Frontrunning: August 17

  • SNB boosts steps to check franc’s rise (FT) but no peg
  • The man who taught the Fed to sell Treasury puts: Markets Go From Nightmare to Bad Dream (Vincent Reinhart)
  • What to make of the Franco-German Summit (FT)
  • Gold Market Is a ‘Bubble Poised to Burst,’ Wells Fargo Says (Bloomberg)... but not before the bad mortgage bubble that is Wells Fargo bursts
  • Putin sets sights on Eurasian economic union (FT)
  • Fed’s Bullard Says New 2013 Rate Pledge Not a Signal for More Bond Buying (Bloomberg)
  • Walmart warns on US weakness (FT)
  • DeMark Says Stock Rally May Begin in Weeks, Buy Europe Banks (Bberg), or he could be just as wrong as last time (ZH)
  • Margin Calls Push Stock Leverage Down Most in Year as S&P 500 Tumbles 12% (Bloomberg)
  • Biden Visit to Seek a Window on Xi (WSJ)
  • China to Allow ETF of Hong Kong Equities (Bloomberg)
  • China Rail Investment Drops 26% on Crash (Bloomberg)
  • Dell Sales Fall Short on Weak Spending (Bloomberg)
  • Venezuela May Move Reserves From U.S. to ‘Allied’ Countries, Says Lawmaker (Bloomberg)

European economic update:

  • Italy Current Account (mlns euro) for June -4242M. Previous -5094M
  • Sweden Average House Prices (SEK) for July 2.034M.Previous 2.097M (revised from 2.086M)
  • UK Claimant Count Rate for July 4.9% - higher than expected.Consensus 4.7%. Previous 4.8% (revised from 4.7%)
  • UK Jobless Claims Change for July 37.1k - higher than expected.Consensus 20.0k. Previous 31.3k (revised from 24.5k)
  • UK Average Weekly Earnings 3m for June 2.6% - higher than expected.Consensus 2.3%. Previous 2.3%
  • UK Weekly Earnings exBonus 3m for June 2.2% - lower than expected.Consensus 2.3%. Previous 2.1%
  • UK ILO Unemployment Rate (3mths) for June 7.9% - higher than expected.Consensus 7.7%. Previous 7.7%.


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