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.
Earnings Calendar: AROW, DYII, FAST, MILL, NASB, PRXI, SMIT, WWW.