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Thursday, March 28, 2024

Frontrunning: September 24

Courtesy of Tyler Durden

  • CNBC’s new pet blog is off to an unsurprising start: not only does it steal Zero Hedge stories without attribution, but apparently it discovered the entire correlation story – (NetNet). As a reference, Jeff, here are Zero Hedge’s nodes on implied correlation going back into 2009, and here is our Nicholas Colas post. But yes, we also were very shocked someone out there read this to begin with. So keep stealing guys, nobody will catch it.
  • Two quotes of the day: “Irish debt agency CEO not worried about daily swings in bond spreads” and “Irish Finance Minister says concerned by yields in recent debt sales “
  • China Will Focus On Peaceful Development: Wen (China Daily)
  • China Takes Lead In Financial Deals (FT)
  • Spat Tests Japan’s New Government.” (WSJ)
  • Eurozone Crackdown On Public Finances (FT)
  • Spain Under Pressure to Show `Hair Shirt’ Budget as Yields Rise (Bloomberg)
  • Bank of England Case for More Stimulus Looking `Less Certain,’ Barker Says (Bloomberg)
  • Obama Urges Wen to Act Over Renminbi (FT)
  • Floyd Norris on SEC: Seeking to Protect Investors (NYT)
  • Former Fed Chief Volcker `Not Worried’ About Deflation (Bloomberg)
  • The real BP lesson: Oil is killing us (USA Today)
  • Peter Foster on Wall Street 2: Clunky sequel is Stone dead (Financial Post)
  • Fed Dissenter Hoenig’s Campaign Against Easy Credit Has Roots in Prairie (Bloomberg)
  • Roubini Says U.S. Payroll Tax Cut Would Spur Jobs (Bloomberg)

Economic highlights:

  • Germany Import Price Index for August 0.2% m/m 8.6% y/y – lower than expected. Consensus 0.3% m/m 8.7% y/y. Previous -0.2% m/m 9.9% y/y.
  • Germany IFO – Business Climate for September 106.4 – in line with expectations.Consensus 106.4. Previous 106.7.
  • Germany IFO – Current Assessment for September 109.7 – higher than expected.Consensus 108.7. Previous 108.2.
  • Germany IFO – Expectations for September 103.9 – lower than expected.Consensus 104.0. Previous 105.2.
  • France Gross Domestic Product for Q2 0.6% q/q 1.7% y/y – in line with expectations. Consensus 0.6% q/q 1.7% y/y. Previous 0.6% q/q 1.7% y/y.
  • France Wages for Q2 0.4% q/q – in line with expectations. Previous 0.4% q/q.
  • Italy Retail Sales s.a. for July 0.0% m/m 1.7% y/y – higher than expected.Consensus -0.2 m/m 0.0% y/y. Previous 0.3% m/m 0.5% y/y.
  • Sweden PPI for August -0.5% m/m 1.3% y/y – lower than expected. Consensus -0.4% m/m 1.4% y/y. Previous 0.1% m/m 1.0% y/y.
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