Frontrunning: June 21
- Papandreou Confidence Vote May Decide Greece’s Fate (Bloomberg)
- Fitch sees risk of Greece, U.S. debt defaults (Reuters)
- China’s new bond buying hints at shift to euro (MarketWatch) as was reported on Zero Hedge 3 weeks ago
- David Cameron: We won't bail out Greece (Telegraph)
- Change in China Hits U.S. Purse (WSJ)
- Debtors hail changes to EU rescue fund (FT)
- SEC Should Free ’Fab’ Tourre, Target Big Fish: (William Cohan)
- German energy plan seen as ‘viable’ (FT)
- Kenya Shilling at 17-Year Low on Inflation (Bloomberg)
- China Floods Claim Victims, Crops (WSJ)
- Hong Kong’s May Inflation Rises to 5.2% (Bloomberg)
- UAE May Win MSCI Emerging-Market Status Amid Limits on Stock Ownership (Bloomberg)
- Paulson May Deal Clients $720 Million Loss (Bloomberg)
- Syria’s Assad Nods to Critics (WSJ)
- Power groups win case on greenhouse gases (FT)
- One in Three U.S. Workers Wants to Leave Job, Mercer Survey Says (Bloomberg)
- Protests in Yemen Target President's Sons (WSJ)
- e-Crime unit arrest man (Met Police)
European economic highlights:
- United Kingdom PSNCR (nsa)forMay 11.1bn – Higher than expected.Consensus 6.6bn.Previous 3.3bn.
- United Kingdom Public Finances (ex interventions)forMay 17.4bn – Higher than expected.Consensus 17.0bn.Previous 10.0bn.
- Germany ZEW Financial Markets IndicatorforJune-9.0 mom – Lower than expected.Consensus -3.0.Previous 3.1.
- United Kingdom CBI Industrial Trends SurveyforJune– Higher than expected.Consensus -5.Previous -2
Global news development courtesy of Egan-Jones
- Asian stocks rise as easing concern of Greek default boosts mining shares.
- Accuride Corp. said it acquired substantially all assets of Forgitron Technologies LLC.
- American Industrial Partners to acquire Weyerhaeuser's Northwest Hardwoods biz unit.
- BofA said to weigh sale of part of $21B CCB stake to boost capital.
- Borders seeks amendments to $30M credit facility, plans to hold an auction on July 19.
- CACI Intl agreed to buy Pangia Technologies LLC. Terms undisclosed.
- Chubb estimates losses from April and May catastrophes at ~$0.55-0.68 per share.
- EMI Group placed on block, faces chance of breakup.
- FDA approved generic versions of J&J's antibiotic Levofloxacin for 12 makers.
- Foster’s rejects $10.1B offer as SABMiller seeks talks; shares surge.
- HTC is sued for patent infringement in UK by IPCom after Nokia ruling.
- ING Groep confirmed that is looking to sell its European car leasing unit.
- JPMorgan, RBS sued by Credit Union Agency over mortgage-backed securities.
- Merck disallowed a new trial after judge rejected claims to $473M of federal tax refunds.
- Office Depot's CEO says the co. may be open to a potential deal with its rival.
- Panasonic sees FY11 profits declining by 59%, cites natural calamity.
- Paulson sells its Sino-Forest stake at $500M loss, amid claims timber holdings overstated.
- Susquehanna Bancshares Inc. to buy Tower Bancorp Inc. for $28/sh ($343M).
- Weatherford Intl to pay BP $75M to cover its liability for any current or future claims related to the Macondo oil spill.
Economic Calendar: Data on Existing Home Sales to be released today.
Earnings Calendar: ADBE, APOG, AVAV, BKS, CCL, FSII, JBL, JEF, LZB, WAG, WSCI.
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