Frontrunning: June 10

• Germany Digs In On Greek Debt Restructuring (Bloomberg)
• Libya emerges as Opec's big winner (FT)
• Athens approves four-year austerity package (FT)
• Germany sticks to demand for Greek bond swap (Reuters)
• Fed said to consider expansion of capital reviews (Bloomberg)
• Ally Financial delaying IPO (Reuters)
• Tokyo Riot Squad to Safeguard Tepco Meeting (Bloomberg)
• Private Creditors Could Agree to 35-Billion-Euro Rollover (Spiegel)
• Christine Lagarde's victory a "done deal" says IMF rival (Telegraph)
• Jamie Dimon's faulty capital requirement math (Simon Johnson)
• US business borrowing growth fuels optimism (FT)
• Australia govt to unveil daft mining tax laws (Reuters)
• Bernanke - It's Complicated (Axel Merk)
• Seoul Presses U.S. to Pass Trade Deal (WSJ)
• A pivot to Jobs? Or Not (New Republic)
• Government subsidy cut prompts solar outrage (Independent)
• Emerging Markets Soften on Inflation (WSJ)
• Fed’s Yellen Says U.S. Housing Market Will Undergo a ‘Drawn-out’ Recovery (Bloomberg)
• Last and certainly least: Rule by Rentiers (Krugman)

European economic highlights:

• Germany CPI  May 0.0%mom 2.3%yoy – As expected.Consensus 0.0% 2.3%yoy; Previous 0.0%mom 2.3%mom.
• France Industrial Production  Apr -0.3%mom +2.6%yoy – Lower than expected.Consensus -0.3%mom +2.6%yoy; Previous +0.4%mom +3.9%yoy.
• Sweden Industrial Production  Apr -0.7%mom +12.0%yoy - Lower than expected.Consensus +0.3%mom +13.0%yoy; Previous +0.9%mom +15.0%yoy.
• Norway Consumer Prices (CPI-ATE)  May  -0.2%mom +1.6%yoy – Higher than expected.Consensus -0.3%mom +1.4%yoy; Previous +0.5%mom +1.3%yoy.
• United Kingdom Industrial Production  Apr -1.7%mom -1.2%yoy – Lower than expected.Consensus 0.0%mom +1.3%yoy; Previous +0.3%mom +0.7%yoy.
• United Kingdom Manufacturing Output  Apr -1.5%mom +1.3%yoy – Lower than expected.Consensus -0.1%mom +3.4%yoy; Previous +0.2%mom +2.7%yoy.
• Italy GDP - Revised  Q4 +0.1% qoq +1.0%yoy – As expected.Consensus +0.1% qoq +1.0%yoy; Previous +0.1% qoq +1.0%yoy.

Global economic highlights courtesy of Egan-Jones:

• 3-Month Dollar Libor falls below Fed Funds target rate of 0.25%.
• Asian stocks advance as US confidence climbs; BHP climbs on oil, metals.
• Bank of Korea raised the benchmark interest rate to 3.25 percent from 3 percent.
• BOE keeps interest rate at record low as recovery momentum eases.
• China reports less-than-estimated $13.05B trade surplus.
• Greece said to need €45B in new loans from EU, IMF.
• Hillary Clinton to seek presidency of World Bank, media reports.
• US initial jobless claims unexpectedly rose last week.
• Activist investor William Ackman boosts stake in Family Dollar Stores to 8.9%.
• Air Products said that sales will rise about 12% a year through 2015.
• Altria Group to take $630M charge in Q2, reaffirms adjusted earnings forecast.
• Anglo Irish Bank Corp. close to putting its entire $10B portfolio of US commercial real-estate loans up for sale.
• Avaya Holdings seeks to raise $1B in IPO.
• Baosteel cut product prices for July delivery, cites slowing demand from automakers.
• Benihana Inc. same- store sales rose 5.6% in the fourth quarter.
• Borders Group Inc. said lenders were forcing it to close as many as 51 more stores.
• Brown-Forman's Q4 profit spiked to $165.4M on sale of vineyard. Revs up 8%.
• Google is in late-stage negotiations to buy online-ad firm Admeld for around $400M.
• Groupon said to offer role to six more banks in $750M IPO in US.
• High Plains Gas Inc. expects to return three fields to production in the third quarter.
• JM Smucker's net slips 21% to $94.9M on higher commodity costs. Revs up 11% at $1.19B.
• Lubrizol shareholders voted to support Berkshire Hathaway Inc.'s $9B offer.
• National Semiconductor Q4 net falls 15% to $67.1M as revenue declined 6% to $374.1M.
• Nokia Chief Executive Stephen Elop shot down rumors that the company is up for sale.
• Prologis Inc. said it has reworked some $2.2B in credit agreements at lower interest rates.
• Stewart Entrps' Q2 net rose 19% to $10M on lower income tax expenses. Revs up 1.3%.
• Toll Brothers CEO said he sees the rest of the year being “relatively flat”.
• Toyota f'casts net may decline to 280 billion yen in the 12 months ending in March, from 408 billion yen a year earlier.
• Vail Resorts' Q3 net rises 5.6% to as revs rose 18% to $414.5M.

Economic Calendar: Data on Export & Import Prices, Treasury Budget to be released today.
Earnings Calendar: CAVO, CRAI, CSWC, LPHI, WPCS.

Comments

[Zedge Hero]

http://www.youtube.com/user/zedgehero

[hugovanderbubble]

Lol Ireland CDS rocketing¡

[Temporalist]

Greek default is inevitable Commentary: Latin American lessons support restructuring debt

http://www.marketwatch.com/story/greek-default-is-inevitable-2011-06-10?...

Gates blasts NATO, questions future of alliance

"America's military alliance with Europe — the cornerstone of U.S. security policy for six decades — faces a "dim, if not dismal" future, U.S. Defense Secretary Robert Gates said Friday in a blunt valedictory address."

http://news.yahoo.com/s/ap/20110610/ap_on_re_eu/eu_gates_nato_doomed

[oldmanagain]

Jamie Dimon's faulty capital requirement math article was disheartening.  His desire to go bonkers once again, in true Atlas Shrugged style only to piss on us again.

[Urban Roman]

I went Galt right out of high school and stayed that way for a good ten years.

Nobody noticed. Atlas didn't even shrug.