Frontrunning: November 18

  • Fed Orders 2nd Round of Stress Tests  (WSJ), translation: more capital raises for Bank of America, Wells Fargo and Citi.
  • Lenihan Says Ireland May Ask for Bank Package as Bailout Nears (Bloomberg)
  • One in 20 Irish Mortgages in Arrears (FT)
  • China Vows to Tame Inflation (Reuters)
  • Korea to Revive Tax on Foreigners' Bond Holdings to Slow Capital Inflows (Bloomberg)
  • IMF Says HK Currency Peg Boosting Property Prices (FT)
  • India Microcredit Faces Collapse From Defaults (NYT)
  • Vilsack: Food Costs Won't Surge  (WSJ)
  • Failed Models and the Real Costs of QE2 (Economics21)
  • California Shrinks Planned Tax-Exempt Sale, Expands Taxable (Bond Buyer)
  • OECD Reduces Global Growth Outlook, Predicts Soft Spot in 2011 (Bloomberg)
  • OECD backs much-criticized Fed easing steps (Reuters)
  • Wolin: No Meaningful US Impact from Euro Zone Crisis (Reuters)
  • Bank of America and the middle-man hedge (Housing Wire)
  • QE2 could drive Asia 30% higher (City Wire)
  • Ally CEO of mortgage operations says foreclosure flaws "unacceptable" (Housing Wire)
  • GM IPO Increase: How They Turned It All Around (Steve Rattner)
  • CDS spreads can be volatile and prone to false positives (FT)
  • Sticking it to the unemployed (LA Times)

Economic Highlights:

  • Euro-Zone Current Account nsa for September -9.2B. Previous -10.6B.   
  • ECB Euro-Zone Current Account SA for September -13.1B. Previous -6.9B.
  • Switzerland Trade Balance for October 2.10B - higher than expected. Consensus 1.40B. Previous 1.68B.  
  • Switzerland Exports real SA for October 6.2% m/m. Previous -3.1% m/m. 
  • Switzerland Imports real SA for October 1.9% m/m. Previous -4.0% m/m. 
  • Switzerland Credit Suisse ZEW Survey (Expectations) for November -30.9. Previous -27.5.
  • Sweden Unemployment Rate for October 7.5% - lower than expected. Consensus 7.6%. Previous 7.8%.
  • UK Retail Sales Ex Auto Fuel forOctober 0.3% m/m 1.2% y/y - in line with expectations. Consensus 0.2% m/m 1.5% y/y. Previous -0.3% m/m 1.3% y/y.     
  • UK Retail Sales w/Auto Fuel for October 0.5% m/m -0.1% y/y - in line with expectations. Consensus 0.4% m/m 0.0% y/y. Previous -0.5% m/m 0.0% y/y.     
  • UK Public Finances (PSNCR) for October 2.4B - lower than expected. Consensus 6.0B. Previous 20.7B.    
  • UK Public Sector Net Borrowing for October 9.8B - higher than expected. Consensus 8.9B. Previous 14.4B.UK PSNB ex
  • Interventions for October 10.3B - higher than expected. Consensus 9.6B. Previous 15.0B.     UK CBI Trends Total
  • Ordersfor November -15 - higher than expected. Consensus -24. Previous -28.  


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