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Daily Highlights: 6.7.10
- Asian stocks, Euro tumble on US jobs report, Hungary debt; Bonds rally.
- China’s stocks fell to a 13-month low on Chinese banks’ share sales, US econ data.
- The euro fell, hitting its lowest in more than four years against the dollar.
- G20 drops support for fiscal stimulus.
- Germany was close to finalizing a major package of government savings, which would likely cut social welfare, public sector jobs and raise taxes.
- Zinc smelters in China have idled as much as 8.8% of capacity as prices decline.
- Agricultural Bank of China, Bank of Communications may raise less than estimated in share sale on market slump.
- AT&T in informal talks with India's Reliance Communications for minority stake.
- Blyth Inc. cuts Fiscal 2011 EPS outlook to $2.90-3.20 (prev $3.20-3.50), cites FX swings.
- Cathay, Swire halt trading of shares in HK, triggering Haeco stake speculation.
- Emerson Electric to raise its GBP723M offer for Chloride Group over the next two weeks.
- FirstEnergy, Allegheny Energy file merger application with Virginia Commission.
- Foxconn will double salaries for lowest-paid China workers after suicides.
- Grifols SA in talks to buy Talecris Biotherapeutics Holdings Corp. for more than $3B.
- Johnson Controls still interested in pursuing its $1.25B offer for interiors, electronics business of Visteon Corp.
- Motorola sees enterprise annual growth 5%-8% through 2012.
- Oceaneering Intl cuts 2010 EPS by 14% on the 6-month moratorium on deep-water permitting and drilling activity in the Gulf of Mexico.
- Oracle to cut more jobs in Europe, Asia as it absorbs Sun Microsystems.
- Prudential CEO Thiam has a plan to expand in Asia amid resignation calls following the takeover failure of AIA
- Spain's BBVA considering takeover bid for British assets of Australia's NAB.
- Volkswagen ends preliminary talks for a potential tie-up with Proton Holdings Bhd.
- Wal-Mart is looking for acquisitions around the world: Division chief, Doug McMilon.
- Xinjiang Goldwind seeks $1B in HK share sale, aims to rank among the world’s top three wind turbine makers.
Economic Calendar: Data on Consumer Credit to be released today.
Earnings Calendar: ALTR, AOI, BH, CASC, CWST, EONC, FCEL, FGP, THO, TRU.
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Data provided by Egan-Jones Ratings and Analytics
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Chinese workers have found a collective bargaining tool that seems to be working. I wonder if this will catch on in the US.
Of course it's tough if you draw a low number, but remember it's for the common good.