Frontrunning: May 27
- Former ECB chief economist Otmar Issing: Greece "Cheated" to join Euro (Bloomberg)
- Fitch cuts Japan credit rating outlook to negative (Reuters)
- Japan ends 25 months of deflation (Bloomberg)
- Basel III break for banks in EU (FT)
- China holds eight percent of US debt (China Daily)
- Obama, GOP unveil competing plans for job growth (WaPo)
- Ebay and PayPal sue Google over trade secrets (Reuters)
- Greek leaders meet to resolve crisis (WSJ)
- Lagarde offers bigger voice to emerging nations (FT)
- G-8: Faster growth to spur faster debt cutting (Bloomberg)
- Weak dollar, Greek debt boost gold's appeal (Reuters)
- India weighs opening a door to foreign banks (WSJ)
- The case for higher taxes (NYT)
- Nothing new here: The Audacity of Chinese Frauds (NYT)
European economic summary:
- UK Nationwide House Price All Houses 0.3% m/m -1.2% y/y higher than expected Consensus 0.1% m/m -1.7% y/y Previous -0.2% -1.3% y/y
- Euro-Zone M3 s.a. 3 mth ave. for April 2.1% lower than expected Consensus 2.3% Previous 2.0%
- Euro-Zone M3 s.a. for April 2.0% yoy lower than expected Consensus 2.4% yoy Previous 2.3% yoy
- Euro-Zone Business Climate Indicator for May 0.99 lower than expected Consensus 1.20 Previous 1.28
- Euro-Zone Consumer Confidence for May -9.8 Previous -9.7
- Euro-Zone Economic Confidence for May 105.5 slightly lower than expected Consensus 105.7 Previous 106.1 (Revised from 106.2)
- Euro-Zone Indust. Confidence for May 3.9 lower than expected Consensus 5.3 Previous 5.6 (Revised from 5.8)
- Euro-Zone Services Confidence for May 9.2 lower than expected Consensus 10.0 Previous 10.4
- ECB M3 Annual Growth Rate SA 2.0% lower than expected Consensus 2.4% Previous 2.3%
- Germany Consumer Price Index for May Consensus 0.0% mom 2.3% yoy Previous 0.2% mom 2.4% yoy
- Germany CPI - EU Harmonised for May Consensus 0.1% mom 2.7% yoy Previous 0.3% mom 2.7% yoy
- Italy Hourly Wages for April 0.1% mom 1.8% yoy lower than expected Consensus 0.2% mom 2.0% yoy Previous 0.2% mom 2.0% yoy
- Norway Manufacturing Wage Index for Q10.2% Previous 1.0%
- Switzerland KOF Swiss Leading Indicator for May2.3 higher than expectedConsensus 2.22 Previous 2.30
- Sweden GDP s.a. for Q10.8% q/q 6.4% y/y lower than expectedConsensus 0.9% m/m 6.4% y/y Previous 1.6% q/q 7.7% y/y
Global Highlights from Egan Jones
- U.S. Jobless Claims unexpectedly climbed last week to 424,000.
- IMF needs 12-month refinancing guarantee on Greece, Juncker says.
- Basel III break for banks in EU; Shift on counting insurance arms and on hybrid capital.
- U.S. Q1 GDP up 1.8%, unchanged vs. prev. est.; Q1 corporate profits before-tax up 6.3%.
- Japan April core consumer prices rise 0.6% from year earlier.
- Michaels Stores Q1 profit surges to $37M. Revenue increased 5.7% to $953M.
- Toronto-Dominion Bank's Q2 net rises 13%, helped by strong retail earnings.
- GM to invest $331 mln in Arlington, Texas plant.
- Bill Ackman disclosed a new, 4.7% stake in discount-store chain Family Dollar Stores.
- Caterpillar scraps plans to issue up to $2B worth of stock to pay for Bucyrus purchase.
- Skyworks Solns to buy Advanced Analogic Technologies for ~$262.5M in cash, stock.
- Marvell misses by $0.01, reports Q1 EPS of $0.29. Revs fell 6.3% to $802M.
- OmniVision beats by $0.01, beats on revs; guides Q1 EPS, revs in-line.
- America's Car-Mart beats by $0.10, posts Q4 EPS of $0.78. Revs rose 16.4% to $103.4M.
Economic Calendar: Data on Personal Income & Spending, Michigan Sentiment, Pending Home Sales to be released.
Earnings Calendar: ATC, ELC, GHM, MENT, VSNT, WAYN, WH, ZANE.
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