Frontrunning: August 26

Tyler Durden's picture
  • Bernanke: A Chance To Talk About Fiscal Policy? (Hilsenrath)
  • Bernanke seen stopping short of pledge for QE3 (Reuters)
  • Fed Policymaker Says QE is ‘Most Potent Weapon’ (FT)
  • El-Erian: Bernanke Must not Push QE3 at Jackson Hole (FT)
  • Bernanke Scholar Advises Bernanke Fed Chief to Be Bold on Policy (Bloomberg)
  • Bailout for Greece Falters Over Demand for Collateral (WSJ)
  • Japan’s Kan Resigns as Party Leader (WSJ)
  • European shorting ban extended (FT)
  • Finance Ministers Move to Save Greek Bail-Out (FT)
  • China steps up march of currency reforms (FT)
  • Libya rebels probe corruption at state fund (FT)
  • Hu Says China Confident in Europe (China Daily)

European economic update:

  • Eurozone ECB M3 Money Supply 3 Month Moving Avg for July 2.1% Consensus 2.30% Previous 2.10%
  • Eurozone ECB M3 Annual Growth Rate for July 2.0% Consensus 2.2% Previous 2.1%
  • UK GDP for Q2 0.2% q/q 0.7% y/y Consensus 0.2% q/q 0.7%y/y Previous 0.2% q/q 0.7% y/y

Global headlines courtesy of Egan-Jones:

  • Asia stocks swing between gains, losses ahead of Bernanke speech, GDP data.
  • French, Spanish, Italian regulators extend bans on short selling.
  • Hoenig says US should focus on fixing finances, Fed has done all it can.
  • Hurricane Irene no longer expected to reach category 4, NHC says.
  • Japan’s Core Consumer Prices Increased 0.1% in July.
  • Tamiflu-resistant flu outbreak reported in Australia’s Newcastle, WHO says.
  • UN authorized Obama admin to release $1.5B in frozen Libya assets to rebels.
  • US consumer confidence stabilizes near record low, Bloomberg index shows.
  • A.Schulman will cut 60 jobs, shut down Nashville plant; also trims profit f'cast for 2011.
  • American Tower takes step toward goal of converting to real estate investment trust.
  • Bebe Stores beats by $0.02, posts Q4 EPS of $0.06. Revs rose 8.4% to $132.3M.
  • Bloomberg to buy BNA for about $990M to add legal, tax and regulatory research.
  • BofA, Citigroup are accused by Schwab in suit of manipulating Libor rates.
  • Buffett invests $5B in Bank of America, giving bank a vote of confidence.
  • Cinemark acquires 10 Hoyts Theatres with 95 screens in Argentina; terms undisclosed.
  • Clearwire Corp. is said to get restructuring advice from Blackstone.
  • Fortune Brands approves plan to separate home, security business from Beam spirits co.
  • General Electric expects Latin America sales are likely to double in three to four years.
  • GM cutting truck production next month as sales disappoint.
  • Humana to buy Medicare Advantage plan operator Arcadian Management.
  • JPMorgan pays $88.3M to Treasury over alleged violations of international rules.
  • Magma Design reports EPS in-line, misses on revs; guides Q2 revs below consensus.
  • OmniVision Tech sees Q2 EPS of not more than 64 cents a share (cons $0.79/sh).
  • OSI Systems Q4 net jumps 50% to $12M as revs rose 11% to $183.4M.
  • SABMiller hired 10 banks to raise loans for its hostile $12.5B bid to take over Foster’s.
  • Shoe Carnival misses by $0.11, misses on revs; guides Q3 EPS, revs above cons.
  • Urban Outfitters Board approves of addln 10M shares under its share repurchase plan.

Economic Calendar: GDP, Michigan Sentiment to be released today.

Earnings Calendar: CLCT, MSG, PWX, SANW, SUBK, TIF, WH.

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youngman's picture

Japans PM resigns.....

Germanys stock market down 25% this month

Greece still broke..will always be broke..and now no one wants to give them any more



Politicians on vacation or resigned

Zedge Hero's picture

Here is a video about the Federal Reserve Audit to get you all pumped up for Jackson Hole!

Randy Kruger's picture

Bernanke will pull a Greenspan and make an ambiguous statement.  Markets may not appreciate it much.  The stage will be set for the upcoming crisis and some form of QE3/stimulus to follow in its "resolution".

Oh regional Indian's picture

Of all the crazy, stupid, irritating, meaningless headlins, this one has to take the cake.

Libya rebels probe corruption at state fund

What a world, nuts. Libya to be reduced from it's former beauty and peace (Yes, it was beautiful AND peaceful, much like Iraq was pre NeoCon imperialism) to another sectarian, unsafe, ruin.

Karmic retribution. Sins of omission and commission abound.




Careless Whisper's picture

The Morning Careless Whisper Report



More Cali Layoffs: 500 Jobs At Northrop Grumman Gone,0,876204...

Nate Silver On Irene: Odds 1 In 10 NYC Becomes Completely Dysfunctional

Tampa Mayor Drives Denali Taken From Accused Pimp, Not Yet Convicted; Says Leather Seats Are Clean

LA Mayor Pro Tem Tells Auschwitz Survivors: Go Rent From Hitler

NYC Police Working For Corporations: Arrest Man For Selling Loius Vuitton Handbag Made Of Cardboard

53 Unarmed Mexicans Killed In Casino; Unable To Defend Against 6 Bad Guys

NYC Muscle-Bound Firefighter Arrested For Alleged Jealous Rage Over Tranny "Girlfriend"

Scientists: Vaccines "Generally" Safe; Can Cause Only 14 Health Problems; Seizures, Brain Damage






Careless Whisper's picture

UN authorized Obama admin to release $1.5B in frozen Libya assets to rebels.

hmmmm... how much is that per rebel?

Tic tock's picture

AND SO...All EXPECTATIONS for QE3 are managed to the LOWSIDE - JOB DONE, if only anton was still listening to you..