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Frontrunning: April 15

Tyler Durden's picture




 
  • Wheels Turning to Create New Silk Road (China Daily)
  • Banks, SEC in talks to settle mortgage charges (Reuters)
  • Qaddafi Taunts West as NATO Seeks More Attack Planes (Bloomberg)
  • Fears Grow Over Greek Debt Default Despite Bail-out (Telegraph)
  • Broke U.S. States’ $48 Billion Debt Drives Unemployment Aid Cuts (Bloomberg)
  • Moody’s Cuts Ireland Rating Two Levels, Outlook Negative (Bloomberg)
  • Irish Warning to EU of ‘Spoke in Wheel’ of Growth (FT)
  • G-20 Faces Need to Heed Criticism as Stronger IMF Voice Sought (Bloomberg)
  • G-20's Efforts on Growth Stall (WSJ)
  • Losing 84 Cents on Dollar Reveals Runaway U.S. Public Pensions (Bloomberg)
  • Outlook Uncertain, G20 to Target Imbalances (Reuters)
  • China Reserves Exceed $3 Trillion as Wen Resists Yuan Pressure (Bloomberg)
  • Yoon Says South Korea Price Pressures to Ease as Further Steps Are Weighed (Bloomberg)
  • Congress Approves Spending Bill With $38.5 Billion Cut (Bloomberg)
  • Renewable Energy Investment Drops 34% to Lowest in Two Years (Bloomberg)

Event highlights from Egan Jones:

  • Asian stocks fall as China inflation exceeds forecast; Gold, Oil pare gain.
  • China economy grows more-than-forecast 9.7% as prices surge most since '08.
  • Congress approves US Spending Bill with $38.5B cut.
  • Consumer confidence in US rose for a third straight week as improving job prospects.
  • Gold surges to record as global inflation concern stokes increased demand.
  • Greece to unveil new austerity steps to meet deficit goals as yields soar.
  • IMF rebukes may go ignored by G-20 seeking tougher economy policy watchdog.
  • Japan's Noda says he will call for continued currency cooperation at G-7.
  • OECD’s Gurria says reforms are needed for world to avert 'mediocre' decade.
  • Alcatel mulls corporate telecom gear unit sale - report
  • Ametek increases earnings estimates.
  • Bank of America's March earnings decline from $3.2B to $2.2B.
  • Blackstone’s Vanguard Health Systems is said to prepare initial share sale.
  • Chinese internet stocks have valuation risks, ex-Google Country Head says.
  • Citigroup to raise $273M by selling 12M shares in Primerica.
  • Cubist Pharmaceuticals posted Q1 EPS of $0.55/sh, beating avg estimate by 19%.
  • Disney gets a second chance in China with $4.4B Shanghai theme park.
  • Google reported Q1 net that missed cons estimates on higher hiring, marketing expenses.
  • GSK to sell non-prescription diet pill Alli along with a clutch of other OTC brands.
  • Hasbro's Q1 net fell 71% on higher product development costs, game sales declines.
  • Hyundai, Kia’s US car factories run overtime as Toyota pares production.
  • ICBC’s Jiang says economic expansion to keep driving down bad-loan ratios.
  • Isovoltaic cancels $548M IPO as debt woes trump solar Japan rally.
  • Mattel 1Q net income fell to $16.6 million due to high costs.
  • Nasdaq hires Bank of America’s Shavel as CFO amid bid for NYSE Euronext.
  • StanCorp Fincl sees Q1 EPS of not more than $0.77/sh vs. cons f'cast of $1.19.
  • Supervalu reported a 2.1% drop in ne ton continued weaker sales.
  • Valmont posts Q1 EPS of $0.97 (cons $0.95); revs up 55% at $568.0M.

European Economic Highlights:

  • Euro-Zone CPI - Core for March 1.3% y/y - higher than expected.Consensus 1.1%. y/y. Previous 1.0% y/y.
  • Euro-Zone CPI for March 1.4% m/m 2.7% y/y – higher than expected.Consensus 1.3% m/m 2.6% y/y. Previous 0.4% m/m 2.6% y/y.
  • Euro-Zone Trade Balance sa for February -2.4B – higher than expected.Consensus -3.6B. Previous -3.1B.
  • Euro-Zone Trade Balance for February -1.5B – higher than expected.Consensus -4.0B. Previous -15.6B.
  • Italy Trade Balance (Total) (Euros) for February -3633M.Previous -6599M.
  • Italy Trade Balance Eu (Euros) for February -883M.Previous -831M.
  • Italy CPI - EU Harmonized for March 2.2% m/m 2.8% y/y – higher than expected.Consensus 2.0% m/m 2.6% y/y. Previous 2.0% m/m 2.6% y/y.
  • Italy CPI (NIC incl. tobacco) for March 0.4% 2.5% y/y – in line with expectations.Previous 0.4% m/m 2.5% y/y.
  • Norway Trade Balance (Krone) for March 32.b – higher than expected.Consensus 30.8B. Previous 30.8B.
  • Sweden Average House Prices (SEK) for March 2.035M.Previous 2.141M.
 

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Fri, 04/15/2011 - 08:19 | 1171803 tek77blu
tek77blu's picture

a news story nearly nobody is talking about, is uranium juniors are down 50-80% since japan crisis. heres a good commentary about it: http://www.youtube.com/watch?v=f-EkkhJi9VY

Fri, 04/15/2011 - 08:23 | 1171806 oogs66
oogs66's picture

European sovereigns blowing out again.  Greek at new highs and the 10 year is now 50 bps higher this morning!  Ireland blowing out, though not at new highs after a big short squeeze, and Portugal 10 wider and threatening to break 9% for the first time.  Spain also 10 wider.  That is the one to watch.  Only trading at 5.4% yield for 10 years, but a 10 bp move on that is something to be very wary of.

Fri, 04/15/2011 - 08:28 | 1171816 Catullus
Catullus's picture

Losing 84 Cents on Dollar Reveals Runaway U.S. Public Pensions

Yep.  Great article.  Tell me more about your "civil right" to have the inability to say no (collective bargaining) to giving your money to people who buy real estate and golf courses.  Oh and pay that fund manager to send their kids to the best schools and universities and vacation all over the world.  And don't pretend that Louisiana is any different than the rest of the country.  Your union bosses rob you blind with their pension agreements. 

Fri, 04/15/2011 - 08:29 | 1171819 Sudden Debt
Sudden Debt's picture

Today I had a lunch meeting with the head of large account portfolio manager of Bank of Breda and that guy was talking about just 1 thing that he advices to all his clients:

Buy gold & silver. Inflation is going to hit in the Eurozone like a hurricane in the coming 6 months.

I always thought bankers didn't really care about this commodity, but he said it like his was scared shitless.

Funny thing is that on their investment advice mailings, they don't mention it even 1 time.

Bank of Breda represents big money here in europe. You don't get to be a customer just because you want to.

And once big money starts to flow into the PM's, I think we'll be starting to see some big movements here.

 

next up: in 6 months or 1 year, we'll see the sheep move in.

Fri, 04/15/2011 - 08:31 | 1171833 Bubbles the cat (not verified)
Bubbles the cat's picture

Yep.

Fri, 04/15/2011 - 09:16 | 1172001 John Law Lives
John Law Lives's picture

Be careful next time you order egg foo young, Tyler.

"China Vows to Punish Those Responsible for Leaking Economy, Inflation Data"

 

http://www.bloomberg.com/news/2011-04-15/china-vows-to-punish-those-resp...

Fri, 04/15/2011 - 09:17 | 1172010 Careless Whisper
Careless Whisper's picture

phd in cell biology. check - Yale. medical degree. check - Yale. residency. check - Harvard. hedge fund manager. check - FrontPoint. contribution to society - you decide.

http://www.greenwichtime.com/news/article/Greenwich-doctor-accused-of-he...

 

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