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Frontrunning: June 15

Tyler Durden's picture




 
  • Fed Officials Discuss Explicit Inflation Target (Bloomberg)
  • No Fed Shift Seen at June Gathering (Jon Hilsenrath)
  • China Developers’ Outlook Lowered to ‘Negative’ by S&P as Credit Tightens (Bloomberg)
  • SEC probes Merrill CDO sale (FT), Is Andrew Ross Sorkin already drafting the explanation how Merrill was not, repeat NOT short anything? Or is Bank of America just not a Dealbook sponsor?
  • The Economy Is Now Immune to Keynesian Crack (Peter Schiff)
  • Rosenberg '99%' sure of U.S. recession (Forbes)
  • China Inflation Heading for 6% Shows Danger for Wen Extending Rate Pause (Bloomberg)
  • White House wants business to aid in debt cap fight (Reuters)
  • Moody’s to Review French Banks (Bloomberg)
  • Sharpest fall in UK jobless for a decade (FT)
  • Zimbabwe Military Said to Plan Own Ruler Should Mugabe Be Too Ill to Lead (Bloomberg)
  • Banks battle over US tax law (FT)
  • How China could yet fail like Japan (FT)
  • Greece, Ireland Can’t Default Like Iceland (Bloomberg)
  • Inflation in U.S. Likely Rose More Slowly (Bloomberg)
  • Aussie Dollar Rallies as RBA’s Stevens Says Rate Rise Needed; Kiwi Drops (Bloomberg)

Global news highlights courtesy of Egan-Jones:

  • Bernanke urges White House, Congress to solve the budget crisis and raise the debt ceiling.
  • Fed officials said to discuss adopting inflation target backed by Bernanke.
  • Greek rescue package may be delayed by EU disagreements on investors' role.
  • Most Asian stocks advance after US retail sales boost exporters’ outlook.
  • SKorea’s unemployment rate unexpectedly fell to a 6-mt low on economic expansion.
  • US airlines' average fuel price up 31% in April: Dept of Transport.
  • Aecom Tech in talks with two or three Indian companies for a possible acquisition.
  • Best Buy Co. Q1 profit fell 12% to $136M, revs up 1.4% at $10.9B - tops est.
  • Capgemini acquires Prosodie, that manages B2B client transactions, for $550.6M.
  • CLARCOR beats by $0.08, reports Q2 EPS of $0.64. Revs up 11.9% at $288.5M.
  • Ericsson to buy telecom-software company Telcordia Technologies Inc. for $1.15B.
  • General Dynamics to buy secure networking company Fortress Tech. Terms undisclosed.
  • Glencore not in active consideration of an offer for Eurasian Natural Resources Corp.
  • Joint bid for Foster's by Grupo Modelo and Molson Coors Brewing looks unlikely.
  • Lockheed's space system unit to lay off 1,200 workers - 7.5% of work force.
  • Moody's is considering downgrades for Credit Agricole, BNP Paribas, SocGen.
  • Pandora raises $234.9M in IPO, above range.
  • RailAmerica May 2011 monthly carloads at 69,776, down 1.7% YoY.
  • Sainsbury: Market environment still 'challenging"; Q1 comp sales up 4.8%.
  • Sara Lee to spin out coffee and tea business.
  • Scotts Miracle-Gro lowers FY11 EPS view to $3.10-3.20 vs. $3.67 cons (prior $3.60-3.70) on unfavourable weather.
  • State Auto expects pre-tax loss of $45-50M from Joplin tornado, other May storms.

Economic Calendar: Data on MBA Mortgage Index, CPI, Industrial Prodn, Capacity Util to be released.
Earnings Calendar: CWST, FNSR, KFY, VIMC, WH.

 

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Wed, 06/15/2011 - 08:31 | 1370484 SheepDog-One
SheepDog-One's picture

WOW S&P sure all over everything Greek, Eurozone, and China, too bad they were totaly blindsided by the US bank implosion, and all other US bubble bursts though. Is this fooling anyone?

Wed, 06/15/2011 - 08:47 | 1370515 somethingelse
somethingelse's picture

anyone else having trouble loading www.treasurydirect.gov website today?

Wed, 06/15/2011 - 09:06 | 1370557 PrintingPress
PrintingPress's picture

Doesn't load from here.  Too much demand!

Wed, 06/15/2011 - 09:49 | 1370688 SWRichmond
SWRichmond's picture

Listen csrefully to the inflation target debate. These initial revelations and diuscussions are about framing the debate.

They will target a long-term measure, like a 5 year moving average.  They will use the measure of their choice (like CPI - "core"), and they will talk about nothing but it, and endlessly.  Then, they will control both the measure itself and the debate about inflation.  The long term moving average will be used to hide real-time inflation in the grocery store and at the gas pump. 

And then they will inflate like madmen, under the cover provided for them by the above.  Wait and see.

Wed, 06/15/2011 - 22:35 | 1373359 Element
Element's picture

Aussie Dollar Rallies as RBA’s Stevens Says Rate Rise Needed; Kiwi Drops

 

This 'story' that the great man at the RBA speaks and the market stands to attention is pure crap. Typical of the garbage the MSMS keeps draging out, to explain every marketz or FX twitch, within the timeframe of the most rent "financial inf0-news" cycle ... it was Alan Kohler from the Eureka Report that spun out that same shit on ABC TV last night ... what a stupid prick, shilling for the RBA now, are we Alan?

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