Frontrunning: June 13

Tyler Durden's picture
  • US banks to cut Treasuries use (FT)
  • Obama Seeks to Win Back Wall Street Cash (NYT)
  • Banks battle over US tax law (FT)
  • In Greece, Some See a New Lehman (NYT)
  • Treasury Strips Emerging as Wall Street Favorite as U.S. Recovery Falters (Bloomberg)
  • Lagarde strengthens IMF bid with Indonesia backing (Reuters)
  • Why Not Go For 5% Growth? (John Taylor)
  • ‘Perfect Storm’ May Threaten Global Economy: Roubini (Bloomberg)
  • Powerful quakes rattle New Zealand city, six injured (Reuters)
  • Syrian forces take border town as inhabitants flee (Reuters)
  • Flawed Titan of the Fed (Newsweek)
  • ECB and Germany May Be Forced to Compromise (Bloomberg)
  • Banks set to hit Merlin lending targets (FT)
  • Yemen opposition in talks with VP over transition (Reuters)
  • AKP sweeps to third term in Turkey (FT)

Global highlights courtesy of Egan-Jones:

  • Asian stocks fall, Won weakens on growth outlook; Euro reaches month’s low.
  • Big banks may need Fed OK for dividends, buybacks.
  • China’s lending is below estimates as fastest-growing major economy cools.
  • China’s May trade surplus totalled $13.05B, compared to April’s $11.4B.
  • Chinese banks may have to raise addl funds to meet new capital-adequacy rules.
  • Fed proposes expanding capital reviews to 35 banks.
  • Japanese machinery orders fell 3.3 percent in April from the previous month.
  • Saudi to increase oil prodn to 10 million barrels per day - highest level in 30 years.
  • ADP authorized to purchase an additional 35M shares of its common stock.
  • Amazon ends Arkansas affiliates program, blaming online sales tax legislation.
  • Benihana Q4 net income slides 79^ percent on higher compensation costs, sales up
  • CVC Capital in exclusive talks to buy a significant shareholding in Virgin Active.
  • Deutsche Telekom asks FCC to deny approval of AT&T's acquisition of T-Mobile.
  • Ex-AIG unit, Transatlantic Re to merge with Allied World Assurance to create a $8.5B co.
  • Ford ordered to pay some $2B to dealers.
  • Gilead gets subpoena from Justice Dept related to manufacture, quality and distribution practices for several drugs.
  • Lloyds set to cut another 15,000 jobs: report.
  • Lululemon Athletica's Q1 net jumps 70% to $33.4M. Revs up 35% to $186.8M.
  • MetLife said storms in April, May cost as much as 6.7 times the company’s provision for such expenses at the home and auto business.
  • Mitsui & Co is preparing a GBP370M bid for Bristol Water.
  • Ness Technologies to be acquired by Citi affiliate for $307M cash.
  • Nokia in talks with several parties for a stake in its NSN JV with Siemens.
  • Pfizer could extend its monopoly on Viagra until 2019 if it is successful defending a patent.
  • Prada may raise $2.6B in Hong Kong IPO, funding global luxury push.
  • Rosneft said Chevron is pulling out of a joint exploration effort in the Black Sea.
  • Toyota f'casts its annual profit to dive 31%, hammered by prodn disruptions.
  • Toys R Us' Q1 loss widens to $67M on higher costs. Revs up 1%, at $1.64B.
  • United Natural Foods to sell non-food lines, lowers FY EPS f'cast to $1.55-1.59 from prev view of $1.67-1.69.
  • VFC to purchase Timberline for $2B.
  • WW Grainger May daily sales rise 11%, helped by volume, price increases.