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Frontrunning: May 26

Tyler Durden's picture




 
  • Merkel-Sarkozy Bond Frays Heading Into Deauville G-8 (Bloomberg)
  • China's Cabinet May Impose Temporary Price Controls to Counter Inflation (Bloomberg)
  • No Retreat on Medicare (WSJ)
  • Goldman Sachs Needs a New Audit Committee (Bloomberg)
  • Republicans to roll out new tax-cut proposal (MarketWatch)
  • GATA urges Paul to probe Fed's gold swaps; he tells CNBC he will (GATA)
  • Civil war looms as dozens killed in Yemen capital (Reuters)
  • Foreclosure Drop in Florida and California Do Not Show Recovery (ForeclosureWarehouse)
  • Gold Companies Face Liability for Sick Miners (Bloomberg)
  • ECB May Have More Scope for Greek Leeway Than Rhetoric Suggests (Bloomberg)
  • A 62% Top Tax Rate? (WSJ)
  • China's giant sovereign wealth fund ready to spend NZ$6 bln on NZ assets and government bonds (Interest)
  • Geithner Praises Lagarde Without Endorsement (Bloomberg)

European Economic Highlights:

  • Germany Import Price Index for April 0.4% m/m 9.4% y/y Lower than expectedConsensus 0.7% m/m 9.9% y/y Previous 1.1% m/m 11.3% y/y
  • France Consumer Confidence Indicator for May 84 As expectedConsensus 84 Previous 83
  • Italy Business Confidence for May 101.3 lower than expectedGS forecast 102.8 Consensus 102.7 Previous 102.6 (revised from 103)
  • Norway Unemployment rate(AKU) for March 3.3% higher than expectedConsensus 3.1% Previous 3.1%
  • Switzerland Trade Balance for April      1.52BPrevious 1.00B (Revised from 1.09B)
  • Switzerland Exports real SA for April 7.9%m/mPrevious -3.1%m/m (Revised from -4.8% m/m)
  • Switzerland Imports real SA for April 4.0%m/mPrevious 1.8%m/m (Revised from 1.3% m/m)
  • Sweden Consumer Confidence for May 17.9 Higher than expectedConsensus 17.3 Previous 17.6
  • Sweden PPI for April 0.0%m/m 1.9% y/y Lower than expectedConsensus 0.4% m/m 2.2% y/y Previous 0.0% m/m 1.7% y/y
  • Sweden Trade Balance (Kronor) for April 5.8B Lower than expectedConsensus 9.5B Previous 10.1B (Revised from 9.6B)
  • Sweden NIER Business and Consumer Survey 112.4 Higher than expected Consensus 109.5 Previous 110.4

Global highlights from Egan Jones

  • Asian stocks rise as commodities gain on Deutsche’s basic materials ‘Buy’.
  • ECB rules leave more room for Greek restructuring than rhetoric suggests.
  • New China Life aims for $4B dual IPO, to involve up to 20% of equity.
  • 99 Cents Only Stores' Q4 net rises 6% to $17.9M as revs rise 11.6% to $378.5M.
  • AFC Enterprises beats by $0.01, reports revs in-line; guides FY11 EPS below cons.
  • Alpha Natural Resources to replace Massey Energy Co. in Standard & Poor’s 500 Index.
  • Apollo, Broadway said to offer $1.68B for Charter Hall US assets.
  • Arthur J. Gallagher buys broker Fish & Schulkamp. Terms undisclosed.
  • British American Tobacco buys Colombia's Protabaco for $452M.
  • California Pizza Kitchen agreed to a $470M offer from Golden Gate Capital Corp.
  • Collective Brands' Q1 earnings fell short of cons est. by 48% as sales declined.
  • Computer Sciences' Q4 net falls 33.9% to $171M on flat revs (at $4.2B).
  • Fiserv announces new share repurchase authorization of up to 7.5M shares.
  • Foxtel offers $2B for Austar to expand outside Metropolitan cities.
  • Freescale raises $783M in IPO after stock priced at bottom of range.
  • Frontline Ltd: Ships operated at a loss in Q1, and Q2 may be no different.
  • GE sells 49.77% stake in Colombian bank to partner. Terms undisclosed.
  • Guess? Inc. sees Q2 EPS at $0.83/sh vs. cons view for $0.78/sh.
  • Marathon Oil board approves spinoff of refining business; shares to be issued June 30.
  • Polo Ralph Lauren Corp's Q4 net falls 36% to $73.2M amid rising production costs.
  • SEC said to probe insider trading in Fifth Third Bancorp Trust preferreds.
  • Sony forecast lower profit than analysts estimated this fiscal year, cites losses from Japan’s record earthquake.
  • Tesla to raise up to $214.3M in stock offerings to fund development of another car.
  • Toll Brothers' Q2 loss narrowed to $20.8M amid lower write-downs. Revs up 2.7%.
  • UBS plans to split investment bank into unit outside Switzerland.
  • Yahoo says it’s making headway in getting paid for Chinese Alipay spinoff.
  • Zale Corp. posted Q3 loss of 44 cents/sh, lower than cons view for a loss of $0.58/sh.

Economic Calendar: Data on GDP, Initial & Continuing Claims to be released.
Earnings Calendar: BCSI, BIG, CRMT, DLIA, HNZ, OVTI, PFED, SIG, TIF.

 

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Thu, 05/26/2011 - 08:43 | 1312611 Temporalist
Temporalist's picture

Bid to use gold as collateral advances in Europe

http://www.theaustralian.com.au/business/news/bid-to-use-gold-as-collate...

 

Thu, 05/26/2011 - 09:00 | 1312696 Careless Whisper
Careless Whisper's picture

Copyright protection for tattoos?

Warner Bros. sued to stop release of movie

Should Mike Tyson's face tattoo be protected by copyright?

http://latimesblogs.latimes.com/alltherage/2011/05/should-tattoo-designs...

 

Thu, 05/26/2011 - 09:23 | 1312801 hedgeless_horseman
hedgeless_horseman's picture

China's Cabinet May Impose Temporary Price Controls to Counter Inflation

Central planners moving from fine-tuning knob to the gross-tuning knob.

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