Frontrunning: August 2
- 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.
Earnings Calendar: AMSF, AMT, BGFV, BIO, BIRT, BKI, CAS, CEPH, COH, DRYS, DUK, EMR, FDP, H,
HTZ, IT, LBTYA, MDRX, MRO, PFE, PH, THC, XCO.
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