Frontrunning: April 18

Tyler Durden's picture
  • Debt Ceiling Increase Is Expected, Geithner Says (NYT)
  • Zhou Pledges More Tightening as China Raises Reserve Ratios (Bloomberg)
  • Fed to Signal End of Monetary Easing (FT)
  • Finnish Populist Party Surge Clouds EU Bailout (Reuters)
  • Glencore worth up to $69 billion (Reuters)
  • Libyan Rebels Gain Ground in Fierce Fight (WSJ)
  • Capitalism is failing the middle class (Reuters)
  • Inflation in China Poses Big Threat to Global Trade (NYT)
  • IMF Cautions in Africa Vote-Heavy Year (Reuters)
  • Europe’s Long Road of Tears to Fiscal Union (FT)
  • For Greece, the Path to Restructuring Holds Pitfalls (WSJ)
  • Loophole Fears Over Vickers Bank Rules (FT)

Daily Highlights courtesy of Egan Jones:

  • ECB officials signal further rate increases as growth, inflation pick up.
  • Euro falls on Greek debt concerns; Oil snaps three-day gain.
  • Geithner: GOP won’t block debt ceiling rise.
  • Gold climbs to record on concern global inflation accelerating.
  • New Home price growth slows in China on government curbs.
  • Saudi Arabia reportedly cuts oil output in March, claiming oversupply.
  • World Bank, IMF call for support for Mideast, warns of dangers of higher oil prices and a jobless economic recovery.
  • Zhou pledges more tightening as China raises reserve ratios.
  • ALFA to acquire AT&T equity in Mexican telecom operator Alestra. Amount undisclosed.
  • America Movil unit hit with $1B antitrust fine for alleged monopoly practices.
  • BoA misses by $0.10, reports revs in-line. Q1 EPS at $0.17, revs down 15.9% to $26.88B.
  • Bronco Drilling to be acquired by Chesapeake Energy for $11/sh cash (~$315M).
  • CitiGroup's March net income declines from $4.2B to $3.0B.
  • Ford missing market-share goal adds pressure to cut prices.
  • Genuine Parts beats by $0.05, posts Q1 EPS of $0.80. Revs rose 14.3% to $2.97B.
  • GM: Chevy sales up 15% in first quarter.
  • Huawei to keep pursuing acquisitions in US.
  • Knoll reports in-line, Q1 EPS at $0.20 as revs rose 26.0% to $220.9M.
  • RIM said weighing bid to top Google offer for Nortel patents.
  • Royal Philips' Q1 net fell by the third to €137M, dragged down by the television unit.
  • Samsung considers sale of hard-drive unit: report.
  • Synthes confirms it’s in talks with J&J; No certainty on outcome. Deal size est. $20B.
  • Tepco plans to end Fukushima nuclear crisis by October.
  • Toyota resumes production at all Japan plants.
  • Virgin Active is closing on a deal to buy Esporta for an undisclosed sum.
  • Walmart's Asda Supermarkets has overhauled its management.

Economic Calendar: Data on NAHB Housing Market Index to be released.

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Sudden Debt's picture

Inflation in China Poses Big Threat to Global Trade

No shit! That's what's going to bring our inflation numbers at the same pace as theirs!


SheepDog-One's picture

Like Obama announcing in his speech if theres any hint of curbing the wild insanity of furious money printing, the whole world implodes. Gee what a great situation. But no worries, oil will be $150 in the blink of an eye. Shenandoah » Saudi Arabia Cuts Oil Output Right Before U.S. Summer Driving Season

'Driving season', lol. So quaint sounding, like all the bankrupt and unemployed get up on cue and go driving around landmarks. More like instead of 'summer driving season' theyll be getting beaten to death over a can of tuna.

Loose-Tools's picture

The Repubs are going to hold the Debt Ceiling hostage until "School Prayer for the Public System" is passed into law.

Temporalist's picture

Loose Stools also has diarrhea of the brain.

TruthInSunshine's picture

Fed to Signal End of Monetary Easing (FT)



The Bernank = Biggest Fail Boat of All Time; All Hail The HMS Ben 'Titanic' Bernank!

(Unless one thinks failure was his goal)

digitlman's picture

"Debt Ceiling Increase Is Expected, Geithner Says"

Timmy can go fuck himself.

TruthInSunshine's picture

Capitalism is failing the middle class (Reuters)



Capitalism is great.

What we have now is NOT Capitalism.

We have Governmentalism + FederalReserve-ism pushing on a string.

These headlines are pure comedy genius.

Bring back Capitalism by getting Governmentalism and the Federal Reserve out of the way (End the Fed for good) and all the nation will prosper. Test Hank Paulson's/Bernankicide's allegations of 'doom' and see that only the Goldmanites and other parasites would have lost, and 99.999% of Americans would have been far better off had TARP and QE never been devised nor implemented.

SheepDog-One's picture

Yea, Im not shaking in my boots at their threats of 'DOOM' if they dont get their clear path to print our wealth into oblivion. Im all for calling their bluff. Will it be nice? No...but the threat to THEM and their billionaire buddies is far worse than any danger to us.

TruthInSunshine's picture

The sooner Bernankenomics and Paulsonomics are discredited, and the natural order of business cycle failure and success based on natural supply and demand is brought back, the sooner real economic growth begins anew.

Temporalist's picture
Blankfein May Consider Stepping Down at Goldman, N.Y. Times Says

overmedicatedundersexed's picture

I am bullish on countries with out extradition treaty with USA..Blankfein recently bought spanish teacher services..LOL

chunga's picture

Blankfein cites "fatigue" lol.

tslv50's picture

Oh... no QE3? So we get yet another dip and opportunity to hear about how were so wrong about the economy and everything is ok. After that dip, bernanke will announce, and the media will downplay some more money printing and all will be normal again. 

Temporalist's picture

Here is what they will claim:

With slow employment and a delicate global economy it would be imprudent to stop printing digital money to hand out to the people who crashed world finances because they need new Ferrari's since the company is going IPO soon.

Hephasteus's picture

We're making up corporate earnings and paying stock dividends on profits we are not receiving. We must IPO to pay those. No we are not bernie madoff. We swears it.