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.