Frontrunning: June 30

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  • Rice Supplies Tightening in China May Increase Imports, Bolster Inflation (Bloomberg)
  • IMF warns US of global debt ‘shock’ (FT)
  • China may widen yuan trading band soon-Bank of China (Reuters)
  • Italy May Raise Trading Tax (WSJ)
  • Deutsche Bank warns on voluntary rollover (FT)
  • GOP wants Senate to cancel vacation (Washington Times)
  • As QE2 ends, market debates Fed's next move (Reuters)
  • Greek parliament expected to endorse second bill (Reuters)
  • Appeals Court Says Health Law Is Constitutional (WSJ)
  • Al Qaeda Remains Top Threat to U.S. (WSJ)
  • US says drone campaign to continue (FT)
  • Rome set to back €47bn austerity package (FT)
  • German Banks, Government Agree on Draft Greek Plan (Bloomberg)
  • Britain attacks Brussels spending plan (FT)
  • France defends arms airlift to Libyan rebels (Reuters)
  • Deficit Concerns Push Rupee to First Loss in Four Quarters: India Credit (Bloomberg)

European economic highlights:

  • Germany Retail Sales  May -2.8%m/m – Lower than expected. Consensus +0.5%m/m. Previous +0.0%m/m.
  • France Consumer Spending  May -1.5%m/m – Lower than expected. Consensus +0.8% m/m. Previous -1.2% m/m.
  • Spain Current Account Balance  Apr  -€3.4bn. Previous -€5.7bn.
  • Turkey GDP  Q1 +11.0%yoy – Higher than expected. Consensus +9.7%y/y. Previous +9.2%y/y.
  • Turkey Trade Balance  May  USD -10.1bn – Lower than expected. Consensus USD -9.4bn. Previous USD -9.1bn.
  • Germany Unemployment (Change)  Jun -8k m/m – Lower than expected. Consensus -17k m/m. Previous -8k m/m.
  • Italy Harmonised CPI  Jun 0.1%mom – As expected. Consensus 0.1%mm. Previous 0.2%mm. 
  • Norway Retail Sales  May  +1.6%mom – Higher than expected. Consensus +0.5%. Previous +0.2%.
  • Euroland Consumer Prices - Provisional (nsa)  Jun 2.7%y/y – Lower than expected. Consensus 2.8% y/y. Previous 2.7% y/y.

Global highlight summary from Egan Jones:

  • Greek lawmakers back $112B austerity plan.
  • Acuity Brands misses by a cent; reports Q3 EPS of $0.62. Revs rose 12.4% to $458.3M.
  • Amazon to cut off California-based web affiliates to protest new online sales tax rule.
  • AMR said to be in talks for record order of up to 280 Airbus, Boeing jets.
  • CA Tech to acquire privately-held ITKO for $330M in cash.
  • CACI Int; sees 2012 EPS at least $4.60, above the cons est. of $4.53.
  • Callaway Golf to report loss of ~$55M in Q2; revs of ~$270M (cons $307.1M). To cut an undisclosed number of jobs.
  • Credit Suisse said to plan eliminating more than 600 jobs in its investment bank arm.
  • Eurozone inflation steady at 2.7 percent, above ECB target but below market expectations.
  • Fiserv Inc. agreed to pay $465M for CashEdge Inc.
  • General Mills says Q4t profit rose 51% to $320.2M, but higher costs will cut 2012 profit.
  • HP in talks to license WebOS software, CEO Apotheker says.
  • KB Home misses by $0.58, posts Q2 loss of $0.89/sh. Revs fell 27.4% to $271.7M.
  • LivingSocial is said to discuss $1B IPO with bankers.
  • Lloyds Banking Group to cut 15,000 jobs, plans to save $2.4B.
  • LSE calls off merger with TMX Group.
  • McGraw-Hill authorizes new 50M share repurchase program.
  • Monsanto raised its 2011 profit forecast; discloses probe by regulators on its customer incentive scheme.
  • Oracle to buy Pillar Data Systems, a storage start-up where Ellison is the principal owner.
  • Parthenon to purchase Well Fargo's H.D. Vest Fincl Srvcs business; terms not disclosed.
  • Renasant to acquire RBC Bank (USA)'s Birmingham-based trust unit.
  • Samsung sues Apple over IPhone, IPad and IPod technology.
  • UBS to purchase ING's EUR25B Austalian asset management unit.
  • Visa, MasterCard surge as Fed lifts caps on debit-card transaction fees to 21 cents a transaction, from an earlier proposal of 12 cents.
  • Worthington Ind boosted its qtrly dividend; to buy back up to 10M shares.

Economic Calendar: Data on Initial & Continuing Claims, Chicago PMI to be released today.
Earnings Calendar: APOL, AZZ, CAMP, CBK, DRI, MKC, STZ, SWHC.