Frontrunning: August 15
- World Bank president Zoellick: "Markets heading to new danger zone" (Reuters)
- Treasury yields testing bank limits (FT)
- Three steps to resolving the eurozone crisis (FT)
- Singapore Prime Minister: Global Recession Is 'A Possibility' (WSJ)
- A helpless SNB leaks even more disinformation: CHF should be linked to € (Manager Magazin)
- Japan’s GDP shrinks less than expected (FT)
- SNB, Swiss Government in Talks Over Franc Target, SonntagsZeitung Reports (Bloomberg)
- Japan’s Noda Warns of Further Intervention as Yen Again Nears Postwar High (Bloomberg)
- China calls for enhanced coordination among ASEAN+6 economic ministers (Xinhua)
- Swan: Australia Economy Can ‘Ride Out’ Turmoil (Bloomberg)
- Germany and France rule out Eurobonds (FT)
- Global recovery requires political courage (FT)
European economic update:
- Norway Trade Balance (Krone) for July 38.1B. Previous 24.7B
- Switzerland Producer & Import Prices for July -0.7% m/m -0.6% y/y - in line with expectations.Consensus -0.6% m/m -0.6% y/y. Previous -0.5% m/m -0.4% y/y
- Sweden Industrial Prod. s.a. for June -3.3% m/m 6.4% y/y - lower than expected. Consensus -0.9% m/m 10.5% y/y. Previous 2.1% m/m 13.2% y/y (revised from 2.6% m/m 13.4% y/y)
- Sweden Industrial Orders s.a. for June -1.0% m/m 5.5% y/y.Previous 0.2% m/m 8.7% y/y (revised from 0.1% m/m 8.6% y/y)
UK Rightmove House Prices for August -2.1% m/m -0.3% y/y.Previous -1.6% m/m -0.3% y/y.
Global highlights from Egan Jones:
- Asian stocks gain as US jobless claims data ease economic growth concern.
- China regulators said to tell banks to tighten curbs on property lending.
- Grains surge as US cuts crop forecasts after damaging Midwest heat wave.
- Japan slashes growth forecast to 0.5% after record quake disrupts output.
- Oil falls below $85 as traders eye EU debt crisis.
- Short-sales banned after stocks plunge in France, Spain, Italy, Belgium.
- UK house prices fall to 19-month low as loan restrictions deter buyers.
- US Postal Service is considering cutting as many as 120,000 jobs.
- US Unemployment applications fell to 395k, calming recession fears after week of mkt turmoil.
- AmerisourceBergen Corp.'s board authorized a new $750M stock-repurchase program.
- Arthur J. Gallagher acquires Robinson-Adams Insurance; terms undisclosed.
- Bally Tech's Q4 net halves to $25.5M on debt retirement charges. Revs grew 9% to $214M.
- Burger King's Q2 net falls 13% to $42.8M on high interest exps. Revs too fell 4.3% to $596.2M.
- Cemex’s 13% yields lure Citigroup after record bond plunge.
- Citadel said in talks to sell investment bank, shut equity-research unit.
- DeVry reports Q4 EPS of $1.08 (cons $1.04); revs rose 7.9% to $546.7M.
- Emulex Corp. f'casts Q1 EPS of not more than $0.12 vs. cons f'cast of $0.15.
- EPA tells DuPont to halt sales of weedkiller, Imprelis blamed for damaging trees in several states.
- Legg Mason says it won’t renew French bank debt held in money-market funds.
- Li & Fung's Hi net falls 15% on higher operating expenses. Revs rose 33% to $8.80B.
- Mattel to appeal $309M judgment favoring MGA Entertainment in Bratz doll case.
- Nordstrom beats by $0.06, posts Q2 EPS of $0.80. Revs rose 11.7% to $2.81B.
- NVIDIA reports EPS in-line, beats on revs; guides Q3 revs above consensus.
- Pfizer said it has made "potentially improper payments" outside the US.
- Royal Dutch Shell to buy back B shares.
- Sara Lee sees 2012 EPS at $0.89-0.95 vs. cons forecast of $1.06.
- Wal-Mart is said to explore bid for Carrefour’s Brazilian retail business.
- Wendy's Co.'s Q2 net rose 4.9% to $11.3M helped by 2.5% rise in sales, at $622.5M.
- Wyndham Worldwide Corp.'s board augmented its share-repurchase program by $500M.
- Zynga Inc. raised a $1B line of credit in July from Morgan Stanley, Goldman Sachs, others.
Economic Calendar: July Retail Sales, Mich Sentiment, Business Inventories to be released today.
Earnings Calendar: CNTY, CTIB, HH, HPOL, JCP, SUBK.
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