Archive for November, 2012

Weekly Eurozone Watch: November 30, 2012

Key Data Points1
German 10-year Bund 5 bps lower;
France 10-year 6 bps tighter to the Bund;
Ireland 7 bps wider;
Italy 20 bps tighter;
Spain 25 bps tighter;
Portugal 23 bps tighter;
Greece 30bps tighter;
Large Eurozone banks up  0.5-3 percent;
Euro$ up 0.33 percent.

Comments
- France, Italy, and Greece 10-year yields at lowest weekly close of the year;
- Rumors circulate about downgrade of ESM and EFSF bailout funds;
- Bundestag approves Greek deal without the Chancellor’s Majority and only with the support of the opposition  – 473 MPs in favor and 100 MPs against, 100 MPs abstained;
- October youth unemployment rate in Eurozone rises to 23.9 percent, up from 21.9 percent a year ago;

Nov30_Euozone_Greece

Not all countries have the same sense of urgency as some months ago.

- José Manuel Barroso, President of the EC

WEZ_Spread_WeekWEZ_Bank_WeekWEZ_Spread_YTDWEZ_Bank_YTDWEZ_YieldsWEZ_EuroFX

 

(click here if charts are not observable)

Category: Think Tank

David Angelo Explains Gas Prices & Taxes

David Angelo explains rising gas prices with Deadpan Hilarity:

Gas Prices

~~~

Gas Taxes

Hat tip Economic Thought

Category: Humor, Video

Succinct summation of week’s events (11.30.12)

Succinct summation of week’s events: Positives 1) Greece is bought more time, again. Public sector debt writedown still looms. 2) Catalonia, Spain vote adds enough confusion that secession not happening anytime soon. 3) Spanish bond yields fall to one month low, Italian yields at 2 yr lows. 4) EU CPI moderates to 2.2% from 2.5%,…Read More

Category: Financial Press

Ghost Exchange: The Movie

click for video Check out the full site at ghostexchangemovie.com

Category: Regulation, Trading

Rolling Stones 50th Anniversary Tour Set List

Here are the songs the Stones are performing this tour:

 

Set list:

“I Wanna Be Your Man”
“Get Off of My Cloud”
“It’s All Over Now”
“Paint It, Black”
“Gimme Shelter”
“Wild Horses”
“All Down the Line”
“I’m Going Down”
“Out of Control”
“One More Shot”
“Doom and Gloom”
“It’s Only Rock and Roll”
“Honky Tonk Women”
“Before They Make Me Run”
“Happy”
“Midnight Rambler”
“Miss You”
“Start Me Up”
“Tumbling Dice”
“Brown Sugar”
“Sympathy for the Devil”
“You Can’t Always Get What You Want”
“Jumpin’ Jack Flash”

Sources: Stones, Rolling Stone

 

 

Read More

Category: Music, Weekend

German Bundestag Approves Greek “Deal”

Japanese consumer prices, excluding fresh food, were unchanged in October Y/Y, somewhat higher than the decline of -0.1% in September. The Japanese government has approved a 2nd round of stimulus in just over 1 month amounting to Y880bn (US$10.6bn), including capex programmes, employment measures and aid to small businesses. Industrial output rose unexpectedly by +1.8%…Read More

Category: Think Tank

Real Median Household Income in the 21st Century

Source: Advisor Perspectives   Courtesy of Doug Short, we see from the above that the past decade has seen no gains in real median household incomes. Indeed, the free fall began in earnest in 2008, and now reflects an 8.1% decrease in real  buying power. This is for the median household — we know from…Read More

Category: Wages & Income

10 Friday AM Reads

My morning reads: • Why Have Global Macro Hedge Funds Underperformed? (Pragmatic Capitalism) see also High-Frequency Trading and High Returns (The Baseline Scenario) • Complaints Aside, Most Face Lower Tax Burden Than in 1980 (NYT) • That 3-to-1 spending/taxes deal GOP rejected last year? Its looking pretty sweet versus 4-to-3 deal now on table (Politico)…Read More

Category: Financial Press

“If you give a mouse a cookie…”

“If you give a mouse a cookie, he’s going to ask for a glass of milk. When you give him the milk, he’ll probably ask you for a straw. When he’s finished, he’ll ask for a nampkin…” This children’s book which I read to my son about hundred times years back now reminds me of…Read More

Category: MacroNotes

Idiosyncratic vs. Systemic: California Cities, A Case Study

Idiosyncratic vs. Systemic: David R. Kotok October 11, 2012     “MOODY’S MAY DOWNGRADE 30 CALIFORNIA CITIES. The review may affect $14.3 billion in general obligation and lease-backed debt.” -Bloomberg Brief, October 10, 2012 ~~~ “When a municipality files a Chapter 9 petition under the U.S. Bankruptcy Code, Standard & Poor’s Ratings Services believes the…Read More

Category: Think Tank