The establishment survey showed a gain of 165,000 a reasonably good but not spectacular print. In contrast, the household survey showed a huge gain of 293,000 jobs.
Once again we see a huge surge in involuntary part-time employment of 278,000. Voluntary part-time employment rose by another 163,000.
Voluntary plus involuntary part-time employment rose by a whopping 441,000 jobs. Take away part-time jobs and there is not all that much to brag [...]
Spanish banks may need a cash injection of more than €100bn (£80bn), the results of an official stress test are expected to show this week, placing more financial pressure on to an already explosive political crisis in Madrid.
A bank-by-bank test of financial stability due on Friday is expected to conclude that Spain’s lenders are dangerously over-burdened with toxic debts and need to be recapitalised, restructured or shut down.
The stress test [...]
Pollster and political analyst Scott Rasmussen tells Newsmax that if Americans’ satisfaction with their financial situation does not improve before November, there is “no way” President Obama will be re-elected.
He also warns that if Romney does not take Florida, he has “no chance” of winning the White House — but adds that Obama is in trouble there because of seniors’ opposition to Obamacare.
Rasmussen is founder and president of Rasmussen Reports [...]
FOX News -
Denver mom Sarah Cohen says drawing sidewalk chalk art is one of her three-year-old daughter Emerson’s “simple pleasures in life.”
“It’s definitely better than video games,” Cohen told KCNC.
However, the homeowner’s association in Cohen’s neighborhood feels differently. They say Emerson’s drawings — usually of hearts and flowers — are distracting and offensive blights on their community.
“My initial reaction was, ‘You have to be kidding me,” Cohen said.
The association, called [...]
We’ve heard of kids getting in trouble for graffiti. But sidewalk chalk?
A Colorado community is trying to stop local children from coloring on their pristine sidewalks, CBS4 Denver reports. Specifically, the Denver neighborhood of Stapleton wants 3-year-old Emerson Cohen to stop scribbling.
Kids in Denver already have a curfew – but to Sarah Cohen (Emerson’s mother), a ban on chalk seems particularly draconian.
“My initial reaction was, ‘You have to be kidding me,’” Cohen told [...]
Senior advisers to Mitt Romney have bitterly criticised David Cameron‘s recent White House “love-in” with Barack Obama before Romney’s first visit to London for the opening of the Olympic Games.
Referring to Cameron’s highly flattering toast to Obama during a banquet given in the prime minister’s honour when he visited Washington in March, a senior aide said: “You don’t take sides in an election year”.
The aide, who requested anonymity, said Romney and his wife, Ann, would [...]
French 10Y bond spreads had widened almost 50% (from 100bps to 149bps) in the last week of trading ahead of this critical auction and the EURUSD is over 200pips lower. The auction results are in and it is not a total disaster but the bid-to-cover dropped significantly to its lowest since October 2010 and they missed their maximum target.
*FRANCE SELLS TOTAL EU7.963B VS MAX TARGET EU8B OF BONDS
*FRANCE SELLS EUR4.02 [...]
According the note below from the LCH website, deposit charges on Italian bonds will almost double effective close today (Wednesday November 9th). The details can be found here.
*LCH COMMENTS ON ITALY BOND DEPOSIT CHARGES IN WEBSITE DOCUMENT
LCH Raises Deposit Charge on 10-Yr Bonds to 11.65% From 6.65%
Initial reaction is -5pts in ES and 35pips in EURUSD (breaking back below 1.38).
by Megan McArdle, The Atlantic
Speaking of things that sent my twitter feed into a frenzy of conservative “Tu quoquing,” earlier in the week the Daily Caller found an interesting way to settle the ongoing debate about the demographics of Occupy Wall Street: they looked up the addresses of people who had been arrested in conjunction with the New York protest. It turns out that these houses are relatively pricey:
Among addresses for which [...]
Just headlines, via Bloomberg, for now as Juncker and Sarkozy play good-cop / bad-cop:
*SARKOZY SAYS REFERENDUM WILL DECIDE GREECE’S EURO FUTURE
*SARKOZY SAYS REFERENDUM WILL BE AROUND DEC. 4 OR DEC. 5
*SARKOZY SAYS CAN’T HAVE ‘PROLONGED PERIOD OF UNCERTAINTY’
*SARKOZY SAYS ‘WE ARE READY TO AID GREECE’
*SARKOZY SAYS GREECE WON’T GET `SINGLE CENT’ WITHOUT ENACTMENT
*JUNCKER SAYS AID PAYMENT DEPENDS ON GREEK VOTE
*GREECE HAS `LOST 8 BILLION. THAT IS A PITY,’ JUNCKER [...]
From Peter Tchir of TF Market Advisors
Naked in Europe
So Europe is getting closer to announcing some form of ban on naked CDS. What they hope it will accomplish and what it will actually accomplish are two very different things.
First, let’s look at the mindset. It about a ban targeted at entities that buy CDS (go short the credit). It doesn’t target those who are selling protection. [...]
From Peter Tchir of TF Market Advisors
So today, MAIN and SOVX, European CDS indices waited for US stocks to open before moving to their tightest levels on the day. So in a completely bizarro world, the markets that are most directly affected by this weekends statements and actions have a muted reaction, until the US stock market, with market least directly affected, opens with a [...]
8:41 a.m. | Updated Abandoning a break-up plan it announced last month, Netflix said Monday morning that it had decided to keep its DVD-by-mail and online streaming services together under one name and one Web site.
The company admitted that it had moved too fast when it tried to spin-off the old-fashioned DVD service into a new company called Qwikster.
“We underestimated the appeal of [...]
Via Peter Tchir of TF Market Advisors
As alleged details are leaked about an alleged proposal to leverage the EFSF all I can do is cringe. I’m waiting for some actual details, but as far as I can tell, Europe is attempting go all in. It is going to make leveraged bets on itself. If it doesn’t work, the senior debt holders will own Europe if the [...]
by Tim McCormick Of Frost National
So why is the initial reaction of the S&P downgrade of Treasuries for Treasury bond prices to go up?
The S&P downgrade was not as much a comment on the numbers of credit service as a comment on the political process. The political process is about confronting the probability of a hyper-inflationary collapse of our currency if fiscal irresponsibility, entitlement spending and [...]
George Papandreou was staring into a 20 billion-euro ($29 billion) hole.
It’s common for freshly minted leaders to discover that there’s not enough money to pay for their campaign promises. So when Papandreou’s new Greek government woke up to a looming budget disaster within days of taking office in October 2009, the alarm bells were slow to ring in European capitals.
Don’t “overrate” the problem, said German Chancellor Angela Merkel, later to [...]
by David Galland of The Casey Report
How “Social Proof” Helps Smart Investors
As a young man in a foreign land, my curiosity was piqued by the crowd standing five or six deep in a circle. On pushing my way forward, the focus of the crowd’s attention quickly became apparent – a fight, although for reasons I’ll explain momentarily, “fight” is not the right word.
The setting was [...]
A visual summary of today’s action…
And a verbal one, courtesy of Peter Tchir from TF Market Advisors:
If not unprecedented moves we are certainly witnessing a rare day in the markets. The entire energy complex is down 5-10%. Metals and agriculture are down 2-5% except for silver, down a whopping 11%! The Eur has depreciated 2%. So far stocks have been largely immune to the move [...]
“the New York Fed plans to buy $850 billion to $900 billion in Treasury notes over the next five months, including $600 billion in new purchases and about $250 billion to $300 billion to reinvest the proceeds of maturing mortgage-backed securities”
$900 billion in five months amounts to about $2 trillion annualized. The market’s initial reaction suggests the market doesn’t know what to think [...]