Frontrunning: June 16

• Europe Faces ‘Lehman Moment’ as Greece Unravels (Bloomberg)
• Lenders Dig In on Rules (WSJ)
• White House Says Limits on War Powers Don’t Apply to U.S. Mission in Libya (Bloomberg)
• Canada seeks US tax law exemption (FT)
• Czech transport workers strike over austerity (FT)
• U.K. Retail Sales Drop More Than Forecast (Bloomberg)
• Ireland Opens New Front as ECB Battles to Avert Another Meltdown (Bloomberg)
• Papandreou to name new cabinet (FT)
• Samsonite Slump, Market Tumble Loom Over Prada IPO Pricing (Bloomberg)
• Papandreou Calls Confidence Vote in Bid (Bloomberg)
• India Raises Rates for 10thTime Since 2010 (Bloomberg)
• Islamist militants launch raid in Yemen (FT)
• Turkey grows impatient with ally (FT)

Global highlights courtesy of Egan-Jones:

• Asia bond risk rises to 6-month high, credit-default swaps show.
• India’s RBI raises repurchase rate to 7.50% from 7.25% - 10th increase since start of 2010.
• Stocks, Euro sink on concern over Greek rescue, slowing economy.
• UK Retail Sales drop more than forecast on fuel, job concerns.
• US banks had total exposure of $41B to Greece by 2010 end:BIS.
• US Industrial Prodn rose 0.1% in May, lower than f'cast.
• Ameriprise to repurchase $2B in stock.
• Borders Group may have deal with lenders to avoid closing as many as 51 stores.
• Burger King plans to invest $570M in Brazil.
• Capital One Fincl Corp an early bidder for HSBC's US credit card portfolio.
• Carlyle is said to interview banks for $1B initial public offering.
• China Development Bank cancels bond sale as demand weakens amid tightening.
• Colombia’s Aval to seek as much as $1B in New York share offering.
• Demag Cranes AG to be acquired by Terex Corp. for $64.46 a share.
• Discover Financial Services announces $1B share repurchase program.
• Finisar Corp. reported Q4 revs of $236.95M, missing cons estimate of $243M.
• Ford f'casts Q2 pre-tax profit that would fall below analysts' estimates on higher costs.
• J&J expects to record after-tax charge of $500-$600M in Q2, cut 900-1,000 jobs.
• Nucor sees Q2 EPS below consensus, up 160-180% YoY and 50-60% QoQ.
• Quicksilver Resources to raise about $160M via share sales, to pay down debt.
• Samsonite tumbled 9.2% in their Hong Kong trading debut.
• Starwood builds 90 hotels in China, more than US, on 'enormous' demand.
• Taubman Centers prices 1.75M shares at $56.50 per share.
• WaMu's settlement with shareholders for its reorganizational proposal said to collapse.

Economic Calendar: Data on Initial & Continuing Claims, Housing Starts, Building Permits, Philadelphia Fed to be released.
Earnings Calendar: AIM, ATU, CFI, KR, PIR, SCHS, SFD, WGO.

Comments

[Mercury]

oh, and...Bruins Stanley Cup champs.

[hugovanderbubble]

ZH

Look Spanish 10  yrs bond...

Welcome to hell Mr. Rodriguez Zapatero, Spain worst than Greece.

http://www.rankia.com/foros/bolsa/temas/826825-bono-espanol-10-anos

[bill40]

I think that Greece is more the Bear Stearns moment. The Leahman Bros will be when Ireland and portugal join in. Then an AIG when Spain goes under and the whole damned ponzi scheme goes down with it.

Including USD and £sterling.

[snowball777]

On the nose; we see eye to eye. From your mouth, to the invisible hand's ears.