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Frontrunning: August 15

Tyler Durden's picture




 
  • 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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Mon, 08/15/2011 - 08:20 | 1561035 loftgroovv
loftgroovv's picture

Though in fairness the markets are rallying.....

A dead cat bounce perhaps.

 

Mon, 08/15/2011 - 08:22 | 1561038 Careless Whisper
Careless Whisper's picture

The Morning Careless Whisper Report

Chinese Make Fun Of US Ambassador For Using Discount Voucher At Starbucks

http://shanghaiist.com/2011/08/13/gary-locke-coffee.php

A Day In The Life Of Detroit: 16 Shot 7 Dead

http://www.detnews.com/article/20110814/METRO/108140312/1409/16-shot--in...

Prince Charles Flaunts Royal Farm

http://www.guardian.co.uk/lifeandstyle/2011/aug/14/prince-charles-organi...

Happy Aniversary! Nixon Takes USA Off Gold Standard 40 Years Ago

http://www.youtube.com/watch?v=iRzr1QU6K1o

Profiles In Courage: Nancy Wake Dead At 98; Most Decorated WWII Woman Spy

http://www.nytimes.com/2011/08/14/world/europe/14wake.html?_r=1&hpw

Southern Border Wide Open; Customs Agents Patrol Busses In Florida

http://www.sun-sentinel.com/news/local/sfl-undocumented-immigrants-check...

New Used Car Search Plots Price/Mileage On X Y Axis

http://www.olegkikin.com/car_search/

Patrick Schwarzenegger Tries Modeling; Natural Look, No Steroids

http://www.washingtontimes.com/news/2011/aug/14/patrick-schwarzenegger-p...

 

Mon, 08/15/2011 - 09:49 | 1561285 Freewheelin Franklin
Freewheelin Franklin's picture
Krugman calls for space aliens to fix U.S. economy.

 

http://www.youtube.com/watch?v=nhMAV9VLvHA&feature=share

Mon, 08/15/2011 - 11:34 | 1561639 GoinFawr
GoinFawr's picture

Hahahaha! Thanks for the chuckle Freewheeler.

 Though it's beginning to fail me why anyone would bother anymore to go through the ordeal and effort of spreading open their interweb hole as wide as this site now requires so that Tylers can stuff cookies up it in order to log on to ZH in order to leave a comment that will be 'archived' in about twenty minutes. 

Anyway, thanks again for the ingrin.

Mon, 08/15/2011 - 11:48 | 1561694 TruthInSunshine
TruthInSunshine's picture
by Freewheelin Franklin
on Mon, 08/15/2011 - 09:49
#1561285

 

Krugman calls for space aliens to fix U.S. economy.

http://www.youtube.com/watch?v=nhMAV9VLvHA&feature=share

 

I appreciate you linking that video of a clearly strung out, jonesing Krugman, and I just want to ask anyone and everyone here:

Isn't this pretty much the open and shut case that a) Krugman has lost his freaking mind, and gone off the deep end, and b) More generally speaking, Keynesians are out of even bad ideas (based on a bad underlying dogma) that can be spun to sound at least plausibly rational?

Ya' all ready for this?

John Maynard Keynes is DEAD.

Mon, 08/15/2011 - 13:31 | 1562102 speculator
speculator's picture

There is no way the SNB can hold a peg against the Euro - they will be deservedly overwhelmed by the markets, as they always are when they try to manipulate the franc. The Japanese have been trying for years to suppress the Yen, to no avail. It's always a waste. Want to increase exports? Lower your costs, Switzerland, starting with your ridiculous wages: CHF 3800/m as a minimum? Are you kidding? 0.70/liter gasoline tax? C'mon, get cutting. 

This is not to say the franc can't fall on its own - that actually seems likely since it's way overbought and most traders are very bullish - but the SNB deserves no credit, and should be shut down just like the Fed for wasting the nation's resources.

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