Frontrunning: May 27

Tyler Durden's picture
  • 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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The Count's picture

Patriot act extension? Another promise the prez did not keep. No wonder he got to claim killing OBL (he was safely stored in a freezer for years, my guess), never had such a willing and gullible meat puppet in the white house.

taraxias's picture

"Another promise the puppet didn't keep"

There, fixed that for you......

Sean7k's picture

Totalitarian Socialism- taking two really bad ideas and putting them together to form the worst possible solution. 

ibjamming's picture

Shit...he's just there for the vacations!

spanish inquisition's picture

Everyone should be looking forward to the extension. I am pretty sure US citizens can now conduct their own sneak and peaks on neighbors to monitor activity. If anyone is home they can write "search warrant" on a napkin and be fine. I think it's possible to label anyone a "terrorist" with secret proof that you don't need to show anyone and arrest them for the good of the country. Once you secretly rendition them to an enhanced interrogation zone (Indian rez, Mexico or Canada), I am pretty sure they will sign a confession justifying actions taken. As far as misunderstandings go, a national security defense should clear everything up (i.e. Your honor, I was just confiscating money BEFORE it had the chance to get into terrorist hands.)

Racer's picture

And if Greece cheated to join it, they will cheat to stay in it, if that is what they want

Sean7k's picture

I guess this is the prelude to, "we want our money back"? Borrowing money under false pretenses- that's FRAUD. Surely, the European Court will see this logic and partition part of Greece to pay for this fraud? 

Sounds like a bunch of elementary school kids at a marbles match. 

LeBalance's picture

Former ECB chief economist Otmar Issing: Greece "Cheated" to join Euro (Bloomberg)

"Who did not?" :)

MrBoompi's picture

The G8 says they have a plan to reduce the debt that was necessary to bring us out of the recession.

On a related note, the IMF and World Bank say the world will need another $100 Trillion in "credit" over the next 10 years.

Anyone wanna bet which one will happen?

Sean7k's picture

IT isn't the amount of credit that matters anymore- it's whether they will actually attempt to collect it and how. 

Dolemite's picture

Nasdaq in a great place for a sell entry

DavidC's picture

"Former ECB chief economist Otmar Issing: Greece "Cheated" to join Euro."

It was obvious to anyone with a primary school education at the time that Greece was cooking its books to get into the Euro.

So, as is often said...

I am shocked, shocked, I tell you!


Careless Whisper's picture

Feds threaten to turn Texas into "no fly zone" if passes "no groping" law


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