Frontrunning: June 28

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  • 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.