Frontrunning: August 2

Tyler Durden's picture
  • Debt Deal Puts U.S. on Austerity Path as Economy Falters (Bloomberg)
  • Short-term US Funding Highly Restricted (FT)
  • China Halts Offshore Yuan Borrowing to Tighten Policy (Reuters)
  • Fed Confronts Limited Tools to Stir Economy (Hilsenrath)
  • Australia Leaves Key Rate Unchanged (WSJ)
  • N.Z. Second-Quarter Wages Rise at Faster Pace, Adding to Inflation Signs (Bloomberg)
  • China’s Expanding Naval Reach Worries Japan Over Routing Warship Presence (Bloomberg)
  • Geithner Says Debt-Limit Deal Good for Economy in the Long Term (BusinessWeek)
  • UK borrowing costs brush close to record low (FT)
  • Britain's Austerity Canary Develops a Worrisome Cough (WSJ)
  • Forget the ceiling, the GDP is underground (NYPost)
  • Greek Banks Should Merge With Foreign Institutions to Win Funds, OECD Says (Bloomberg)
  • Fed Policy Makers May Consider Additional Stimulus as U.S. Economy Slows (Bloomberg)

European economic summary:

  • Euro-Zone PPI for June 0.0% m/m 5.9% y/y – in line with expectations.Consensus 0.1% m/m 5.9% y/y. Previous -0.2% m/m 6.2% y/y
  • Switzerland Retail Sales for June 7.4%.Previous -3.9% (revised from -4.1%)
  • Switzerland PMI Manufacturing for July 53.5 – higher than expected.Consensus 52.5. Previous 53.4
  • UK PMI Construction for July 53.5 – higher than expected. Consensus 53.1. Previous 53.6

Global highlights courtesy of Egan-Jones

  • Asian shares fell on fresh worries over the global growth outlook.
  • India growth forecast cut to 8.2%; PMI data show stalling manufacturing sector.
  • Oil falls to near $94 as US economy weakens.
  • Spain 10-year bond yield soars to 6.45%.
  • US ISM Manufacturing Index fell to 50.9 in July from June's 55.3 - lower than expected.
  • AK Steel to add $460 per ton surcharge to September shipments of electrical steel products.
  • Allstate posts $620M loss in Q2 largely because of $2.3B in catastrophe losses.
  • America Movil offered to buy the 40.4% it doesn’t own of Telnex for 10.50 pesos per share.
  • Barclays Bank H1 profit slides 33% and cuts 3,000 Jobs.
  • BMW Q2 profit up at $2.5B, up 16.5%.
  • BNP Paribas Q2 net gains 1.1%.
  • Charter's net loss for June was $81M last year and $107M this year.
  • CNA Financial Corp.'s Q2 earnings fell, 55.4% to $126M partly due to catastrophe losses.
  • Consortium led by Li Ka-Shing to buy Northumbrian Water for $3.62B.
  • Deutsche Post's Q2 profit reached $395M.
  • Duke Energy's June net income rise from a $222M loss to a $435M gain,
  • Eastman Kodak is exploring a sale of its key patent for previewing photographs currently being litigated against Apple, RIM.
  • FMC Corp beats by $0.03, reports revs in-line; guides Q3 EPS below consensus.
  • Ford to recall 1.1M pickup trucks with gas tanks that can fall off and cause fires.
  • Honda's Q1 net slides 88% to $414.2M largely b'cos of Mar 11 earthquake. But lifts its 2012 outlook.
  • Humana's Q2 net jumps 35% to $460.3M on higher Medicare enrolments. Ups full year EPS f'cast.
  • Hyatt's June net income rises from $25M to $37M.
  • Japan's Kirin Holdings buys Brazilian beer maker for $2.5B.
  • Loews Corp. Q2 net income falls 31% to $252M on higher insurance catastrophe losses.
  • MLM's June net in declines from $54M to $36M.
  • Olin Corp. bags 5-yr deal to provide ammunition to US Army; est. to earn $300M in revs.
  • Vornado Realty posts 19% jump in Q2 FFO; revs up 7% at $730.2M.
  • Windstream Corp. to buy Paetec Hldg, telco service provider to businesses, for $891M in stock.
  • Winn-Dixie Stores reaffirms FY11 EBITDA guidance; sees Q4 revs of ~$1.6B (cons est. $1.59B).

Economic Calendar: Personal Income & Spending, PCE Prices, Auto Sales to be released.


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disabledvet's picture

is there some reason why we listen to Matt Lauer?

slaughterer's picture

Hilsie just telegraphed something to us: "the central bank is unlikely for now to embark on a big new program"

Careless Whisper's picture

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JacksPain's picture

A few other good ones

Investing in Your Health - Five Easy Ways to Squeeze Exercise into Your Day

How Rich are You?

TaxSlave's picture

N.Z. Second-Quarter Wages Rise at Faster Pace, Adding to Inflation Signs

Muhahahaha!  Print money from nothing on the biggest spending spree in the history of mankind, and when the poor serf starts to get a raise to almost catch up, call THAT inflation.  Too rich.

Spigot's picture

I love the first bullet: Debt Deal Puts U.S. on Austerity Path as Economy Falters

Dudes, where did you leave your brains today?

Increasing debt by $2.4 TRILLION is no eFFing austerity anything...

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