Frontrunning: April 29

Tyler Durden's picture
  • Officials Unfazed by Dollar Slide (WSJ)
  • Egypt May Open Border With Gaza Strip as Israel Expresses Concern on Hamas (Bloomberg)
  • China’s Exports Perch on Uncertain Truck System (NYT)
  • How Goldman Sachs Created the Food Crisis (Foreign Policy)
  • House Budget Ryan Chair Backs Cutting Oil Subsidies (Reuters)
  • Nasdaq Eating Machine Starving for NYSE Deal (Jonathan Weil)
  • Indonesia’s Central Bank Asks 23 Lenders to Stop Adding New Wealth Clients (Bloomberg)
  • Syrian Republican Guards Patrol Main Damascus Road (Reuters)
  • Panetta Faces Big Budget Challenges (WSJ)
  • Russia Unexpectedly Raises Benchmark Interest Rate Quarter Point to 8.25% (Bloomberg)
  • Jobless Gap Makes Life Tough for ECB (WSJ)


Economic Higlights courtesy of Egan-Jones:

  • Asian stocks, crude oil decline as US economic growth slows; Won weakens.
  • China PMI shows ‘lacklustre’ business growth.
  • China’s Yuan breaks through 6.50 against Dollar for first time since 1993.
  • Pending Sales of Existing Homes in US increased 5.1% in March.
  • AK Steel entered into a new $1 bln 5 year revolving credit facility.
  • Allergan loses $212 Million lawsuit in Virginia over Botox side effects
  • Amdocs beats by $0.01, reports revs in-line; guides Q3 EPS, revs in-line.
  • Costco boosts quarterly dividend 17%, announces $4 B buyback program
  • Caterpillar's March net income rises from $233M to $1.2B.
  • Costco boosts quarterly dividend 17%, announces $4 B buyback program
  • Daimler profit rises 71% on demand for Mercedes-Benz S-Class cars in China
  • DBS Group’s first-quarter profit climbs 52% on loan growth and banking fees
  • Deutsche Boerse says first-quarter profit gained 36% on increased trading.
  • Dr Horton's March net income rise from $11M to $28M on tax benefits.
  • Dresser-Rand beats by $0.03, misses on revs. Q1 EPS at $0.13; revs fell 29.5% to $354M.
  • Eastman Chem beats by $0.59, beats on revs; guides Q2, FY11 EPS above consensus.
  • Huawei sues ZTE over patents; Rivalry between Chinese groups reaches Europe.
  • Li Ka-shing’s $1.6B Yuan Property Trust declines in Hong Kong debut.
  • Microsoft reported Q3 sales in the Windows division that missed analysts’ predictions.
  • Merck's March net income up from $299M to $1.04B
  • Nasdaq, ICE said to consider tender offer for NYSE after board rejection.
  • Netgear Inc. sees Q2 sales of at least $270M, topping the $240.3M cons view.
  • Norsk Hydro AS' Q1 net jumps 16% higher revenue, driven by higher pricing and vols.
  • PepsiCo sales climb 27%, beating estimates, on food revenue outside U.S.
  • Procter & Gamble cuts annual forecast after profit misses some estimates
  • PulteGroup reports loss, expects to be profitable in ‘back half’ of 2011
  • Starwood first-quarter profit falls after Mideast Unrest, Japan Earthquake
  • Total SA offered to buy as much as 60% of SunPower Corp. at a price of $23.25/sh.
  • Total SA Q1 net profit rose 51% to €3.95B as sales for the group rose 22% to €46.03B.

Economic Calendar: Data on Personal Income & Spending, PCE Prices, Chicago PMI, Michigan Sentiment - Final to be released.

Earnings Calendar: AAI, AGP, AON, AXL, B, CAT, CPN, CVX, GT, LEA, LPNT, MI, MRK, PPC, VFC, WY.




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docj's picture

Officials Unfazed by Dollar Slide

Of course they're unfazed - it's all going according to plan for them and the sheeple are none the wiser.

Zero Govt's picture

when will Tim be questioning Bens monopoly on money ...i'm sure Timmay has thought providing a competitive free market for money from many bright vibrant young enterprises would be a beneficial idea compared to this dying Dino monopoly money degrading by the day in the nations pockets Tim over to you on breaking the Feds monopoly parasite cartel, how soon?

Ruffcut's picture

And rimm is taking a big shit this morning.

Ching ching...

Dejean Splicer's picture

Let's get some real geo-poly on here bitchez!

The African 'Star Wars'
It is the Pentagon's Africom versus China's web of investments - the ultimate prize: Africa's natural resources.

samsara's picture

And they thought that if an epidemic like AIDS was somehow initiated in the 80's that the continent would be sparcely populated by now.   Didn't work out exactly that way. 

I think the hope was a empty continent with natural resources by this time.


Dejean Splicer's picture

I dare say an awakening is afoot. As the author of the article says:

"The Pentagon better wise up. The best Beijing may offer is to help Africa to fulfil its destiny. In the eyes of Africans themselves, that certainly beats any Tomahawk."

A new chapter to "The Art of War".

Dejean Splicer's picture

Who's your favorite Pervert?

But Goldman's index perverted the symmetry of this system. The structure of the GSCI paid no heed to the centuries-old buy-sell/sell-buy patterns. This newfangled derivative product was "long only," which meant the product was constructed to buy commodities, and only buy.

Caviar Emptor's picture

Your Biflation News Desk: Biflation is global.

Spain unemplyoment 21.3% (!) and Euro inflaton comes in hot.

German retail sales slow, inflation blamed

Bottom line: Demand side down. Prices up. It's magic! Ben and Co. have created something new and exciting that needs studies, papers and professors to research for years to come. After the collapse they'll take a decade to explain how they'll fight the last war next time (and screw it up worse). 

terranstyler's picture

Tyler, the FP article on Goldman and grains totally misses the point. It is a Keynesian "evil speculators" article.

Don't you tell me you agree with that :P

Satan Rotchild's picture

The dollar will be dead 2012.

Catullus's picture

The Weil article is classic. "goodwill is more than equity". Haha. What piece of dogshit

MarketFox's picture

Here it is....


Money is what creates prices.....


The popular commodity vehicles....a zero interest rate policy....are both 99.9% responsible for öut of line¨commodity prices....



The explanation is very simple....


Let´s say there is a box that represents all commodities without indexes included....

The value is 1X....


Now add back the indexes...actual commodities unchanged....

Presto...: 4X the money...


Back out the indexes...and commodity prices drop like a stone...

1X vs 4X....




The starving lower income developing economies can thank the likes of the bought and paid for US governement and those that have formed and maintained these commod indexes....




It´s so funny how the Ivy League government officials cannot conceive of simple math...


kujo's picture

And a word from Sid and the boys