This page has been archived and commenting is disabled.

Frontrunning: August 3

Tyler Durden's picture




 
  • China Joins Russia in Blasting U.S. Borrowing After Debt Ceiling Agreement (Bloomberg)
  • Eurozone Moves to Prop Up Rescue Fund (FT)
  • SNB Cuts Rate to Zero to Counter Franc Strength (WSJ)
  • US Retreats from Brink of Debt Default (FT)
  • Strains Ease on Short-Term Credit Markets (Hilsenrath)
  • China’s Non-Manufacturing Industries Expanded in July, PMI Surveys Show (Bloomberg)
  • Moody's, Fitch Maintain U.S. Triple-A Rating (Reuters)
  • Britain’s ‘Weak’ Economy May Need Tax Cuts to Boost Demand, Institute Says (Bloomberg)
  • Japan Keeps Up Warnings on Yen After U.S. Debt Deal (Reuters)
  • No Double-Dip Seen in GDP (Shanghai Daily)

European economic data:

  • Euro-Zone PMI Composite for July 51.1 – higher than expected.Consensus 50.8. Previous 50.8
  • Euro-Zone PMI Services for July 51.6 – higher than expected.Consensus 51.4. Previous 51.4
  • Euro-Zone Retail Sales for June 0.9% m/m -0.4% y/y – higher than expected. Consensus 0.5% m/m -1.0% y/y. Previous -1.3% m/m -2.3% y/y (revised from -1.1% m/m -1.9% y/y)
  • France PMI Services for July 54.2 – as expected.Previous 54.2.
  • Switzerland UBS Real Estate Bubble Index for Q2 0.65.Previous 0.63
  • UK PMI Services for July 55.4 – higher than expected. Consensus 53.2. Previous 53.9
  • UK Official Reserves (Changes) for July $2,082M. Previous -$148M

Global economic highlights from Egan-Jones:

  • Asian shares fall heavily, with investors selling on fears about slowing global growth.
  • China's service sector growth eased in July: HSBC Survey.
  • Chinese credit-rating agency Dagong Global again downgrades U.S. debt.
  • Gold briefly hits new record above $1,660/ounce.
  • Obama eyes payroll tax-cut extension beyond 2011; says economy needs more than spending cuts.
  • ABB wins $1 billion order to connect wind farms in Germany.
  • ADM profit falls 14.5% to $381M, misses expectations, on higher taxes, corn costs.
  • Ally Financial's net income plummeted 80% on mortgage losses, lower auto-lending profits.
  • American Honda July sales drop 25.6% on decreased demand for Accord.
  • Arthur J. Gallagher acquires Group Benefits of Arkansas; terms were not disclosed.
  • Becton Dickinson net up 12%, aided by forex shifts. Ups full year EPS f'cast.
  • Cantel Medical acquires substantially all the assets of Byrne Medical for $100M.
  • Charles River's Q2 net jumps to $32.3M on gains tied to a life-insurance policy.
  • Chrysler Group's US vehicle sales rose 20% in July, to 112,026 units.
  • Coach Inc.'s Q4 earnings rose 3.6% to $202.5M, as sales improved by 8.5% to $1.03B.
  • Daimler AG's Mercedes-Benz unit's July sales increased 16.7% YoY to 21,065 units.
  • Emerson Electric Co.'s Q3 earnings rose 17%, though sales grew slower than expected.
  • Ford said its July sales totaled 180,865 vehicles, up 9% over a year ago.
  • Hertz Global swings to profit in Q2 at $55M, as revs rose 10% to $2.07B.
  • Hyatt Hotels Q2 net income rose to $37M, up 48% YoY. Revs up 5.3% at $936M.
  • India's Wockhardt Ltd. to sell its nutrition business to Danone SA for €250M.
  • Marathon Oil profit jumps 40% to $996M on higher prices. Revs rose 33% to $3.87B.
  • Mercer Intl announces a $25M share repurchase program.
  • Northeast Utilities' Q2 net rises 7.4% to $77.3M on lower operating costs.
  • OfficeMax reported a loss of $2.46M in Q2, revs slid 0.3% to $1.65B.
  • Oneok Inc. Q2 profit grew 32% to $55.1M, lower than expectation.
  • Pfizer net rises 5.2% to $2.61B on fewer charges, lower tax rate. Revs fell 1%.
  • Tenet Healthcare's Q2 earnings surged 97% as admissions and outpatient visits rose.
  • XL Group Q2 profit rises 17% to $225.6M as revs rose 9% to $1.69B.

Economic Calendar: MBA Mortgage Index, Factory Orders, ISM Services to be released.
Earnings Calendar: AES, AGN, ANDE, ASCA, ATML, AWK, CEG, CLX, CMCSA, CQB, CSII, DNKN, EQY, FBN, GAS, ICE, JOE, MA, MMC, TWX.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 08/03/2011 - 08:24 | 1520017 mayhem_korner
mayhem_korner's picture

China Joins Russia in Blasting U.S. Borrowing After Debt Ceiling Agreement

"Warriors, come out to play!"

Wed, 08/03/2011 - 08:26 | 1520021 the not so migh...
the not so mighty maximiza's picture

they will have to pry my credit card out of my cold dead hands to stop me

Wed, 08/03/2011 - 08:31 | 1520031 Careless Whisper
Careless Whisper's picture

 

 

The Morning Careless Whisper Report

Homeland Security To Regulate Sale Of Fertilizer

http://www.latimes.com/news/nationworld/nation/la-na-ammonium-nitrate-20...

Florida AG Wants To Be Probed

http://www.postonpolitics.com/2011/08/bondi-will-seek-probe-of-own-offic...

They. Don't. Give. Up; Detroit Gospel Choir Does Video Of Eminem's "Lose Yourself"

http://www.detnews.com/article/20110802/ENT04/108020400/1148/Gospel-choi...

Witnesses Say 6 Cops Beat Homeless Man To Death

http://www.latimes.com/news/local/la-me-0803-fullerton-death-20110803,0,...

80 Year Old Teacher Fired Over Bathroom Breaks; Sues To Get Job Back; Not Ready To Retire (video after story)

http://www.nydailynews.com/ny_local/2011/08/03/2011-08-03_80yearold_teac...

Fedeeral Gov Refuses To Prosecute Wind Farms Over Deaths Of Protected Eagles

http://www.latimes.com/news/local/la-me-wind-eagles-20110803,0,2891547.s...

Westchester NY Town Ignores Judge's Order To Award Garbage Contract To Lowest Bidder; Stays With Highest

http://www.lohud.com/article/20110803/NEWS04/108030321/Garbage-hauler-do...

 

 

 

 

 

 

Wed, 08/03/2011 - 08:53 | 1520074 idea_hamster
idea_hamster's picture

Homeland Security To Regulate Sale Of Fertilizer

"Hey, boy!  You got a license for that cow flop?"

No, wait...

"OK, Mr. Chimp!  Put the feces down and slowly step away!"

No, wait...

"Sir, I completed the TSA-standard fat-finger body cavity search on all these airline passengers -- they ALL have contraband!"

In other news...

Westchester NY Town Ignores Judge's Order To Award Garbage Contract To Lowest Bidder;
Stays With Highest

I am shocked -- shocked -- to find corruption and graft in the carting business!

Wed, 08/03/2011 - 08:41 | 1520059 Dan Watie
Dan Watie's picture

 

Futures are up. Maybe "soft patch" is traversed? I think there's quicksand up ahead.

Wed, 08/03/2011 - 08:42 | 1520060 disabledvet
Wed, 08/03/2011 - 08:43 | 1520064 viator
viator's picture

"The three-month euribor/OIS spread, the fear gauge of credit markets, reached the highest level in two years today, jumping 7 basis points to 40 in wild trading.

"Europe's money markets are undoubtedly starting to freeze up," said Marc Ostwald from Monument Securites."

"the trigger for the final denouement in each of the eurozone's bond crises so far has been when the spread over German Bunds reaches 450 basis points, prompting LCH Clearnet to impose higher margin requirements. The Spanish spread hit a record 400 on Tuesday.

The political ferment behind the scenes points to a major policy shift, though it is unclear what the EU authorities can do without the full backing of EU leaders. They are mostly on holiday and German Chancellor Angela Merkel does not like to be bounced into decisions"

http://www.telegraph.co.uk/finance/financialcrisis/8677989/Europes-money...

 

Wed, 08/03/2011 - 09:08 | 1520108 spanish inquisition
spanish inquisition's picture

Semi OT - How much of a drag on the S&P is the end of the 99ers? I am guessing higher end food stuffs take a hit as people stretch food stamps. People might learn how to sew again, driving clothing down. Of course benefits are being cut like heating assistance, so possible uptick in upsidedown homeowners giving up the ghost.

Wed, 09/14/2011 - 04:42 | 1667358 chinawholesaler
chinawholesaler's picture

China Wholesale
Wholesale Tag

Manicure Set
Safety Products
Wholesale Mirror

Wholesale Pen
Wholesale Whistle
China Wholesale

Audio Video Equipment
Wholesale Memory Card
Poncho Raincoat

Reflective Safety Vest
Gift Box
Tape Measure

Wholesale Golf Products
Book Light
Wholesale Bedding

Patient Care Products
Wholesale Calculator
Wholesale Pin

Wholesale Puzzle
Silicone Products
Wholesale Massager

Wholesale Swimming Products
Men Beauty Care
Book Light

Pen Holder
Outdoor Leisure Products
Coin Bank

Recorder Pen
Wholesale Flag
Wine Set

Wholesale Ruler
Wholesale Sticker
Wholesale Halloween Gift

Wholesale Lighter
Wholesale Scarf
Wholesale Lanyard

Wholesale Glass
Wholesale Thermometer
Wholesale Vuvuzela

Home Appliances
Wholesale Lighter
Wholesale Jewelry

Heating Products

Do NOT follow this link or you will be banned from the site!