Frontrunning: August 25

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  • Analysts warn China facing pressure from US, EU debts (China Daily)
  • U.S. May Back Refinance Plan for Mortgages (NYT)
  • US budget watchdog cuts debt forecast (FT)
  • ECB ‘Stands Ready’ to EaseDollar-Market Tensions, Dombret Says (Bloomberg)
  • Merkel Rejects Seeking Collateral in European Bailouts as Splits Emerge (Bloomberg)
  • Europe Banks Lean More on Emergency Funding (WSJ)
  • Apple’s Steve Jobs Resigns as CEO, Will Be Succeeded by Tim Cook (Bloomberg)
  • Bernanke Signaling No QE Backed by Higher Data (Bloomberg)
  • Libya rebels set to root out Gaddafi diehards (Reuters)
  • North Korea seeks allies in Russia talks (FT)
  • China’s Stocks Rise Most in 10 Months on Bank Earnings, Fiscal Spending (Bloomberg)

European economic update:

  • Germany GfK Consumer Confidence Survey for September 5.2 Consensus 5.1 Previous 5.3
  • France Jobseekers - Net Change for July Consensus 0.0 Previous 33.6
  • France Total Jobseekers for July Consensus 2720.4 Previous 2720.4
  • Sweden Consumer Confidence for August 4.3 Consensus 9.0 Previous 12.0
  • Sweden Manufacturing Confidence s.a. for August -3 Consensus 0 Previous 3
  • Sweden Economic Tendency Survey for August 100.2 In line with expectations Consensus 100.0 Previous 103.2
  • Sweden Household Lending for July 6.4% Previous 6.6%
  • Sweden PPI for July 0.4% m/m 0.2% y/y Consensus 0.3% m/m 0.1% y/y Previous 0.1% m/m -0.2% y/y
  • Sweden Unemployment Rate for July 6.9% Consensus 7.1% Previous 8.8%
  • Switzerland Credit Suisse ZEW Survey (Expectations) for August -71.4 Previous -58.9
  • UK CBI Reported Sales for August 49 Consensus 45 Previous 51
  • UK Nat'wide House prices s.a. for August Consensus -10 Previous -5

Global highlights from Egan-Jones

  • Asian stocks gain on economy, US futures fall on Apple; Yen strengthens.
  • Gold tumbles 5.6%; to $1,754.10 an ounce.
  • Hurricane Irene could be a major test of "insurers of last resort" created by US states.
  • Oil floats near $85 in Asia as investors eye Libya conflict and Bernanke speech.
  • UK consumer confidence declines to three-month low as recovery falters.
  • Wall Street banks plan $5B in CMBS sales as spreads soar.
  • Ahold NV's Q2 net dropped 1.5% to €199M as sales were hit by a weaker dollar.
  • American Eagle Outfitters f'cast disappointing Q3 earnings amid higher product costs.
  • Apple stock drops 5% as Steve Jobs resigns as CEO; Tim Cook hand-picked as a successor.
  • Applied Materials beats by $0.02, beats on revs; guides Q4 EPS, revs below consensus.
  • Collective Brands beats by $0.05, beats on revs; announces review of strategic alternatives.
  • Collective Brands plans to close 475 stores and has engaged a firm to explore its options.
  • Credit Agricole posts a smaller decline in profit, sending shares as much as 9.1% higher.
  • CSC reaches deal in principle to settle claims; to record a $250M charge in Q2 as a result.
  • CVS Caremark announces new share repurchase authorization for up to $4B of common stock.
  • Express Inc.'s Q2 net falls 43% on higher costs. Revs up 10% at $446M.
  • FCC asked AT&T for more details about how its proposed acquisition of T-Mobile.
  • Fresh Del Monte's Fresh Produce unit files lawsuit against FDA in US District Court.
  • Genomatica files for $100M IPO, Laredo Petroleum planning $450M IPO.
  • Glencore's H1 net per share nearly doubled on 32% higher revenue.
  • Google reached a $500M settlement with Justice Dept to avoid prosecution over advts by Canadian online pharmacies' sales.
  • Guess Inc.'s Q2 net falls 9% to $60.7m amid one time charges. Revs up 17% at $677.2M.
  • Healthways to acquire Navvis for $28.7M; to have negligible impact on EPS for FY2011.
  • HEICO beats by $0.08, posts Q3 EPS of $0.48. Revs rose 24.6% to $197.3M.
  • Manchester United picks Singapore IPO over Hong Kong for speedier approval.
  • Nokia launches its cheapest handsets, at $30-$35 to challenge Asian makers.
  • Russia may allow OAO Gazprom to raise domestic prices by 15% next year.
  • STX Group in talks with Abu Dhabi's Aabar to jointly bid for a stake in Hynix Semiconductor.
  • TiVo loss widens in Q2 to $19.6M, but results beat analyst expectations.
  • Toll Brothers net tops estimates on higher luxury home orders, tax benefit.
  • Unilever to sell parts of Alberto Culver, to resolve the Justice Department's antitrust concerns.

Earnings: BEBE, BIG, BNHN, BWS, CPWM, DLIA, DLLR, HRL, ISLE, KKD, OSIS, SAFM, SCVL.