Frontrunning: January 21

  • Peter Orszag: America must brace itself for turbulence (FT)
  • ECB Flags Risks of Higher Prices (WSJ)
  • Spain Plans Partial Nationalization of Savings Banks (Reuters)
  • BofA Reports Loss on Costs Tied to Bad Loans, Mortgage Unit (Bloomberg)
  • European Governments Weigh Bond Buybacks (WSJ)
  • Portugal Vote Imperils Accord (WSJ)
  • Obama Taps GE's Immelt to Head Economic Advisor Panel (Bloomberg)
  • Hu defends Beijing’s Currency Policy (FT)
  • GE Net Rises 31%, Tops Estimates Amid Finance, Health Gains (Bloomberg)
  • Nigeria oil fund fears hit bond issue (FT)
  • Ivory Coast's Gbagbo Faces Financial `Asphyxia' by EU (Bloomberg), bad news for bondholders
  • Volcker Rule May Work, Even if Vague (NYT)
  • The rise of the redback: China will have to open its financial market if it wants the yuan to rival the dollar (Economist)
  • Hu Rapped by Congress, Assures China Is No threat (Reuters)
  • Warner Music Group Is Said to Hire Goldman to Explore Buyout (Bloomberg)
  • Carbon trade cyber-theft hits €30m (FT)
  • Hildebrand Says Swiss Franc's Strength Burdening Exporters (Bloomberg)
  • And lastly, of course, Krugman: China Goes to Nixon (NYT)
  • Managing Credit in a Levered Sovereign World (PIMCO)

Economic Highlights:

  • Germany IFO - Business Climate for January 110.3 – higher than expected.Consensus 109.9. Previous 109.9.
  • Germany IFO - Current Assessment for January 112.8 – lower than expected.Consensus 113.2. Previous 112.9.
  • Germany IFO - Expectations for January 107.8 – higher than expected.Consensus 106.5. Previous 106.9.         
  • UK Retail Sales Ex Auto Fuel for December -0.3% m/m 1.0% y/y – lower than expected. Consensus -0.3% m/m 1.3% y/y. Previous 0.3% m/m 1.8% y/y.
  • UK Retail Sales w/Auto Fuel for December -0.8% m/m 0.0% y/y – lower than expected.Consensus -0.2% m/m 1.1% y/y. Previous 0.3% m/m 1.1% y/y.

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