Frontrunning: September 2nd

• Headline of the day: Economy Avoids Recession Relapse as Data Can't Get Much Worse (Bloomberg).... yes, this is headline news
• Could investors fleeing stocks become a lost generation? (USA Today)
• Will the White House have to replace its recovery blog with a double-dip one? (Telegraph)
• Ozawa Pledges Yen Intervention, Futenma Rethink in Japan Leadership Race (Bloomberg)
• Fisher `Reluctant' to Ease Until Fiscal Action Taken (Bloomberg)
• South Korea's Won Rises to a 2-Week High as IMF Says Currency Undervalued (BusinessWeek)
• Japan dilemma as economic dependence on China grows (Reuters)
• European Exports, Investments Spur Economy's Recovery (Bloomberg)
• But it is all fake and due to the ECB's ongoing life support: ECB holds rates, tipped to extend liquidity lifeline (Reuters)
• Summer of Economic Discontent (WSJ)
• Outgoing economic something or another Romer has some Keynesian parting words: "U.S. Must Find Will for Further Stimulus" (ABC)
• America's biggest jobs program: the US Military (Robert Reich, h/t Robert)
• Bruised Quant Funds Seek a Human Touch (WSJ)
• Fed's Duke Backs Rental Option to Mitigate Home Foreclosures, Unemployment (Bloomberg)
• Already discussed on Zero Hedge previously, but we figured we'd post it one more time: Changing Our 2H US Growth Outlook (Morgan Stanley)
• Bernanke's Jackson Hole Message (Cumberland)

Economic data:

• Australia Trade Balance for July 1888M- narrower than expected. Consensus 3100M. Previous 3539M.
• Japan Monetary Base for August 5.40% Previous 6.1% y/y.
• Japan Buying Foreign Bonds ¥70.8BPrevious ¥1040.8B.
• Japan Buying Foreign Stocks ¥141.0BPrevious ¥32.0B.
• Japan Foreign Buying Japan Bonds ¥77.4B Previous -¥129.5B.
• Japan Foreign Buying Japan Stocks -¥150.0BPrevious -¥39.1B.
• Euro-Zone Gross Fix Cap for Q2 1.8%.Previous -0.4%.
• Euro-Zone Govt Expend for Q2 0.5%.Previous 0.2%.
• Euro-Zone Household Cons for Q2 0.5% - higher than expected.Consensus 0.2%. Previous 0.2%.
• Euro-Zone PPI for July 0.2% m/m 4.0% y/y m/m - lower than expected.Consensus 0.3% m/m 4.0% y/y. Previous 0.3% m/m 3.0% y/y.
• Euro-Zone GDP s.a. for Q2 1.0% q/q 1.9% y/y - higher than expected.Consensus 1.0% q/q 1.7%. y/y Previous 1.0% q/q 1.00% y/y.
• ECB Announces Interest RatesConsensus 1.0%. Previous 1.0%.
• France Mainland Unemp. Change (000s) for Q2 -70K.Previous -8K.
• France ILO Mainland Unemployment Rate for Q2 9.3% - lower than expected. Consensus 9.6%. Previous 9.5%.
• France ILO Unemployment Rate for Q2 9.7% - lower than expected.Consensus 10.0%. Previous 9.9%.
• Italy PPI for July -0.1% m/m 4.1% y/y - higher than expected.Consensus 0.4% m/m 4.3% y/y. Previous 0.2% m/m 3.5% y/y.
• Switzerland GDP 0.9% q/q 3.4% y/y - lower than expected.Consensus 0.8% q/q 2.6% y/y. Previous 1.0% q/q 2.3% y/y.
• Switzerland Retail Sales (Real) for July 4.8%.Previous 1.0%.
• Sweden Riksbank Interest Rate for September 0.75% - in line with expectations.Consensus 0.75%. Previous 0.75%.
• UK Nat'wide House prices sa for August -0.9% m/m 3.9% y/y - lower than expected.Consensus -0.3% m/m 4.9% y/y. Previous -0.5% m/m 6.6% y/y.
• UK PMI Construction for August 52.1 - lower than expected. Consensus 53.2. Previous 54.1.