Daily Highlights: 6.10.10
- Asian shares were modestly higher with resource stocks leading, but for China.
- Bank of Korea keeps rate at record low 2 percent amid strong recovery.
- Bernanke: US recovery on track despite European crisis, high unemployment.
- Brazil central bank lifts rate to 10.25%, meeting expectations.
- China posted a trade surplus for a second straight month in May on higher export growth.
- Euro climbs to $1.2039 on Bernanke remarks, raising hopes in global economy.
- EU's Internet chief warns states against choosing proprietary software as standards.
- Germany, France ask EU to speed up financial reforms.
- German governors to debate aid for GM's Opel after minister rejects federal help.
- Greek consumer inflation accelerated to a 5.4% in May, more than three times euro zone level.
- Japan revises up 1Q economic growth to 5 percent annualized rate from prev. 4.9%.
- Oil hovers above $74 in Asia as US crude inventories drop suggests demand is improving.
- OPEC says no need to increase oil supply.
- Portugal's economy expanded in the first quarter compared with the previous quarter.
- UN Security Council passes new sanctions against Iran for its nuclear work.
- US Wholesale inventories up 0.4% - fourth consecutive month gain led by solid gain in sales .
- BASF has agreed in principle to buy Cognis for more than $3.62B, including debt.
- CenterPoint Energy prices 22.0 mln common shares at $12.90/sh.
- Germany refuses GM loan guarantees of more than $1.19B, for restructuring its Opel unit.
- Goldman faces $1B suit; Basis Capital cites 'false representations' in collapsed CDO deal.
- Finnair orders 5 Airbus A321ER aircraft in $480 million deal.
- Men's Wearhouse 's Q1 net rises 156% to $13.6M on 2% rise in revs at $464.1M.
- US ratcheted up its demands that BP cover all costs stemming from GOM oil spill.
- Samsung to invest $3.6B to expand capacity of a semiconductor fabrication plant in Texas.
- Santander to pay $2.5B to buy the remaining 25% share of its Mexican subsidiary from BofA.
- Sprint overstated 4G phone sales by a third.
- U.S. taxpayers "remain at risk for severe losses" on AIG bailout : US Panel on restructuring.
Economic Calendar: Data on Initial & Continuing Claims, Treasury Budget to be released today.
Earnings Calendar: AOI, CRAI, DLM, EXPR, FNSR, HRLY, IDT, NAVI, THO.
RECENT RATING ACTIONS
ALLEGHENY ENERGY INC (AYE)
DOLLAR GENERAL CORP (DG)
PEP BOYS-MANNY MOE & JACK (PBY)
TALISMAN ENERGY INC (TLM CN)
TRANSOCEAN LTD (RIG)
VALASSIS COMMUNICATIONS INC (VCI)
CENTURYLINK INC (CTL)
JONES APPAREL GROUP INC (JNY)
MICROSOFT CORP (MSFT)
FRONTIER OIL CORP (FTO)
OMNICARE INC (OCR)
AGRIUM INC (AGU)
Data provided by Egan-Jones Ratings and Analytics