Norway

• Trade Slows Around World (WSJ)
• Debt limit lurks in fiscal cliff talks (FT)
• Welcome back to the eurozone crisis (FT, Wolfgang Munchau)
• Euro Leaders Face October of Unrest After September Rally (Bloomberg)
• Dad, you were right (FT)
• 25% unemployment, 25% bad loans, 5% drop in Industrial Production, and IMF finally lowers its 2013 Greek GDP forecast (WSJ)
• Global IPOs Slump to Second-Lowest Level Since Financial Crisis (Bloomberg)
• France's Hollande faces street protest over EU fiscal pact (Reuters)
• EU Working to Resolve Difference on Bank Plan, Rehn Says (Bloomberg)
• China manufacturing remains sluggish (FT)
• Samaras vows to fight Greek corruption (FT) ... and one of these days he just may do it
• Leap of Faith (Hssman)
• Germany told to 'come clean’ over Greece (AEP)

John Taylor, founder and CEO of the world's largest FX hedge fund, spoke with Bloomberg TV this morning and was his typically clarifying - if not sanguine - self when it comes to prospects in Europe and the US. Stating that he'll "probably always be a bear on the Euro", Taylor added that it is "hard to look at the European situation and see a cloudy sky become clear," and while there has been noisy swings in the movements of currencies of late, "the reason the euro is up is because the dollar is down - two guys have done this: Draghi and Bernanke." Ranging from FX to volatility, Taylor opines on the time-varying correlation of the weak euro with a strong US equity market and notes, however, that "the equity market is not showing any legs."

Nuclear News Roundup

• The bankers are coming: Banker Plan Would Fund Super-PACs to Sway U.S. Senate Elections (Bloomberg)
• Risk Increases of Prolonged World Slowdown, BOJ’s Miyao Says (Bloomberg)
• Spain Seeks to Stem Its Banking Crisis (WSJ)
• Deadly shooting mars new Quebec premier's victory rally (NBC)
• Democrats Keep Tax-Raising Focus On Top 2% Of Households (Bloomberg)
• Merkel Swings Into 2013 Election Mode Evoking Crisis, China (Bloomberg)
• Europe’s money market funds future in focus (FT)
• Pressure Mounts on ECB to Bring Down Bond Yields (Reuters)
• Swiss bank vows to hold franc down (FT)
• Australia economy still solid in Q2 despite GDP miss, but threats mount (Reuters)
• Clinton Brings to Beijing Plea for Maritime Solution (Bloomberg)
• The End of a 1,400-Year-Old Business (BusinessWeek)

The usual suspect, the all-powerful French nuclear industry?

• Romney Promises to 'Restore' U.S. (WSJ)
• Dirty Harry Makes Surprise Appearance (WSJ)
• It has always been about the gold: Time for eurozone to reach for the gold reserves? (FT)
• EU Plan Said to Give ECB Sole Power to Grant Bank Licenses (Bloomberg)
• More attempts to marginalize Germanty: Brussels pushes for wide ECB powers  (FT)
• Justice may be blind but it has geographic limits: Apple Loses Patent Lawsuit Against Samsung in Japan (BBG)
• ECB Said to Use Greek Myth for Security on New Euro Banknotes (Bloomberg)
• Alberta deficit set to triple on slumping oil prices (Globe and Mail)
• Reid's ties to China-Nevada solar plan draw ire (Reuters)
• Bernanke may hint at QE without boxing Fed in (Reuters)
• Berezovsky loses against Abramovich  (FT)
• Spain Considers Bankia Re-Capitalization Without EU Money (Bloomberg)

"The numbers are coming in and we are looking at them with a sense of amazement," is how the director of the Snow and Ice data center in Colorado describes the 'startlingly rapid rate' of melting at the Arctic Ice Cap this year. As Agence France Presse notes, if the melt stopped today, this would be the third lowest level of ice on record. Of course while this maybe terrible news for some; others are 'increasingly interested'. The thaw in the Arctic is rapidly transforming the geopolitics of the region, with the long-forbidding ocean looking more attractive to the shipping and energy industries. The first ship from China – the Xuelong, or Snow Dragon – recently sailed from the Pacific to the Atlantic via the Arctic Ocean, cutting the distance by more than 40%. Five nations surround the Arctic Ocean – Russia, which has about half of the coastline, along with Canada, Denmark, Norway and the United States – but the route could see a growing number of commercial players. Of course this 'benefit' of global warming appears to rely on the fact that there are people left to trade goods with.

• Australian minister says resources boom is over (Reuters)
• China dismisses reports of lost gold reserves (China Daily) - so China really did lose 80 tons of gold.
• Inconceivable: Former JPM CEO and Chairman William B Harrison Jr come out "In Defense Of Big Banks"
• Qantas Cancels 787 Order After Posting Annual Net Loss (Bloomberg)
• EU Official Says Crisis is Eroding Influence (WSJ)
• Greece Faces New Pressure on Cuts (WSJ)
• Philippines' black market is China's golden connection (Reuters)
• Hollande government responds to criticism (FT)
• LG Display Starts Touch Screens Output Before New IPhone (Bloomberg)
• Greek Crisis Evasion to Fore as Merkel Hosts Hollande in Berlin (Bloomberg)
• Stakes rise as US warned of double-dip (FT)
• Brazil’s Richest Woman Unmasked With $13 Billion Fortune (Bloomberg)

• Merkel's Dilemma: Risk Euro Zone or Her Government (WSJ)... as first suggest by ZH 2 months ago, with only one resolution: referendum
• Russia warns West over Syria after Obama threats (Reuters)
• Consider keeping Bernanke, Romney adviser Glenn Hubbard says (Reuters)... Glenn Hubbard is the star of the movie Inside Job
• Spain Deficit Goals at Risk as Cuts Consensus Fades (Bloomberg)
• Czech Austerity Revolt Threatens Cabinet as Slump Bites (Bloomberg)
• Greek cuts to be deeper than trailed (FT)
• Akin rebuffs Romney, Republican calls to quit Senate race (Reuters)
• Obama Leads Romney in Poll Showing Disdain for Congress (Bloomberg)
• Greece needs more time to reform, PM Samaras tells paper (Reuters)
• UK banks face scandal over toxic insurance products (Reuters)
• Iceland Shelves Monetary Tightening as Krona Seen Appreciating (Bloomberg)
• India Considers $35 Billion Debt Revamp After Biggest Blackout (Bloomberg)

Think the US has it bad with its "soaring" gas price, which is now back to $3.75 per gallon? Think again. Here, courtesy of Bloomberg, is a list of the countries whose gasoline cost puts what Americans pay at the pump to shame. In order of descending gas prices, below are the 20 places in the world where one does not want to "fill 'er up."

• Investors Shift Money Out of China (WSJ)
• Rajoy Risks Riling ECB in Bid to Avoid Union Ire (Bloomberg)
• Romney-Ryan See Fed QE as Inflation Risk Amid Subdued Prices (Bloomberg)
• Spanish savers offered haircut then money back (FT)
• Must wipe all traces of illegality and settle for $25,000: Standard Chartered Faces Fed Probes After N.Y. Deal (BBG)
• Greece debt report backs cuts plan (FT)
• Greece seeks two-year austerity extension (FT)
• Brevan Howard Looks To U.S. To Raise Money For Currency Fund (Bloomberg)
• Can he please stop buying gold? Paulson, Soros Add Gold as Price Declines Most Since 2008 (Bloomberg)
• BOE Drops Reference to Rate Cut as It Considers Policy Options (Bloomberg)
• EU Banking Plans Asks ECB to Share Power, Documents Show (Bloomberg)

• Oil hits 3-month high above $114 on supply concern (Reuters)
• G20 plans response to rising food prices (FT)
• First centrally planned FX, now real estate - SNB Seen Targeting Bank Capital to Curb Property Boom (Bloomberg)
• EU hedge funds face pay threat (FT)
• Euro-Area Crisis Has ‘No Obvious End in Sight,’ BOE’s King Says (Bloomberg)
• King urged to widen recovery measures (FT)
• All threats "dwarfed" by Iran nuclear work: Israel PM (Reuters)
• Obama campaign attacks Romney’s pick (FT)
• Romney, Ryan hit the road in an energized campaign (Reuters)
• Yellen Must Show How 12 Fed Opinions Become One Policy (Bloomberg)

I was sitting across from an impossibly blonde account executive this afternoon when I heard three words I never thought I’d hear at a foreign bank.

“Are you Greek,” she asked me with a bit of a smile…

me: “Uh, no. I have a US passport, among others…”

she: “OK good, as long as you’re not Greek.”

I couldn’t believe what I was hearing. Let me explain.

• U.S. nuclear bomb facility shut after security breach (Reuters)
• EU Commission Welcomes Greek Reform Pledge, Wants Implementation (Reuters) -> less talkee, more tickee
• China Cuts Stock Trading Costs to Lift Confidence (China Daily) as France hikes transactions costs
• Holding Fire—for Now—but Laying Plans (WSJ)
• ECB-Politicians’ Anti-Crisis Bargain Starts to Emerge (Bloomberg)
• Dollar falls back as non-farm payrolls loom (FT)
• Ethics Plan to Raise Consumer Confidence (China Daily)
• Brazil backslides on protecting the Amazon (Reuters) - fair weather progressive idealism?
• Japan Foreign-Bond Debate May Boost BOJ Stimulus Odds (Bloomberg)
• Japan’s Lower House Passes Bill to Let Workers Stay on to 65 (Bloomberg)

• What's wrong with this headline: Obama authorizes secret support for Syrian rebels (Reuters)
• Hilsenrath promptly dusts off ashes of sheer propaganda failure, tries again: Fed Gives Stronger Signals of Action (WSJ)
• Fed Hints at Fresh Action on Economy (FT)
• Fed Poised to Step Up Stimulus Unless Economy Strengthens (Bloomberg)
• IMF Chief Lagarde Praises Greece, Spain for Efforts (Bloomberg) - efforts to beg as loud as possible?
• US sanctions against bank 'target' China (China Daily)
• Trimming China's Financial Hedges (WSJ)
• ganda central bank cuts key lending rate to 17 pct (Reuters)
• Greece Agrees €11.5bn Spending Cuts (FT) - Agrees? Or does what a good debt slave is told to do
• Germany Retains Stable AAA Outlook at S&P After Moody’s Cut (Bloomberg)
• Spain’s Bond Auction Beats Target as Borrowing Costs Rise (Bloomberg)