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Daily Highlights: 5.18.10

Tyler Durden's picture




 
  • Asia may need capital controls to curb fx rise - ADB.
  • China sees inflation quickening this Month to 3% 'trigger' point for rates: State agency.
  • China's holdings of US Treasury securities totalled $895.2B in March, up 2% from Feb levels.
  • EU finance ministers seek deficit cuts to ward off debt crisis threat.
  • Euro weakens to near four-year low on economy; Most Asian stocks decline.
  • FDIC has inherited CDOs with a face value of more than $400M from failed lending institutions.
  • German governing parties call for financial transaction tax in Europe.
  • German investor confidence may plunge as Europe's debt crisis hurts Euro.
  • Greece to receive euro14.5B in bailout loans.
  • Home Starts in US probably rose 5.8% for April.
  • Oil rises to near $71 in Asia as 2-week sell-off sparked by Europe crisis pauses.
  • Abraxas Petroleum's Q1 profit doubles to $11.2M on derivatives gain, higher prices.
  • Agilent Tech swings to Q2 profit of $108M; Sees strong Q3, lifts FY EPS view to $1.70-1.75.
  • Blackstone said to drop plan to buy Fidelity Information in price dispute.
  • Fidelity National plans a recap rather than a buyout.
  • GM posts its first qtrly profit in 3 years ($863M), helped by cost cuts, improved global sales.
  • Illinois Tool Works said its revenue jumped 19% in the latest three-month period ended April.
  • Lowe's Cos.'s post a better-than-expected 2.7% rise in profit to $489M on higher sales.
  • Macarthur Coal rejects Peabody's revised $3.3B offer; shares plunge.
  • Man Group PLC to pay $1.6B in cash and new shares to acquire GLG Partners Inc.
  • Mitsubishi UFJ recovers from deep losses, posts $4.2B net profit.
  • Rosneft's Q1 net rises 19% to $4.45B, helped by crude output growth and higher oil prices.
  • Samsung Electronics to invest record $22.9B in 2010 on manufacturing facilities, R&D.
  • Sinopec gets approval to sell as much as $3.4B of bonds to fund expansion.
  • Sirius XM Radio raised 2010 profit f'cast on new subscriptions being more than expected.
  • Valspar Corp.'s Q2 net doubles to $61.7M on 20% rise in revs to $803.6M.
  • Vodafone Group's fiscal-year net profit rose to 177% to $12.4B on lower impairments.
  • WaMu amends bankruptcy plan, to return $7B to creditors; FDIC support unclear

Economic Calendar: Data on Building Permits, PPI, Housing Starts to be released today.

Earnings Calendar: ABK, ADI, ALOT, ANF, DKS, GRO, HD, HPQ, KIRK, SKS, TJX, VOD, WMT.

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Data provided by Egan-Jones Ratings and Analytics

 

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Tue, 05/18/2010 - 09:12 | 357868 Invisible Hand
Invisible Hand's picture

The new Chief Secretary to the Treasury (UK), (Lib Dem's David Laws) upon arriving for his first days work, found a note on his desk from his predecessor (Labour's Liam Byrne).

"Dear Chief Secretary, I'm afraid there is no money.  Kind regards and good luck! Liam."

Mr. Laws had opposed spending cuts during the election but seems to rethinking that position.  Wonder why?

Will such an honest assessment of the situation ever be put on paper in the US?  I doubt it.

 

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