Courtesy of Tyler Durden
- Bank of Japan’s Moves Fail to Contain Yen (WSJ)
- ECB Likely to Extend Emergency Bank Support (FT)
- Which leads to the following – European Economic Confidence Highest in Two Years (BP) all on life support
- Bernanke Faces Scepticism on Policy Tools, May Need Fiscal Aid (Bloomberg)
- The Uncomfortable Mathematics of Monetary Policy (Reuters)
- Bubble at any cost – China Fortifies State Businesses to Fuel Growth (NYT)
- An end-of-summer puzzle for investors (Reuters)
- Deficit Cost Declines Give Obama Stimulus Clinton Couldn’t Get (Bloomberg)
- As nationalism rises, will the European Union fall? (WaPo)
- Australia’s Political Uncertainty Takes Toll (WSJ)
- Recovery Spurs German Union Demands (FT)
- Sell Signal on 36% Profit Increase Has Analysts in Math Denial (Bloomberg)
- The Folly of Subsidizing Unemployment (WSJ)
- Obama Blows Off 3 Billion Wannabe Billionaires (Bloomberg)
- Why the Faltering Recovery? (Samuelson)
- Good Slowdown, Bad Slowdown (Morgan Stanley)
- The CBO Promotes a Stimulus Fantasy (RCM)
Economic data summary:
- Australia HIA New Home Sales for July -7.00% Previous -5.10%
- Australia Company Operating Profit for Q2 18.90% – better than expected. Consensus 5.80% q/q. Previous 3.90% q/q.
- Australia Inventories for Q2 -0.50% – lower than expected. Consensus 0.40% q/q. Previous 0.50% q/q.
- New Zealand Trade Balance for July -186M – lower than expected. Consensus -40M. Previous 276M.
- New Zealand Imports for July 3.75B – better than expected. Consensus 3.70B. Previous 3.51B.
- New Zealand Exports for July 3.57 B – lower than expected. Consensus 3.65B. Previous 3.78B.
- NZ Trade Balance 12 Mth YTD for July 573 – lower than expected. Consensus 793.5. Previous 639
- NBNZ Business Confidence for August 16.4Previous 27.9
- New Zealand Money Supply M3 for July -2.80%Previous -3.30%
- NBNZ Activity Outlook for August 25.7Previous 32.4