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Thursday, March 28, 2024

Frontrunning: November 2 – Pre-QE2 Day… Oh And Some Meaningless Election Is Going On

Courtesy of Tyler Durden

  • Democracy’s Rich Pageant (The Awl)
  • Democratic power at risk (Reuters)
  • US Federal Reserve’s latest bubble threatens mayhem: The prospect of more quantitative easing (QE) is driving government bond yields to levels that price in a depression (Telegraph)
  • Fed easing may mean 20 percent dollar drop: Gross (Reuters)
  • US Shifts G20 Currency Focus To Trade Deficits (FT)
  • Robert Rubin dares to show his face with an FT oped: How America can withstand the headwinds (FT) – here’s how, go back in time, and make sure Robert Rubin was never in position of power. Does that work?
  • Lessons From a Lost Decade (Hussman)
  • China’s Hu Jintao Says Country’s Yuan Policy Is Responsible, Figaro Says (Bloomberg)
  • Ireland May Have One Month to Stave Off Bailout: Euro Credit (BusinessWeek)
  • Merkel: Private Creditors Must Share Losses In Future Crises (Market News)
  • IMF speeds gold sales amid soaring prices (FT)
  • China’s Dollar Borrowing Costs Tumble on Ratings Outlook (Bloomberg)
  • Europe’s attempt to quickly make every insolvent bank TBTF continues: BBVA launches €5bn rights issue, seeks joint control of Turkey’s Garanti Bank (FT)
  • Australia, India Raise Rates to Slow Inflation Before Fed Move (Bloomberg)
  • BP ups spill cost to $40 billion, profits beat forecast (Reuters)
  • If the Irish Budget fails to convince markets of our financial independence the game is truly up, writes Colm McCarthy (Independent, h/t JAFO)
  • China Lets HKMA Buy Yuan Assets, Diversify Reserves (Bloomberg)
  • Apple has 95 percent of tablet market: Strategy Analytics (Reuters)
  • ECB Smacdown: Junker v Weber (El Pais, h/t JAFO)
  • GM seeks to raise $10bn in landmark IPO (FT)

Economic Highlights:

  • Australia RBA Cash Target 4.75% – higher than expected. Consensus 4.5%. Previous 4.5%.
  • Japan Monetary Base 6.4% y/y. Previous 5.8% y/y.
  • Euro-Zone PMI Manufacturing for October 54.6 – higher than expected.Consensus 54.1. Previous 54.1.
  • Germany PMI Manufacturing for October 56.6 – higher than expected.Consensus 56.1. Previous 56.1.
  • Italy PMI Manufacturing for October 53.0 – higher than expected.Consensus 52.8. Previous 52.6.
  • Spain PMI Manufacturing for October 51.2. Previous 49.6.
  • UK PMI Construction for October 51.6 – lower than expected. Consensus 53.0. Previous 53.8.
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