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Frontrunning: July 12

Tyler Durden's picture

  • Markets rocked as debt crisis deepens (FT)
  • EU Revives Buyback Idea as Crisis Hits Italy (Bloomberg)
  • Italy Fears Jolt Markets (WSJ)
  • U.K. Inflation Slows in June on Spending (Bloomberg)
  • China Money Supply Growth, New Lending Rebound Even After Cooling Measures (Bloomberg)
  • Foreign-Exchange Reserves Jump in China (WSJ)
  • Corn Slides for Second Day as USDA May Raise Global Inventories Forecast (Bloomberg)
  • MBIA Agrees to Drop $5.7 Billion Credit-Swap Suit Against Bank of America (Bloomberg)
  • President's Focus: $4 Trillion (WSJ)
  • Sensex Index Drops to Three-Week Low on Factory Output, Infosys Forecast (Bloomberg)
  • News Corp may be at risk for U.S. probe over bribery (Reuters)
  • Boehner pushes for immediate spending cuts (Reuters)
  • Crowds in Syria Attack U.S. and French Embassies (NYT)
  • China’s ‘eye-in-the-sky’ nears par with US (FT)

European economic data:

  • Germany Consumer Price Index (MoM) for June 0.1% mom in line with expectations Consensus 0.1% mom Previous 0.1% mom
  • Germany Consumer Price Index (YoY) for June 2.3% yoy in line with expectationsConsensus 2.3% yoy Previous 2.3% yoy
  • Germany CPI - EU Harmonised (MoM) for June 0.0% mom in line with expectationsConsensus 0.0% mom Previous 0.0% mom
  • Germany CPI - EU Harmonised (YoY) for June 2.4% yoy in line with expectationsConsensus 2.4% yoy Previous 2.4% yoy
  • France CPI - EU Harmonised (MoM) for June 0.1% mom in line with expectationsConsensus 0.1% mom Previous 0.1% mom
  • France CPI - EU Harmonised (YoY) for June 2.3% yoy higher than expectedConsensus 2.2% yoy Previous 2.2% yoy
  • France Consumer Price Index (MoM) for June 0.1% mom in line with expectationsConsensus 0.1% mom Previous 0.1% mom
  • France Consumer Price Index (YoY) for June 2.1% yoy in line with expectationsConsensus 2.1% yoy Previous 2.0% yoy
  • France CPI Ex Tobacco Index for June 122.49 in line with expectationsConsensus 122.49 Previous 122.40
  • France Current Account (EURO) for May -5.5BPrevious -5.0B (Revised from -4.8B)
  • Sweden CPI - Headline Rate (MoM) for June -0.2% mom lower than expected Consensus -0.1% mom Previous 0.2% mom
  • Sweden CPI - Headline Rate (YoY) for June 3.1% yoy lower than expectedConsensus 3.2% yoy Previous 3.3% yoy
  • Sweden CPI - CPIF (MoM) for June -0.3% mom lower than expectedConsensus -0.1% mom Previous 0.1% mom
  • Sweden CPI - CPIF (YoY) for June 1.5% yoy lower than expectedConsensus 1.6% yoy Previous 1.73% yoy
  • Sweden CPI Level for June 311.28 lower than expectedConsensus 311.82 Previous 312.02
  • BRC Sales Like-For_like (YoY) -0.6% yoy higher than expected Consensus -1.4% yoy Previous-2.1% yoy
  • RICS House Price Balance -27.% lower than expected Consensus-25%  Previous-28%
  • UK DCLG UK House Prices (YoY) for May -1.6% yoyPrevious -0.3% yoy
  • UK Visible Trade Balance GBP/Mn for May -8478 lower than expectedConsensus -7336 Previous -7643 (Revised from -7389)
  • UK Trade Balance Non EU GBP/Mn for May -5109 lower than expectedConsensus -4250 Previous -4508 (Revised from -4339)
  • UK Total Trade Balance (GBP/Mln) for May -4060 lower than expectedConsensus -2700 Previous -3140 (Revised from -2762)
  • UK CPI (MoM) for June -0.1% mom lower than expectedConsensus 0.2% mom Previous 0.2% mom
  • UK CPI (YoY) for June 4.2% yoy lower than expectedConsensus 4.5% yoy Previous 4.5% yoy
  • UK Core CPI YOY for June 2.8% yoy lower than expected  Consensus  3.3% yoy Previous 3.3% yoy
  • UK Retail Price Index for June 235.2 lower than expectedConsensus 235.8 Previous 235.2
  • UK RPI (MoM) for June 0.0% mom lower than expectedConsensus 0.3% mom Previous 0.3% mom
  • UK RPI (YoY) for June 5.0% yoy lower than expectedConsensus 5.2% yoy Previous 5.2% yoy
  • UK RPI Ex Mort Int.Payments (YoY) for June 5.0% yoy lower than expected Consensus 5.3% yoy Previous 5.3% yoy

Global Highlights from Egan Jones:

  • Asian stocks, Euro decline as bond risk jumps on Europe contagion concerns.
  • Bank of Japan keeps key overnight rate at zero to 0.1%.
  • China end-June forex reserves $3.20 trillion, M2 rises 15.9%.
  • Euro weakens to as little as $1.3837, Italy credit risk rises to record; stocks, U.S. futures drop.
  • European leaders revive buybacks for Greek solution as crisis swamps Italy.
  • Gold tops $1,550 on concern Europe’s sovereign-debt crisis will escalate.
  • Hang Seng Index closes down 3.1% on Europe sovereign debt worries.
  • Italy’s borrowing costs soar at 6.75 B-Euro bill sale on contagion.
  • Toshiba Corp. chief warns of seasonal demand weakness.
  • Alcoa Q2 EPS cont ops 32c vs est. 33c (range 28c-35c), rev. $6.59B vs est. $6.31B.
  • Audiovox's Q1 EPS at $0.15 vs. $0.03 in year-ago period. Revs up 26.9% at $165.3M.
  • Chesapeake will form $1B fund to iInvest in gas-related companies.
  • Chevron reported that earnings for Q2 are expected to be higher than in Q1 2011.
  • Cisco said to plan cutting as many as 10,000 jobs to revive profit growth.
  • Dunkin’ Brands seeks as much as $460.6M in initial public offering.
  • Goodyear closing Tenn. plant sooner than target; to take $20M charge in Q2.
  • International Paper launches unsolicited $3.3B tender offer for Temple-Inland.
  • Microchip lowers Q1 EPS guidance below cons; cites broad-based weakness.
  • Mosaic Co f'casts $200M cost tied to injunction against its South Fort Meade phosphate mine in Florida.
  • Murdoch buys time for hacking furor to subside with BSkyB regulator review.
  • Novellus slumps after sales, profit estimates miss on cautious customers.
  • Radiant Systems Inc. was acquired by NCR Corp. for $28 a share ($1.2B).
  • TRW Automotive received a subpoena from US DoJ as part of an antitrust probe.
  • Vale abandons Metorex bid, paving way for China’s Jinchuan to takeover.
  • Volkswagen global H1 sales crack 4M vehicles for first time.

Economic Calendar: Data on Trade Balance-May, FOMC Minutesto be released today.


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Tue, 07/12/2011 - 08:13 | 1447206 The Axe
The Axe's picture

Man kicks can...again and again   

Tue, 07/12/2011 - 08:38 | 1447253 snowball777
snowball777's picture

Until the can kicks back.

Tue, 07/12/2011 - 08:24 | 1447226 jtmo3
jtmo3's picture

How about a new one?


* Market futures turn positve as politicians promise to fix everything as they buy all the debt ever created to save everyone.

Tue, 07/12/2011 - 08:26 | 1447232 tip e. canoe
tip e. canoe's picture

(h/t John Robb)

“That’s what I worry about,” he said. “But instead of flowers, she’s got guns. Violence in the streets, aimed at the wealthy. That’s what I worry about.”

must suck to have all that 'wealth' and still wake up every morning with a lingering fear for your life.

just like Biggie (RIP) said, mo' money mo' problems


Tue, 07/12/2011 - 08:27 | 1447233 Cdad
Cdad's picture

This morning would be a fabulous moment in time to audit the Fed and check that "other assets" surely, the Fed is loaded to the gills with E minis this morning.

The absolutely obvious destruction of the US market's credibility is enough, in and of itself, for it to crash. Onward then with the hopelessly useless and moronic banker cliche's:  "better second half" (based on what is anybody's guess), "we're off of our lows" (why would be a mystery to even the most prescient crystal ball wizard), "global growth" (where would be a good question to ask), "historically cheap valuations" (compared to the post Ming Dynasty crash?)

Nice faux market.


Tue, 07/12/2011 - 08:41 | 1447254 Mercury
Mercury's picture

For what it's worth I highly recommend this guest post from yesterday to anyone who hasn't read it:

Here's Why Small Business Isn't Hiring

Tue, 07/12/2011 - 09:00 | 1447308 Careless Whisper
Careless Whisper's picture
Law and Order: Greenwich


Alleged $11,000 scarf thief to apply for first-time offender program

Read more: Boman didn't speak during the brief court appearance. She was fashionably yet conservatively dressed in a form-fitting, sand-colored cropped pants and matching suit jacket.

Do NOT follow this link or you will be banned from the site!