Frontrunning: January 6

  • Foreclosures May Be Undone by State Ruling on Mortgage Transfer (Bloomberg)
  • As expected, retail sales miss blamed on snow, although how icy conditions are preventing web surfing is beyond us: December retail sales dented by blizzard, frugality (Reuters)
  • Boehner Vows to Cut Size of Government (FT)
  • If at first you don't succeed... Obama renominates MIT economist Diamond for Fed Board (Reuters)
  • PBOC Extending Biggest Cash Crunch Since Lehman (Bloomberg)
  • Just a little more inflation: Coking Coal Contract Price May Rise 33% on Australian Floods (Bloomberg)
  • Andy Xie: This year may start out looking like the last, dipping down later and then resurfacing with hope. (MarketWatch)
  • Yes, banks really are doing everything they can to restore shadow banking: JP Morgan Markets Its Latest Doomsday Machine (or Why Repo May Blow Up the Financial System Again) (Naked Capitalism)
  • BofA Introduces Fees to Replace Debit-Card, Overdraft Charges (Bloomberg) - we are confident Elizabeth Warren will have a lot to say about this...hopefully she has something to do as well
  • Fed Should Stop Buying Bonds; It Is Falling Far Behind the Economy (David Malpass)
  • And just a little more: India Inflation Threat May Force Subbarao to Add to Rate Rises, IMF Says (Bloomberg)
  • Osborne Urges EU To Sort Out Banking System (FT)
  • China, Spain to Sign $7.3 Billion in Deals (WSJ)
  • A Goldman Unit Is Said to Have Rejected Facebook (NYT)
  • Five reasons why I'm not buying Facebook (Fortune)
  • Yuan Seen Theme in U.S.-China Meet (WSJ)
  • China Rare Earths Leave Toxic Trail to Toyota, Vestas (Bloomberg)

European economic highlights:

  • Denmark Unemployment 4.2%- lower than expected.Consensus 4.3%.Previous 4.2%.
  • Switzerland CPI (Dec) 0.5% y/y-higher than expected.Consensus 0.4% Previous 0.2%.
  • Switzerland Foreign Currency Reserves 202.6B. Previous 212.4B.
  • Netherlands CPI (Dec) 1.9% y/y.Previous 1.6% y/y.
  • UK PMI Services (Dec) 49.7- lowerthan expected.Consensus 52.8.Previous 53.
  • Euro-zone Consumer Confidence (Dec) 11-lower than expected.Consensus -10.2.Previous -9.4.
  • Euro-zone Retail Sales (Nov) -0.8% m/m 0.1% y/y-lower than expected. Consensus 0.2% m/m 2.1% y/y.Previous 0.0% m/m 1.2% y/y.
  • Germany Manufacturing Orders ns. (Nov) 5.2% m/m-higher than expected. Consensus 1% m/m. Previous 1.6% m/m.
  • Germany Manufacturing Orders nsa. (Nov) 20.6% y/y-higher than expected. Consensus 15.9% y/y.Previous 17.9% y/y.
  • Ireland Unemployment Rate sa. (Dec) 13.4%. Previous 13.5%.


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