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Friday, March 29, 2024

Frontrunning: November 3

Courtesy of Tyler Durden

  • Election reaction: GOP Wins House in Huge Swing (WSJ); El-Erian: We’ve Voted. What’s Next For The Economy? (WaPo), Obama Confronts Setback to Agenda (FT), Obama’s Window for Change May Close With Republican Win (Bloomberg), G.O.P. Captures House, but Not Senate (NYT), Republicans to Take On U.S. Health Law, From Taxes to Insurance (Bloomberg)
  • Bernanke Bond Buying May Risk Rise in Prices Similar to 2004 (Bloomberg)
  • Straight from the Fed via Hilsenrath: Central Banks in Rate Clash (WSJ)
  • Business Looks to Republicans to Block Obama on Rules, Taxes (Bloomberg)
  • Borrowing Costs Rise for Weak in Europe (WSJ)
  • Greece Suspends Outgoing Airmail After Wave of Bombs (NYT)
  • Markets like divided government but real problems will go unaddressed (Barrons)
  • The Fed at Jekyll Island: 100 Years Later, They’re Baaack! (Economic Policy Journal, h/t John)
  • As ZH predicted over a month ago: Cotton Clothing Price Tags to Rise (NYT)
  • Current Account Targets Are A Way Back To The Future (FT)
  • World Bank Says China Needs to Raise Interest Rates Further & raises GDP forecast (Bloomberg)
  • Lenihan Set to Unveil Level of Budget Cuts Tomorrow (Irish Examiner)
  • Wall Street Banks That Fought Dodd-Frank May Profit Under Republican House (Bloomberg)
  • South Korea’s Lee Expects G-20 Summit Deal on `Guidelines’ on Currencies (Bloomberg)
  • New Crisis Besets `Basket Case’ Economy: David Blanchflower (Bloomberg, h/t JAFO)
  • Eye of a very long storm (Annaly)
  • The New Deal Was Anything But A Success (IBD)

Economic Highlights:

  • Norway Unemployment rate (AKU) for August 3.4%- in line with expectations. Consensus 3.4%.Previous 3.4%.
  • UK PMI Services for October 53.2-higher than expected.Consensus 52.6.Previous 52.8.
  • UK Official Reserves (Changes) for October $657M.Previous $1935M.
  • Australia AiG Performance of Service Index 50.7. Previous 45.6.
  • Australia Building Approvals -6.6% m/m -11.6% y/y – lower than expected. Consensus 0.0% m/m -3.7% y/y. Previous -4.8% m/m 4.2% y/y.
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