Morning Reading – January 28, 2011

BBC News: China introduces first property tax for home buyers

China has introduced its first property tax for home buyers to try to curb record house prices and tame inflation.

FT BeyondBRICs: Food prices soar as EMs stockpile

Food prices are soaring once again, spurred by emerging countries stockpiling staples like wheat and sugar in a bid to calm their panicking populations.Real GDP (1959-2011)

FT Alphaville: Moody’s Aaa-rated American journey

Moody’s served up a cocktail of existential angst and sovereign debt analysis on Thursday, in the form of a Special Comment justifying the US’s continued Aaa rating (subscription required).

The verdict — contortion and a stern whisper for the US to get its act together, or else. (If this sounds familiar, it is.)

FT Alphaville: Eek Eonia!

***WARNING*** Interbank rate geekiness ahead! ***WARNING***

FT Alphaville: Regling looks at Manila, to help Athens

If you’re as obsessed with European Financial Stability Facility (EFSF) head Klaus Regling as we are, you might have noticed these bits on his CV:

  • Chief of the International Monetary Affairs Division (1991- 93)
  • International Monetary Fund, Washington (1975 – 1980)

What does this have to do with Manila? It’s thought that during his time at the IMF, Regling was stationed in both Washington DC and Jakarta, where he may well have been exposed to the debt restructurings undertaken by the Philippines at the time.

FT Alphaville: In Pharaoh’s markets

Drastic developments in Egypt overnight…

Calculated Risk: Update: Coming Existing Home Sales Revisions

The NAR is planning on releasing revisions for the past three years (2008 through 2010) on February 23rd along with the January existing home sales report. Many housing analysts expect these revisions to be significant – and to be down. Assuming the revisions are down, this will also reduce the “distressing gap” between existing and new home sales.

The Big Picture: Coincident Indicators vs Real GDP (1959-2011)

Bob Bronson of Bronson Capital Markets Research looks at the year over year Coincident Indicators as highly correlated with Real GDP data.

The Big Picture: How Banking Works

I was surprised at the normally astute for taking an old joke, and getting it wrong. Let’s see if we can help the FT find their sense of humor.

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