Frontrunning: January 25

  • Who knew: Robert Rubin is a Keynesian - "America must cut its deficit but not in haste" (FT)
  • Uncertainty Over Economy Clouds Obama Speech (NYT)
  • Stimulus Improves US Outlook, Says IMF (FT)
  • Fed Likely to Press On With QE Even as Business Lending Rises (BusinessWeek)
  • EFSF first bond issue - 43 Billion Euros of Orders From 500 Investors (Asymptotix, WSJ)
  • Madrid Tells Banks to Boost Core Capital (FT), causing Spanish spread weakness
  • Japan's central bank keeps lending rate, lifts growth forecast (Xinhua)
  • India average inflation during 2010-11 to jump up to 9 per cent (Economic Times)
  • KKR Gets Surprise Help in Fundraising From Bernanke, Trichet (BusinessWeek, h/t 5U)
  • U.K. Economy Contracts in Fourth Quarter (WSJ)
  • NYSE Gets Final Approval to Create 'Bond Liquidity Provider' Program (SecTech Monitor)
  • Paulson Recaps Big Bets in Year-End Letter (Dealbook)
  • High-Frequency Trading Is 77% of U.K. Market, Tabb Group Says (Bloomberg, h/t Jonas)
  • Muni bonds taking a double hit (MarketWatch)
  • Offshore Banks Adapt or Die in WikiLeaks Era (Bloomberg)

European Economic Data:

  • Germany GfK Consumer Confidence Survey for February 5.7 – higher than expected. Consensus  5.4.
  • France Consumer Spending for December 0.6%m/m 0.4% y/y – higher than expected. Consensus 0.3% m/m 0.5% y/y. Previous 2.8%.
  • Switzerland UBS Consumption Indicator for December 1.841. Previous 1.63.
  • UK GDP -0.5% q/q 1.7%y/y – lower than expected.Consensus +0.5% q/q 2.6% y/y. Previous 0.7% q/q 2.7% y/y.
  • UK Index of Services (3mth/3mth) 0.5% - lower than expected.Consensus 0.8%. Previous 0.6%.
  • UK Index of Services 0.0%m/m – higher than expected.Consensus -0.4% m/m. Previous -0.4%.
  • UK Public Finances (PSNCR) 25.5B – higher than expected. Consensus 16.3B. Previous 16.8B.
  • UK Public Sector Net Borrowing ex Interventions 16.8B – lower than expected. Consensus 20.0B. Previous 23.3B.
  • UK Public Sector Net Borrowing 15.3B – lower than expected.Consensus 18.0B. Previous 22.8B.


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