Frontrunning: October 26

  • Fed's `Pit Bull' Takes on Bank of America in BuyBack Battle (Bloomberg) - "Kathy Patrick can be as frightening as a pit bull on steroids."
  • High US Unemployment, Chinese Growth May Spur Trade War (WSJ)
  • Japan's Igarashi Says Yen Sales Most Effective When 'Surprise' (BusinessWeek)
  • Debt Sales Highlight Abnormal Conditions (FT)
  • Asia's economic history foretells Chinese slowdown (Reuters), compare to Is China's Growth Rate Destined To Be Cut In Half? (Zero Hedge)
  • End Bailouts—No Ifs, Ands, or Buts (BusinessWeek)
  • Malcolm Gladwell: Who really rescued General Motors? (New Yorker)
  • Meet the leading contender to manage Berkshire's billions (Fortune)
  • Greece Likely to Default Within Three Years, El-Erian Says (WSJ)
  • China can no longer plead poverty (FT)
  • Protests Against Sarkozy Pension Plan Ease; Students to March (Bloomberg)
  • Bernanke Leaps into a Liquidity Trap (Hussman)
  • UBS bank sees return to positive net money flows (FT)
  • ASX Tumbles as Singapore Exchange's Bid Opposed by Lawmakers (Bloomberg)
  • Pandit and King Clash Over Basel III (FT)
  • Weber Says He Won't Change His Stripes to Become ECB President (Bloomberg)
  • Tax Curbs Foreign Trading (Bangkok Post)

Economic Highlights:

  • France Consumer Confidence Indicator October -34 - higher than expected. Consensus -37. Previous -35.
  • Germany GfK Consumer Confidence Survey November 4.9 - lower than expected. Consensus 5.1. Previous 4.9.
  • Sweden PPI Sept 0.4% m/m 2.6% y/y - higher than expected. Consensus 0% m/m 2.2% y/y. Previous -0.5% m/m 1.3% y/y.
  • Sweden Riksbank Interest Rate 25bps hike to 1% - in line with expectations. Consensus 1%. Previous 0.75%.
  • Sweden Trade Balance September 8.1B - higher than expected. Consensus 5.0B. Previous -3.0B.
  • UK Q3 GDP 0.8% q/q 2.8% y/y - higher than expected. Consensus 0.4% q/q 2.4% y/y. Previous 1.2% q/q 1.7% y/y.
  • Japan Corp Service Price Index -1.1% y/y – lower than expected.Consensus -1.0% y/y. Previous -1.1% y/y.
  • Australia NAB Business Confidence 9. Previous 3.


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