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Commentary Topic from greenfaucet

Frontrunning: July 29th

• SEC Says New Financial Regulation Law Exempts it From Public Disclosure, in other words the SEC did not reply to your FOIA before, when it was busy watching porn, it surely won't reply now, when it is again busy watching porn (Fox Business)
• Fannie Mae, Freddie Mac Still Too Big to Nail (Bloomberg)
• Moody's says US needs debt plan to keep rating (Reuters)
• Niall Ferguson: Sun Could Set Suddenly on Superpower as Debt Bites (Australian)
• Europe economic confidence rises as exports benefit from record low EUR (Bloomberg), and now that the regime has changed, expect Europe to plunge again as US exports pick up, and so forth, and so forth, with the capital flow from Europe to the US becoming a daily occurrence
• Europe Follows Misguided U.S. Policy: The Stress Tests Conducted in 2009 Were a Disaster (Forbes)
• Renminbi Peg: On Again, Off Again - Cleveland Fed says depegging CNY will not help US trade deficit (Cleveland Fed)
• Weekly Chart Review (Alhambra)
• Morgan Stanley: Fear cheap money not double dip (CNBC), also, don't forget to fear conflicted propaganda
• Models Miss Risk of Falling Confidence (Bloomberg)
• Russia Sells Longest Ruble Bonds Since October as Yields Fall (Business Week)
• Japan's Slower Production May Build Case for Stimulus Extension (Business Week)

The latest barrage of good news courtesy of multi year EUR lows (which are history for now)

• Euro-Zone Business Climate Indicator for July 0.66 higher than expected Consensus 0.39 Previous 0.37 (Revised from 0.40)
• Euro-Zone Indust. Confidence for July -4 higher than expected Consensus -5 Previous -6
• Euro-Zone Consumer Confidence for July -14 in line with expectations Consensus -14 Previous -14 (Revised from -17)
• Euro-Zone Economic Confidence for July 101.3 higher than expected Consensus 99.1 Previous 98.7 (Revised from 99.0)
• Euro-zone Services Confidence for July  6 higher than expected Consensus 5 Previous 4
• Germany Unemployment Change (000's) for July -20K in line with expectations Consensus -20K Previous -21K (Revised from -20K)
• Germany Unemployment Rate (s.a) for July 7.6% in line with expectations Consensus 7.6% Previous 7.7%
• France Producer Prices and for June 0.0% MoM 3.5% YoY lower than expected Consensus 0.3% MoM 3.9% YoY Previous 0.0% MoM 4.3% YoY
• Italy Business Confidence for July 98.3 higher than expected Consensus 96.4 Previous 96.1 (Revised from 96.3)
• Italy Hourly Wages and for June 0.1% MoM 2.5% YoY Consensus 0.2% MoM 2.6% YoY Previous 0.1% MoM 2.5% YoY
• Sweden Consumer Confidence for July 23.3 higher than expected Consensus 22.1 Previous 22.0
• Sweden Economic Tendency Survey for July 111.3 lower than expected Consensus 112.7 Previous 112.2 (Revised from 111.6)
• Sweden Manufacturing Confidence s.a. for Q2 4 Previous 0 (Revised from -3)
• Sweden Retail Sales s.a. (MoM) for June -0.2% lower than expected Consensus 0.6% Previous 1.6% (Revised from 1.3%)
• Sweden Retail Sales n.s.a. (YoY) for June 2.8% lower than expected Consensus 3.0% Previous 2.7% (Revised from 2.6%)
• UK Nat'wide House prices s.a (MoM) for July -0.5% lower than expected Consensus -0.3%   Previous 0.1% (Revised from 0.0%)
• UK Nat'wide House prices n.s.a (YoY) for July 6.6% lower than expected Consensus 7.0% Previous 8.7%
• UK Net Consumer Credit for June -0.1B lower than expected Consensus 0.2B Previous 0.3B
• UK Net Lending Sec. on Dwellings for June 0.7B lower than expected Consensus 1.0B Previous 1.2B (Revised from0.8B)
• UK Mortgage Approvals for June 47.6K lower than expected Consensus 48.4K Previous 49.8K (Revised from 49.5K)
• UK M4 Money Supply and for June 0.0% MoM 3.0% YoY Previous 0.0% MoM 3.0% YoY
• UK M4 Ex OFCs 3M Annualised for June 6.0% Previous 9.2% (Revised from 8.9%).