Frontrunning: March 3

Frontrunning: March 3

Submitted by Tyler Durden on 03/03/2011 08:06 -0500
•Why the Dollar's Reign Is Near an End (WSJ)

•Take a bow Hatzius: John Taylor takes apart Goldman's economic "achemists and quacks" (Bloomberg) - This is what happens when you sellout to the propaganda machine

•William Cohan joins the tinfoil hat brigade - A Conspiracy With a Silver Lining (NYT)

•Gaddafi strikes oil areas, Arabs weigh peace plan (Reuters)

•No criminal charges ever: Officials Disagree on Penalties for Mortgage Mess (NYT)

•Bernanke Sees 200,000 Hit to Jobs from Budget Cuts (Reuters)

•It's Taps For the Still Weakening Dollar (RCM)

•Asia Moves to Shore Up Strategic Oil Reserves (FT)

•Beijing home sales slump in February (China Daily)

•ECB Set to Deliver Inflation Warning (WSJ)

•Obama "outraged" by attack in Germany (Reuters)

•Europe Must Plan a Reform, Not a Pact (FT)

•Merkel names ally as new defence minister (FT)

•Congress Approves Temporary Budget Bill, Avoids Shutdown (BusinessWeek)

•Gross Says Treasury Yields Too Low as Fed Approaches End of Asset Buying (Bloomberg)

•Mukherjee Signals Higher Oil May Spur India Subsidy, Risk Deficit-Cut Plan (Bloomberg)

European economic highlights:
•Euro-Zone PMI Composite for February 58.2 - lower than expected. Consensus 58.4. Previous 58.4.

•Euro-Zone PMI Services for February 56.8 - lower than expected. Consensus 57.2. Previous 57.2.

•Euro-Zone GDP for Q4 0.3% q/q 2.0% y/y – in line with expectations. Consensus 0.3% q/q 2.0% y/y. Previous 0.3% q/q 2.0% y/y.

•Euro-Zone Retail Sales for January 0.4% m/m 0.7% y/y - higher than expected. Consensus 0.3% m/m 0.0% y/y. Previous -0.6% m/m -0.9% y/y.

•Germany Retail Sales for January 1.4% m/m 2.6% y/y - higher than expected. Consensus 0.5% m/m 1.7% y/y. Previous -0.3% m/m -1.3% y/y.

•Germany PMI Services for February 58.6 - lower than expected. Consensus 59.5. Previous 59.5.

•France PMI Services for February 59.7 - lower than expected. Consensus 60.8. Previous 60.8.

•Italy PMI Services for February 53.1 - higher than expected. Consensus 51.1. Previous 49.9.

•Italy PPI for January 1.1% m/m 5.2% y/y - higher than expected. Consensus 0.9% m/m 4.6% y/y. Previous 0.6% m/m 4.6% y/y.

•UK PMI Services 52.6 - lower than expected. Consensus 53.7. Previous 54.5.

•ECB Announces Interest Rates. Consensus 1.00%. Previous 1.00%.