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Frontrunning: August 23

Tyler Durden's picture





 
  • Australian minister says resources boom is over (Reuters)
  • China dismisses reports of lost gold reserves (China Daily) - so China really did lose 80 tons of gold.
  • Inconceivable: Former JPM CEO and Chairman William B Harrison Jr come out "In Defense Of Big Banks"
  • Qantas Cancels 787 Order After Posting Annual Net Loss (Bloomberg)
  • EU Official Says Crisis is Eroding Influence (WSJ)
  • Greece Faces New Pressure on Cuts (WSJ)
  • Philippines' black market is China's golden connection (Reuters)
  • Hollande government responds to criticism (FT)
  • LG Display Starts Touch Screens Output Before New IPhone (Bloomberg)
  • Greek Crisis Evasion to Fore as Merkel Hosts Hollande in Berlin (Bloomberg)
  • Stakes rise as US warned of double-dip (FT)
  • Brazil’s Richest Woman Unmasked With $13 Billion Fortune (Bloomberg)
  • Older Dads Hand More DNA Changes To Kids, Research Shows (Bloomberg)

Overnight Media Digest

WSJ

* The Fed sent its strongest signal yet that it is preparing to take new steps to bolster the economic recovery, saying measures would be needed fairly soon unless growth picks up substantially.

* The United States is planning a major expansion of missile defenses in Asia, a move American officials say is designed to contain threats from North Korea, but one that could also be used to counter China's military.

* The U.S. economy would likely slide into a significant recession next year if Congress doesn't avert tax increases and spending cuts set to begin in January, the Congressional Budget Office said.

* Layoffs at a San Onofre, California nuclear power plant shut down for technical problems are sowing fresh doubt about a major source of Southern California electricity.

* Researchers unraveled a medical mystery that left six patients dead in 2011 at the National Institutes of Health's elite research hospital, demonstrating that gene sequencing can help in the fight against hospital-acquired infections.

* The current West Nile outbreak is one of the largest in the United States, with four times the usual number of cases for this time of year, the CDC said.

* Sales of previously occupied homes in the United States were up slightly from a month earlier and were more than 10 percent above a year ago.

* Most Afghan troops behind recent killings of U.S.-led forces were recruited by foreign spy agencies, Afghanistan said in an account likely to heighten tensions with the U.S.

* The U.S. Department of Justice, in a first for the agency, said Tuesday it has shut three Websites that allegedly catered to customers seeking illegal copies of copyrighted apps for the Android-based mobile devices and seized their domain names.

* A group that lobbies for small businesses released a big survey showing that uncertainty over the economy and fiscal policy have zoomed to the top of the list of businesspeople's concerns.

* Former AL Cy Young Award winner Bartolo Colon of the Oakland Athletics has been suspended for 50 games after testing positive for testosterone.

* The average length of stay for families with children at New York City homeless shelters increased more than 30 percent during the fiscal year that ended in June, placing additional pressure on an overloaded system.

 

FT

SOUTH AFRICA MINING UNREST SPREADS

Labour unrest engulfing the South African platinum industry spread on Wednesday.

FURTHER EASING 'WARRANTED SOON', SAYS FED

The U.S. Federal Reserve is set to ease policy unless there is a sharp change in economic data.

TORIES ASKED TO REPAY NADIR DONATIONS

The Conservative party has been asked to repay 440,000 pounds ($695,400) in donations made by Asil Nadir.

ANGLO NEARS DEAL TO END CODELCO DISPUTE

Anglo American is close to a deal with Codelco that would see the Chilean copper miner buy a 24.5 percent share of the London-listed group.

ISS CRITICISES GLENCORE-XSTRATA MERGER

The proposed Glencore-Xstrata merger suffered another blow after ISS recommended shareholders vote against the combination.

CONCERN OVER STAGECOACH CHIEF'S NEW ROLE

Investors have raised concerns over the planned move of Sir Brian Souter to the role of chairman of Stagecoach.

BHP SHELVES OLYMPIC DAN EXPANSION

BHP Billiton has shelved its planned $20 billion Olympic Dam expansion in Australia and put all other approvals on hold.

EURO ZONE LEADERS DELAY GREECE AID DECISION

Euro zone leaders have reiterated that they will not make decisions about supplying fresh aid to Greece until September.

WARY CONSUMERS DRIVE 5PC SALES DROP FOR HP

Hewlett-Packard reported a 5 percent fall in revenues as consumers bought fewer printers and PCs

 

NYT

* Sales of existing homes were up in July, continuing a trend of several months that real estate agents said was good news for the housing market.

* Attempts to make sweeping changes to a popular type of mutual fund that played a central role in the 2008 financial crisis have been derailed.

* Google Inc's efforts to recruit and promote more women have resulted in more hires, but not in the executive offices.

* Minutes of the most recent policy meeting are likely to solidify expectations that the central bank will introduce new measures this fall.

* Revenue was down in Hewlett-Packard Co's all major units, but when a write-down is excluded, earnings slightly exceeded analysts' expectations.

* Illinois-based energy producer Exelon Corp has sometimes benefited from close ties with the Obama administration.

 

Canada

THE GLOBE AND MAIL

* Bank of Canada Governor Mark Carney has taken a rare swing at corporate Canada, accusing companies of sitting on huge piles of "dead money" that should be invested productively or returned to investors.

Reports in the business section:

* Canadian energy and mining companies listed on U.S. exchanges will have to start publishing all payments made to governments around the world under regulations adopted Wednesday, rules that critics say will undermine the international competitiveness of North American resource producers.

NATIONAL POST

* Media tycoon David Black's proposal to build a massive refinery in Kitimat on the northern British Columbia coast may be getting the cold shoulder outside the province - but inside it's stirring some interesting debate.

FINANCIAL POST

* Canadian banks set to increase dividends as third-quarter earnings roll in, analysts say. Hiking dividends would also provide markets with evidence that the banks' mostly positive outlook on the economy is justified.

 

European Economic Update:

  • German GDP 1.0% y/y – in line with expectations. Consensus 1.0%. Previous 1.0%.
  • France Flash Manufacturing PMI 46.2 – higher than expected. Consensus 43.7. Previous 43.4.
  • France Services PMI 50.2. Previous 50.0.
  • Germany Flash manufacturing PMI 45.1. Previous 50.3.
  • Germany Flash Services PMI 48.3. Previous 50.3
  • Sweden Unemployment 7.0% - lower than expected. Consensus 7.2%. Previous 8.8%.
  • Euro Area Flash composite PMI 46.6. Previous 46.5.
  • Euro Area Flash Manufacturing PMI 45.1 – higher than expected. Consensus 43.4. Previous 43.0.
  • Euro area Flash Services PMI 48.3 – higher than expected. Consensus 47.7. Previous 47.9.
  • Norway GDP 1.2%q/q. Previous 1.4% q/q.
 


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Thu, 08/23/2012 - 07:32 | Link to Comment vertexa
vertexa's picture

Fed’s Evans Urges More Accommodation From U.S. To China - Bloomberg

Federal Reserve Bank of Chicago President Charles Evans urged easier monetary policy around the world, including in China, to guard against economic shocks, broadening his call for more stimulus in the U.S.

“I don’t need to see any more data to know that I think we should have more accommodation,” Evans said to reporters today in Beijing, referring to the U.S. “I certainly would applaud anybody who takes action in order to strengthen their economies” around the world, including China, he said.

Thu, 08/23/2012 - 07:38 | Link to Comment GMadScientist
GMadScientist's picture

How can they say things like "action in order to strengthen" in the face of the complete and utter failure already demonstrated by these same policies?

The patient looks faint, clearly, we need to apply more leeches!!

Thu, 08/23/2012 - 07:45 | Link to Comment vertexa
vertexa's picture

The patient is very desperate now

Thu, 08/23/2012 - 07:38 | Link to Comment lolmao500
lolmao500's picture

Yeah China won't do it. Too much inflation already because of the drought. I bet if QE3 happens, there's gonna be real trouble in China.

so China really did lose 80 tons of gold.

Riiiiiiiight... if by lost you mean... stolen by higher officials...

Thu, 08/23/2012 - 08:07 | Link to Comment reader2010
reader2010's picture

They will blame it on Bo and his wife.

Thu, 08/23/2012 - 11:42 | Link to Comment Totentänzerlied
Totentänzerlied's picture

quite the boating accident, very unfortunate

Thu, 08/23/2012 - 08:00 | Link to Comment magpie
magpie's picture

Is it just me or is Spiegel suffering from DDOS ? Greek Liberation Front attack ?

Thu, 08/23/2012 - 09:02 | Link to Comment Unbezahlbar
Unbezahlbar's picture

<<A group that lobbies for small businesses released a big survey showing that uncertainty over the economy and fiscal policy have zoomed to the top of the list of businesspeople's concerns>>

 

Wait until the Internet Sales Tax kicks in. Consumer spending may plunge and since the GDP is 70% c/s, Q4 can look pretty bleak especially as we go into the winter holidays.

Thu, 08/23/2012 - 09:11 | Link to Comment Schmuck Raker
Schmuck Raker's picture

"China dismisses reports of lost gold reserves (China Daily) - so China really did lose 80 tons of gold."

Jon Corzine is in China.

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