’s Lowers Its Senior Debt, Deposit Ratings for Nine Portugal Banks (Bloomberg)
European Economic Highlights:
- Switzerland Unemployment Rate for Sept 2.8%. Previous 3.0%.
- France Budget Balance -€102.8bn. Previous –€86.6bn m/m.
- France Trade Balance -€5bn. Previous –€6.5bn.
- Norway Manufacturing Output 1.9% - higher than expected. Consensus -1.0%. Previous -5.0% y/y.
- UK PPI 0.3% m/m 3.8% y/y – higher than expected. Consensus 0.1% m/m 3.7% y/y. Previous 0.2% m/m 3.6% y/y.
- Germany Industrial Production -1.0% m/m 7.7% y/y – higher than expected. Consensus -2.0% m/m 6.4% y/y. Previous 3.9% m/m 10.1% y/y.
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