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.

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Cdad's picture

Finally....some truly good news:

"Lloyds Banking Group is set to cut a further 15,000 jobs once a strategy review of the bank is published by chief executive Antonio Horta-Osorio at the end of this month."

spanish inquisition's picture

Why Not Go For 5% Growth?

What a great idea. What is the reality of the man proposing 5% (Pawlenty)? The reality is rather than trying to effect change in Minnesota, he used accounting shifts and pushed spending back onto communities. Now Minnesota is looking at a government shut down trying to close a $5 Billion dollar gap that he left.

Taylor just got suckered by a politician trying to get elected.

fonestar's picture

Well at least stocks "climbed modestly higher on Monday."

Not because there was any fundamental changes over the weekend, not because there was any good news from anywhere at all.  Sentiment just dictates that you can't have a totally uninterrupted losing streak.

"Hey, the grass looks greener over there!  Moo!  Moo!"