Frontrunning: April 27

Tyler Durden's picture
  • Hilsenrath: What to Watch in Fed Statement: ‘Inflation Expectations' (WSJ)
  • Japan Debt Outlook Cut to ‘Negative’ by S&P on Reconstruction (Bloomberg)
  • China’s Wen to Spur Investment, Tap Resources in Southeast Asia (Bloomberg)
  • Holding Bernanke Accountable (David Leonhardt)
  • Hong Kong Exchange And Clearing Chief Prepares for 'Seismic Change' From China (WSJ)
  • Because Europe is not enough...China Seeks Bigger Role in Australia Economy (WSJ)
  • Tank convoy seen moving around Damascus (Reuters)
  • Syria Protests Crackdown Leaves '453 Dead' (SkyNews)
  • NATO Aims to Rattle Qaddafi With Bombs Falling Close to Home (Bloomberg)
  • Karzai Told to Dump U.S. (WSJ)
  • France Backs Draghi for ECB Presidency (FT)
  • Greek Budget Gap Exceeds Forecasts (WSJ)
  • Can China really dump the dollar? (Fundmastery)
  • U.K. Economy Grew 0.5% in First Quarter on Services Rebound (Bloomberg)

European Economic Highlights:

  • Euro-Zone Industrial New Orders NSA 21.3% - lower than expected.Consensus 21.8%. Previous 21.9%.
  • Germany GfK Consumer Confidence Survey for May 5.7 – lower than expected. Consensus 5.8. Previous 5.9.
  • Germany CPI - Saxony for April 0.4% m/m 2.5% y/y.Previous 0.5% m/m 2.0% y/y.
  • Germany CPI - Brandenburg for April 0.2% m/m 2.2% y/y.Previous 0.5% m/m 2.0% y/y.
  • Germany CPI - Hesse for April 0.3% m/m 2.1% y/y.Previous 0.4% m/m 1.8% y/y.
  • Germany CPI - North Rhine-West for April 0.3% m/m 2.5% y/y.Previous 0.5% m/m 2.0% y/y.
  • France Consumer Confidence Indicator for April 83 – in line with expectations.Previous 83.
  • Italy Consumer Confidence Ind. sa for April 103.7 – lower than expected.Previous 105.1.
  • UK GDP 0.5% q/q 1.8% y/y – in line with expectations.Previous -0.5% q/q 1.5% y/y
  • UK Index of Services (3mth/3mth) -0.3% - in line with expectations.Previous -0.6%.
  • UK Index of Services 0.6% m/m - higher than expected.Consensus 0.2% m/m. Previous 1.1% m/m.
  • UK BBA Loans for House Purchase 31,660 – higher than expected.Consensus 30,450. Previous 30,178.

Summary highlights courtesy of Egan-Jones:

  • Japan’s sovereign-rating outlook was cut to “negative” from “stable” by S&P.
  • Japanese retail sales slump most in 13 years after Quake, Nuclear crisis.
  • Oil drops below $112 in Asia as traders eye Bernanke comments on
    interest rates, economy.
  • UK economy grew 0.5% in Q1 as services rebounded.
  • 3M reported a 16% increase in Q1 net; raised earnings forecast for the full year.
  • Altra Hldgs beats by $0.07, beats on revs; raises FY11 EPS, rev guidance above cons.
  • Atlas Pipeline Partners with Chevron unit to buy 20% interest in NGL pipeline for $85M.
  • Boeing's earnings for March rise from $519M to $588M.
  • Cabot beats by $0.06, reports Q2 EPS of $0.81. Revs rose 11.1% to $791M.
  • Coca-Cola's profit grew 18% as revs leaped 40% on acquisition of bottling operations.
  • Costco Wholesale Board approved a $4B share repurchase program.
  • Credit Suisse's Q1 net drops 45%, misses est., on lower earnings at invt bank, debt charge.
  • Delta Air Lines' Q1 loss widens to $318M on higher fuel costs. Revs rose 13% to $7.75B.
  • Ford posts Q1 profit of $2.55B - largest for the period in 13 yrs, helped by rising demand.
  • General Dynamic's March net income up from $597M to $618M.
  • Humana sees Q1 EPS at $1.86 vs. its Feb f'cast of $1.15-1.20. Ups share repurchase
    program to $1B (prev $250M).
  • IBM's board approved a 15% increase in its cash dividend and an $8B share repurchase.
  • J&J agrees to buy Synthes for $21.3B in cash, stock.
  • Justice Dept gave antitrust clearance to Southwest Airlines' acquisition of AirTran Hldgs.
  • Marathon Oil, Nexen agree to jointly explore shale acreage.
  • Nalco misses by $0.05, beats on revs; guides FY11 EPS below consensus.
  • Nokia plans to consolidate research and development sites, cut about 4,000 employees
    by the end of 2012.
  • TransCanada to sell 25% interest in GTN and Bison to TC PipeLines, LP for $605M.
  • US Airways Grp Q1 loss widened to $114M on higher fuel cost. Revs up 12% at $2.96B.
  • US Steel posts 9th straight loss, cites 63% surge in pension exps, and higher input costs.
  • Volkswagen Q1 earns soar to $2.5B on increasing global auto sales.
  • WellPoint reports 1st-quarter profit increase of nearly 6% to $926.6M.
  • Whirlpool 1Q net income rises 3% to $169M on reduced costs, increased prices.