Frontrunning: August 16

Tyler Durden's picture
  • High pressure on Sarkozy-Merkel talks (Reuters)
  • Noda to "watch" "one-sided moves" in the USDJPY to parity soon enough - Yen to Reach Record Amid ‘Downfall’ of West, Sakakibara Says (Bloomberg)
  • Eurobond Debate Rises in Germany, France (WSJ)
  • China official paper calls for widening of yuan trading band (Reuters)
  • China Economy Slowing ‘Significantly,’ Conference Board Says (Bloomberg)
  • BOE's Miles: No Need for More QE (WSJ)
  • Christine Lagarde: Don’t let fiscal brakes stall global recovery (FT)
  • Zoellick: Governments should deal with global debt woes (Reuters)
  • On Midwest Bus Tour, Obama Jabs at GOP (WSJ)
  • U.S. debt still safest place for China reserves: top banker (Reuters)
  • Foreign Direct Investment in China Jumps 20% to $8.3 Billion (Bloomberg)
  • Buffett Made Biggest Bets on Stocks This Year (Bloomberg)
  • Perry Takes Aim at Bernanke (WaPo)
  • Banks to cut head counts by 5 percent to 10 percent (NY Post)

European economic data:

  • Germany GDP nsa for Q2 (y/y) 2.8% lower than expectedConsensus 3.2% Previous 5.0% 
  • Germany GDP s.a. for Q2 (q/q) 0.1% lower than expectedConsensus 0.5% Previous 1.3%  
  • Germany GDP wda for Q2 (y/y) 2.7% lower than expected Consensus 3.1% Previous 4.7% 
  • Sweden PES Unemployment Rate for July 4.2% in lineConsensus 4.2% Previous 4.1%
  • UK DCLG UK House Prices for June (y/y) -2.0%Previous -2.2%      
  • UK CPI for July 0.0% m/m 4.4% y/y slightly higher than expectedConsensus -0.1% m/m 4.3% y/y Previous -0.1% m/m 4.2% y/y
  • UK Core CPI for July 3.1%Consensus 3.0% Previous 2.8%   
  • UK Retail Price Index for July 234.7Consensus 234.7 Previous 235.2
  • UK RPI for July -0.2% m/m 5.0% y/yConsensus -0.2% m/m 5.0% y/y Previous 0.0% m/m 5.0% y/y
  • UK RPI Ex Mort Int. Payments for July (y/y) 5.0%Consensus 5.1% Previous 5.0%  

Global headlines from Egan-Jones

  • Asian stocks gain on takeovers, valuations; Euro trades near 3-week high.
  • China’s economy slowing, should have 'soft landing,' Conference Board says.
  • ECB spent record $32B buying bonds to prop up eurozone heavyweights Italy, Spain.
  • Fed says banks eased lending standards in Q2 amid competition.
  • Manufacturing activity in the New York region deteriorated for the third straight month in August.
  • German economy almost stalled in Q2 as GDP rose 0.1%.
  • Agilent Technologies' Q3 net rises 61% to $330M; revs up 22.5% to $1.69B.
  • Air Lease to buy 19 Boeing jets for $2.5 billion.
  • Buffett's Berkshire Hathaway reported it took a new stake in Dollar General.
  • Cargill will acquire Dutch animal-nutrition business Provimi Group for $2.14B.
  • Carlyle in talks to acquire contract drug developer Pharmaceutical Product Development Inc.
  • Cliffs Natural Resources announces 4M share repurchase authorization.
  • Estée Lauder offered a cautious outlook for its upcoming fiscal year; cites economic turmoil.
  • Google to buy Motorola Mobility for $12.5B in bid for more patent protection in mobile market.
  • Huawei posted H1 revenue growth of 11%; confident it can reach annual sales of $31.13B.
  • Icahn reports new stakes in Vector Group, El Paso. Einhorn's Greenlight increases MSFT stake.
  • KAR Auction Services announces agreement to acquire OPENLANE for $210M in cash.
  • Lowe’s cuts outlook, highlights economic pressures.
  • MGM Resorts to destroy hotel project in Las Vegas, cites construction-engineering issues.
  • Myriad Genetics announces new $200M share repurchase program.
  • National Oilwell bags $1.5B order to supply equipment for seven offshore rigs in Brazil.
  • Nokia jumps as Google-Motorola deal may move handset makers to Microsoft
  • Petrobras Q2 profits up 32% to $5.2B; revs up 14.6% to $38.8B.
  • Soros fund cut stakes in Citi, Wells Fargo; Paulson cuts BofA., Citi stakes, ups CapOne.
  • Transocean agreed to acquire Norwegian rig operator Aker Drilling for $1.43B.
  • United Rentals to acquire Ontario Laser in Canada; terms not disclosed.
  • Urban Outfitters Inc. Q2 net down 21%; posts EPS of $0.35 vs. consensus forecast of $0.32.
  • Valspar reports EPS in-line, posts Q3 EPS of $0.80. Revs rose 22.5% to $1.07B.
  • Westpac’s quarterly cash earnings slip as demand for lending fell, shares lower

Economic Calendar: Housing Starts, Export-Import Prices, July Industrial Prodn, Capacity Utilization, Retail Sales, Mich Sentiment, Business Inventories to be released today.
Earnings Calendar: ADI, BOBE, DELL, DKS, HD, MEDH, SKS, TJX, WMT.

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anynonmous's picture


"Even when the media does remember Ron Paul, it’s only to reassure themselves that there’s no need to remember Ron Paul."'s picture

thanks for the link....great clip..and oh so true....Mainstream Agenda?!?!?! Nooooooo......

Careless Whisper's picture

it's really not "the media" per se, it's the global interests that control the media.  they are def running scared of r p.'s picture

all inflate up......everyone is drunk on cheap gas, loose consumer credit and low low interest rates.....never mind if almost nobody can qualify for a home loan....

Randy Kruger's picture

Buffett is a buffoon and a crony capitalist talking up his own book.  The man really has no shame cavorting with Obama over the past few days with his "tax billionaires" monkey crap.



Bohemian Clubber's picture

UK UK UK !!! now that's some very sane inflation levels you have there

overmedicatedundersexed's picture

ron paul,  is real change and hope..too bad the press will attack him as a loon until it sticks. EE let him alone as long as his poll numbers were low, now the full on smear will begin.

Careless Whisper's picture

it. won't. work.  their attacks will only make his message stronger.

jasmine's picture

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