Frontrunning: June 28

Tyler Durden's picture
  • Greek Unions Strike as Papandreou Seeks Support (Bloomberg)
  • Massive Strike Set for U.K. (WSJ)
  • U.S. Money Funds Risk Losses From Europe Crisis (Bloomberg) - Mainstream media finally wakes up
  • Dubai Denies Emirate Neighbors Fuel in Struggle to Pay Debt (Bloomberg) The untold story
  • Europe looks for contingency plan B (FT)
  • Plan B Budget Emerges in California (WSJ)
  • Greek woes may eclipse Lehman: Ackermann (Reuters)
  • Italian, Spanish Bonds Advance Before Sale on Greek Optimism (Bloomberg)
  • China, U.K. Forge New Trade Deals (WSJ)
  • Confidence in Canada Economy at Two-Year Low, Nanos Poll Shows (Bloomberg)
  • Negotiators Wrangle on Taxes (WSJ)
  • South China Sea disputes could lead to Asian war: think tank (Reuters)
  • Japan Considers $2.8bn for Tepco, Radiation Tracking in Draft Budget (Bloomberg)
  • ICC issues arrest warrant for Gaddafi (FT)

European economic Highlights:

  • Germany Import Price Index for May -0.6% m/m 8.1% y/y - lower than expected. Consensus -0.3% m/m 8.6% y/y. Previous 0.3% m/m 9.4% y/y.
  • Germany GfK Consumer Confidence Survey for July 5.7 - higher than expected. Consensus 5.3. Previous 5.6.
  • Germany Consumer Price Index for June.Consensus 0.1% m/m. 2.3% y/y. Previous 0.0% m/m 2.3% y/y .
  • Germany CPI - EU Harmonised for June.Consensus 0.1% m/m. 2.5% y/y. Previous -0.2% m/m 2.4% y/y.
  • Germany CPI - Brandenburg for June 0.1% m/m 1.9% y/y.Previous -0.1% m/m 1.9% y/y
  • Germany CPI - Bavaria for June.Previous -0.2% m/m 2.1% y/y
  • Germany CPI - Baden Wuerttemberg for June.Previous -0.2% m/m 2.2% y/y.
  • Germany CPI - Hesse for June 0.1% m/m 2.1% y/y. Previous -0.2% m/m 2.0% y/y.
  • Germany CPI - North Rhine-West for June 0.2% m/m 2.5% y/y.Previous -0.1% m/m 2.3% y/y.
  • France Jobseekers- Net Change for MayConsensus -10.0. Previous -10.9
  • France Total Jobseekers for MayPrevious 2669.1
  • Italy PPI for May -0.2% m/m 4.8% y/y lower than expectedConsensus 0.1% m/m 4.9% y/y. Previous 0.7% m/m 5.6% y/y (Revised from 0.6% m/m 5.5% y/y).
  • Italy Business Confidence for June 100.5 lower than expectedConsensus 101.0. Previous 101.1 (Revised from 101.3).
  • Switzerland UBS Consumption Indicator for May 1.91 Previous 1.57 (Revised from 1.58)
  • Sweden Retail Sales s.a. for May -2.3% m/m lower than expectedConsensus 0.3% m/m Previous 1.9% m/m (Revised from 1.6%)
  • Sweden Retail Sales n.s.a. for May -1.1% y/y lower than expectedConsensus 2.0% y/y Previous 5.6% y/y (Revised from 5.2% y/y)
  • UK Total Business Investment for Q1 -3.2% qoq 2.7% y/y higher than expectedConsensus -7.1% qoq -3.2% y/y Previous -7.1% qoq -3.2% y/y
  • UK Current Account (BP) for Q1 -9.4B lower than expected Consensus -4.7B Previous -13.0B (Revised from -10.5B)
  • UK GDP for Q1qoq in line with expectations 1.6% y/y slightly lower than expected Consensus 0.5% qoq 1.8% y/y Previous 0.5% qoq 1.8% y/y

Global economic summary courtesy of Egan-Jones

  • Asian stocks advance as commodities rebound from five-month low.
  • Fed’s Dudley says stress tests should 'be severe to be credible'.
  • OPEC ready to call emergency meeting if needed if market situation requires it.
  • US Consumer spending was unchanged in May, below a 0.3% increase in April.
  • Accenture to replace Marshall & Ilsley in S&P 500.
  • Cable & Wireless warns on 2012 profits, sees EBITDA lower by 5-10% vs. cons est.
  • Clayton Dubilier said to discuss takeover of Hartford Financial Fund unit.
  • Delta Air Lines predicts 2Q profit despite fuel bill that will be $1B higher.
  • Google to be sued by French rival over claims it blocked web advertising.
  • Hertz Equipment Rental acquires WGI Rentals; terms not disclosed.
  • Johnson Controls automotive M&A on hiatus for now, Finance Chief says.
  • Macy's launches international shipping on its e-commerce site to 91 countries.
  • Marsh & McLennan launches cash tender offer for up to $500M in notes due 2014 & 2015.
  • Microsoft signed a patent deal with General Dynamics Itronix that will pay it royalties.
  • Nike beats by $0.08, posts Q4 EPS of $1.24. Revs rose 13.6% to $5.77B.
  • Nordson to acquire Constructiewerkhuizen G. Verbruggen; terms were not disclosed.
  • Pep Boys acquires 7 Houston-area stores, financial terms not disclosed.
  • SMSC reports Q1 EPS of $0.47 (cons $0.29); revs rose 6.5% to $103.5M.
  • Tower Group Inc. said Q2 EPS will be cut by $0.13/sh, cites natural disasters in April, May.
  • Tribune Co. seeks approval of bankruptcy plan.
  • Valassis Comm completes refinancing of $462.2M loans, costs to trim Q2 earnings.
  • Washington Federal announces addln share repurchase authorization of up to 10M shares.

Economic Calendar: Data on Case-Shiller 20-city Index, Consumer Confidence to be released.
Earnings Calendar: BHO, CAVO, KAD, LPHI, OMN, PRGS, SHAW, ZZ.

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Yen Cross's picture

  Thanks Tyler. Good linkage!

White.Star.Line's picture

Interesting days for those paying attention.

The plot thickens........

DosZap's picture

A tad OT, but relevant to the world scene.

No problem here, move along..............

Didn't we say the same things?.

snowball777's picture

China, U.K. Forge New Trade Deals

In the mythology of ancient China, a turtle's shell formed the vault of the heavens. In Hindu mythology, the god Vishnu took the form of a turtle to carry the world on his back. For many Native American peoples, the world rides on the back of a giant turtle swimming in the sea. Sadly, under pressure from a variety of manmade threats, the world's surviving sea turtles are slowly succumbing to such a great weight.

Version 7's picture

If they keep calling regularly for n >1 day strikes as lately, the country will slip into anarchy, as that's what these tend to be.

lindaamick's picture

Great movie link on Max Keiser. It provides historic information on the neoliberal policies 

being pushed by the IMF, ECB, BIS and Fed which enriches the few and causes misery and suffering to the many.

The movie is called Debtocracy. 

I am rooting for the people of Greece.  They need to repudiate the debt.  


DosZap's picture


myself, 5000 more PoPo's hitting the streets............

Screw em', let the banksters rot in hell.

RUN riot.

overmedicatedundersexed's picture

got a notice PAY PAL is closing it's Money Market explanation as to why..anyone got a clue what's that about??