Frontrunning: June 9

Tyler Durden's picture
  • Obama Considering Another Stimulus Tax Cut (New Republic)
  • Taxes on the menu in debt-reduction talks (Reuters)
  • Americans torn over debt limit (WaPo)
  • Dimon Challenges Bernanke on Wall Street Regulation (Bloomberg)
  • The Great Property Bubble of China May Be Popping (WSJ)
  • Beige Book confirms break in supply chain(FT)
  • Trichet May Play ECB Rate Card as Germany Risks Split on New Greek Rescue (Bloomberg)
  • Slow growth to anchor Bank rates despite price pressure (Reuters)
  • President Obama Authors The Economic Recovery That Isn’t (Forbes)
  • New Cracks in Oil Cartel (WSJ)
  • Syrians flee to Turkish border (FT)
  • The Eurozone Needs a Plan B, as 'Quarantining' the Weak Is Too Costly (PIMCO)
  • Eisman exits as FrontPoint shuts his fund-sources (Reuters)
  • World Bank sees 9.3% growth for China (ChinaDaily)
  • IMF Candidate Presses Case in China (WSJ)
  • Buying More Time (Morgan Stanley)

European Economic Highlights

  • Czech Republic GDP for Q1 0.9%mom 2.8%yoy.Previous 0.6%mom 2.5%yoy.
  • Hungary GDP for Q1 0.7%mom 2.5%yoy.Previous 0.7%mom 2.4%yoy.
  • Hungary Trade Balance for Apr EUR479.0mn – Lower than expected. Consensus  EUR570.3mn; Previous EUR839.7mn.
  • United Kingdom Trade Balance for Apr -£2.72bn – Higher than expected.Consensus -£2.95bn; Previous -£2.79bn (revised from -£3.00bn).

Global Highlights courtesy of Egan-Jones:

  • China May passenger car sales fall 0.1% to 1.04M, CAAM says.
  • Fed says economy grew at 'steady pace,’ slowed in four of its 12 districts.
  • Gartner cuts view for 2011 PC sales to 9.3%, down from a March projection of 10.5%.
  • Iceland to sell $1B in debt as default swaps reach pre-crisis low.
  • Japan’s economy contracted 3.5%, less than previously estimated (-3.7%).
  • OPEC oil accord breaks down after six nations block plan to boost output.
  • Plosser sees inflation risk, unemployment falling through 2012.
  • Whiting Petroleum lowers Q2 prodn guidance to 5.75-5.85 MMBOE (prev 6.15-6.35).
  • Cerberus Capital is said to seek at least $4B for next buyout fund.
  • Debit fee-cap delay rejected by US Senate; Visa, MasterCard shares fall.
  • Dow Chemical to acquire Prairie Brand Seed; terms undisclosed.
  • Exxon Mobil buys natural gas companies Phillips, TWP for $1.69B.
  • FDA says Pfizer to stop sale of animal drug, 3-Nitro, after finding traces of arsenic.
  • Greif beats by $0.07, beats on revs; reaffirms FY11 EPS guidance.
  • Harbinger Capital, run by Philip Falcone, is facing at least $1B in redemptions.
  • KKR said to seek a minority stake in ING unit amid GE, Capital One bids.
  • McDonald's Corp.'s global same-store sales rose 3.1% in May.
  • Men's Wearhouse beats by $0.04, reports revs in-line; guides Q2, FY12 EPS in-line.
  • Pall Corp beats by $0.02, posts Q3 EPS of $0.72. Revs rose 15.2% to $709.8M.
  • Schneider Electric buys China's Leader Harvest Power Technologies. Terms undisclosed.
  • Texas Instruments lowered & narrowed its Q2 EPS f'cast to $0.51-0.55 and sales of $3.36-3.5B.
  • Thor Industries posts Q3 EPS of $0.72 (cons $0.68); revs rose 25.3% to $852.1M.
  • Valhi Inc signs contract to dispose of Texas low-level radioactive waste.
  • Zynga is said to favor following LinkedIn with a 'low-float’ IPO strategy.

Economic Calendar: Data on Initial & Continuing Claims, Trade Balance & Wholesale Inventories to be released today.

Earnings Calendar: BF, BNHN, BRID, CHKE, HOKU, MTN, NSM, SJM, TITN.