Frontrunning: June 8

Tyler Durden's picture
  • Fed Sees Recovery Lagging (Jon Hilsenrath)
  • Grand Bargain U.S. Debt-Deal Failure Would Set Up 2012 Election Showdown (Bloomberg)
  • Ruling party lawmakers attack new Greek bailout (Reuters)
  • IMF's Lipsky says QE3 not necessary (Reuters)
  • Yuan's band may be widened (China Daily)
  • Tank Looks Dry for the Australian Dollar (WSJ)
  • Berlin seeks 7-year Greek debt extension (FT)
  • It’s Bubble Time as Asia Braces for Fed’s QE3 (Bloomberg)
  • G20 targets volatile food prices (FT)
  • SEC Asks for Time on Query (WSJ)
  • China agrees to halt subsidies to wind power firms (Reuters)
  • How will history judge Obama's economic policy (WaPo)
  • China Purchases of Japan Debt Reach Record (Bloomberg)
  • Race for leadership of IMF heats up (FT)
  • Brussels criticises Spain’s budget (FT)

European economic highlights:

  • Switzerland Unemployment Rate for May 2.9% - Lower than expected. Consensus 3.0%; Previous 3.1%.
  • Czech Republic Real Average Wages for Q1   0.4%yoy. Previous -1.2%yoy.
  • Czech Republic Unemployment Rate for May 8.2% - As expected.Consensus 8.2%; Previous 8.6%.
  • Turkey Industrial Production for Apr +8.3% yoy – Lower than expected.Consensus 9.7%yoy; Previous 10.4%yoy.
  • Czech Republic Current Account Balance for Q1 CZK +811.0mm.Previous CZK -848.2mm.
  • Norway Industrial Production for Apr -8.7%yoy.Previous -6.5%yoy.
  • Germany Industrial production for Apr 9.6%yoy – Lower than expected.Consensus 10.0%yoy; Previous 11.2%yoy.

Global highlights courtesy of Egan-Jones:

  • Asian stocks fall, Yen gains on growth concerns.
  • Bernanke signals no new round of easing.
  • EIA sees global oil demand in 2011 at 1.7M barrels per day, up by 300,000 over prev est.
  • German April factory orders rise 2.8% vs. cons est. for +1.9%.
  • OPEC meeting pits Iran, Venezuela against Saudis on raising crude output level.
  • US Consumer credit up at 3.1% annual rate in April.
  • World Bank sees global overheating risks.
  • ABM Industries beats by $0.01, posts Q2 EPS of $0.28. Revs rose 23.9% to $1.06B.
  • Analogic reports Q3 EPS of $0.35 (cons $0.44); revs rose 11.2% to $117.3M.
  • Avaya Inc. plans to file for a $1B initial public offering as early as this week.
  • Citigroup to sell a $1.7B portfolio of private-equity assets to AXA Private Equity.
  • Comtech's Q3 net falls 34.4% to $14.3M as revs fell 39.4% to $131.1M.
  • Hovnanian Entrpr misses by $0.18, posts Q2 loss of $0.69/sh. Revs fell 19.9% to $255.1M.
  • HSBC pays $63M to settle Madoff lawsuit.
  • Infineon on track for accelerated growth and is well-equipped to make acquisition: CEO.
  • LDK Solar beats by $0.09, reports revs in-line; guides Q2 revs below consensus.
  • LyondellBasell to buy 200 miles of BP pipeline; financial terms undisclosed.
  • Najafi Cos. in discussions to buy Borders Group out of bankruptcy court.
  • Navistar's Q2 net rises 72% to $74M; revs grew 22% to $3.36B. Narrows FY EPS view to $5.50-6.0 (cons $5.34).
  • NBCUniversal won rights to televise Olympic Games in US through 2020 with a $4.38B bid.
  • Prudential Fincl to buy back $1.5B in common shares before June 30, 2012.
  • Talbots Inc. said sales and traffic are taking a hit in the second quarter.
  • Treasury said to be reluctant to sell part of GM holding at current price.
  • Volvo's May car sales in China surge 82%; global sales up 42%.

Economic Calendar: Data on MBA Mortgage Index, Crude Inventories & Fed's Beige Book to be released today.
Earnings Calendar: CIEN, GEF, LAKE, LUB, MW, PLL, PNY, SHFL, THO, UHAL.

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Forward History's picture

"Fed Sees Recovery Lagging"

Well, that's comforting.

rsnoble's picture

Imagine, no mo free $ and market starts going down.  Really, wouldn't any sane person realize that if it takes trillions upon trillions to keep something propped up, and everytime you let up it just sinks that it's time to just do away with it? 

Forget the underground atom smasher, WallStreet is the Earth's blackhole.  Problem is this blackhole can't be solved by the Dr.'s famous 'reverse the polarity' solution.  It sucks and sucks, regardless of what's going on and you can literally look across at your neighbors house and see shingles starting to pull off and head towards NY.


alexdg's picture

Lipsky says QE3 not needed until everyone believes it won't come.

Element's picture

IMF's Lipsky says QE3 not necessary (Reuters)


LOL .. has this guy not got anything else he should be focusing on? ... he feels the need to pip in on QE3 speculations?