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Frontrunning: August 1
- Debt-Limit Deal to Get Congress Vote Today (Bloomberg)
- Debt compromise favours Republican demands (FT)
- An Agreement Is Struck, but the Deficit Isn't Solved (WSJ)
- Hedge fund firm Lansdowne sells Goldman stake (Reuters)
- China’s Official PMI Falls (WSJ)
- Asia’s Economic ‘Soft Patch’ Jars With Inflation, Posing Dilemma on Rates (Bloomberg)
- Lagarde Warns EU to Speak with one Voice (FT)
- An Uncomfortable Final Stretch for Trichet (FT)
- Call for State-Backed Bank to Help Industry (FT)
- Sony Costs Shareholders 70% Gain Clinging to TV (Bloomberg)
- North Korea Says Ready for Six-Party Talks (Reuters)
- US Crisis May Not Push NZ Interest Rates Up (NZ Herald)
- New Tax on Banks’ Foreign Borrowing (Joongang)
European Economic highlights
- Euro-Zone PMI Manufacturing for July 50.4 – as expected.Previous 50.4
- Euro-Zone Unemployment Rate for June 9.9% - as expected.Previous 9.9%
- France PMI Manufacturing for July 50.5 – higher than expected.Consensus 50.1. Previous 50.1
- Sweden PMI Manufacturing for July 50.1 – lower than expected.Consensus 52.0. Previous 52.9
- UK Lloyds Business Barometer for July 19.Previous 36
- UK PMI Manufacturing for July 49.1 – lower than expected.Consensus 51. Previous 51.4 (revised from 51.3)
Global headlines courtesy of Egan-Jones
- Asia stocks, US futures, Oil rise on debt agreement as Yen, Franc drop.
- China’s July home prices rise at slowest in 11 months on government curbs.
- China's official PMI fell to 50.7 in July from 50.9 in June.
- Euro-zone manufacturing at near standstill in July.
- Obama says Congressional leaders agree to raise debt cap, avoiding default.
- AEP's Q2 profit more than doubled to $352M amid unusually hot weather.
- American Axle Q2 profit doubles to $49.2M as revs rose 23% to $686.2M.
- Amgen beats by $0.08, posts Q2 EPS of $1.37. Revs rose 4.1% to $3.96B.
- Arch Coal misses by $0.16, lowers FY11 EPS below consensus.
- Barnes Group Q2 net rise, raises 2011 outlook above cons forecast.
- Calpine Corp. losses narrow to $70 million in Q2 on better commodity margins.
- Cooper Industries, unwilling to raise its $962M offer for Laird, may withdraw bid.
- Coventry Health Care's Q2 net rises to $224.5M, helped by lower legal costs.
- EADS acquires global satellite-based mobility communication co., Vizada for $960M.
- FedEx CEO “largely upbeat” as economy improves, businesses rebuild inventories.
- HSBC first-half revenue flat at $35.7B; net profit rose 35% on lower tax charge.
- HSBC to cut around 5,000 jobs as part of its plan to save between $2.5B-3.5B;
- HSBC to sell branches in upstate New York to First Niagara for $1B cash.
- Kodak to preserve its $2.9B NOL.
- Louisiana-Pacific Corp swings to Q2 loss of $35.5M as revs fell 19% to $362.4M.
- Macarthur Coal rejects $5.2B takeover bid by Peabody Energy, ArcelorMittal.
- Merck to cut 13,000 more jobs as patents expire.
- Moog Inc.'s Q3 net rises 16% to $33.8M on higher aircraft sales.
- Newmont Mining Q2 net rises 1%, hurt by higher costs, lower prodn & sales.
- Pilgrim's Pride reports Q2 loss of $0.60; revs rose 22% to $1.92B.
- Saga Group acquires Allied Healthcare Intl for $175M in cash.
- Verizon Wireless approves $10B payment to co-owners.
- Vodafone climbs after winning first dividend from U.S. Venture.
- Yahoo settles Alibaba dispute, deal disappoints investors.
Economic Calendar: ISM Index-July, Construction Spending to be released.
Earnings Calendar: AES, ALL, APP, CSII, CTRP, FMC, HOLX, HUM, JOE, KFN, L, VNO, Y.
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Financial terrorists have their fingers on the sell button in case our representatives do not comply.
They're BTFD in precious metals......both gold and silver.....Pt and Pd have jumped the corral.
Seriously Financial Times?
that is the consitant theme across the MSM, they are painting it is a huge loss for Obama, which of course means the opposite as the MSM always lies
He just wrote off his remaining "progressive" base. What does that tell you?
That he's okay with being a one-termer and letting the next guy (or gal) in the barrel take it in the ass?
Bachmann / Palin 2012!
Obama's veto? Now that's a good one!
And the Dims are still pretending that the process of agreeing to cuts will go differently the next time around, i.e., November-December.
What a bunch of pathetic clowns.
Meanwhile...... somebody (-ies) bought up every share they could get of TVIX: 399,749 @ 21.1818, at 8:11 am, paying 10% premium over pevailing rate and 2 cents above Friday close. I was gonna dump mine, but not now.
That's interesting. It can't be on economic news--since that no longer is relevant. Is somebody betting on a little more drama from the House of Representatives before the Great Compromise is passed?
Fuck it: I'm dumping TZA.
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