Frontrunning: August 30
- IASB criticises Greek debt writedowns (FT)
- ECB to reassess inflation risks (FT)
- Pimco's Gross rues US debt 'mistake' (FT)
- Trichet and Rehn defend Europe’s banks (FT)
- Japan Parliament Confirms Noda as Prime Minister (WSJ)
- Sino-Forest is Second Time Chan Loses Company (Bloomberg)
- US authorities assess hurricane’s aftermath (FT)
- Solar Purge Drives Weakest Into Buyouts (Bloomberg)
- Republicans to Unveil Bill to Force Major Changes at the UN (Bloomberg)
- Japan Jobless Rate Rises, Retail Sales Drop (Bloomberg)
- UAW Wants Higher Wages for New Auto Workers (Bloomberg)
- Brazil Puts Aside Cash in Bid to Curb Prices (WSJ)
- RBI Proposes Tougher Capital, Sale Rules for New Banks (Bloobmerg)
European economic update:
- Eurozone Business Climate Indicator for August 0.07 - lower than expected. Consensus 0.10. Previous 0.45. Revised 0.44.
- Eurozone Consumer Confidence for August -16.5 - higher than expected. Consensus -16.6. Previous -16.6.
- Eurozone Economic Confidence for August 98.3 - lower than expected.Consensus 100.2. Previous 103.2. Revised 103.0.
- Spain CPI for August 2.9% y/y - higher than expected. Consensus 2.8% y/y. Previous 3.1% y/y.
- Italy Retail Sales for June -0.2% m/m -1.2% y/y - lower than expected.Consensus 0.1% m/m -0.8% y/y. Previous -0.1% m/m -0.6% y/y. Revised -0.2% m/m -0.4% y/y.
- US Consumer Confidence for August. Consensus 52.0. Previous 59.5.
Global headlines courtesy of Egan-Jones
- Asia stocks gain, Bond risk drops on growth outlook.
- Euro-zone Aug. economic sentiment indicator falls to 98.3 in Aug from 103.0 in July.
- IASB encourages larger Greek bank writedowns.
- Italy scraps tax on high earners and scales back cuts to local authority funding.
- Japan's retail sales rose 0.7% in July, slowing from a revised 1.2% gain in June.
- US Consumer spending grew by 0.8% in July, the largest increase in five months.
- ANZ in 'embryonic' talks to buy Aozora Bank.
- BofA said it plans to sell 13.1B shares of China Construction Bank, to raise $8.3B from the sale.
- CACI reaches deal with Bank of America to buy back 4M shares.
- Casella Waste beats by $0.03, posts Q1 loss of $0.12/sh. Revs rose 4.3% to $127.2M.
- Donaldson Co.'s Q4 net jumped 29% to $65.8M; revs up 21% to $625.5M. Reiterates 2012 f'cast.
- Green Mountain Coffee to sell its office coffee-service unit for $145M in cash.
- Imation Corp. acquired assets of data storage technology company ProStor Sys.
- Lowe's is shrinking its executive mgmt team as part of a decision to revamp its ailing US ops.
- Magna Intl invests $439M in electric vehicle research and development.
- Peabody, Arcelor sweeten offer to acquire Macarthur Coal for $5.2B.
- Sony, Toshiba and Hitachi Ltd. have reached a basic agreement to set up a small LCD panel JV.
- Universal Display Corp. said it entered into a license agreement with Panasonic Idemitsu.
- US Army hires General Dynamics for $3.7B in technology work.
- Venoco Inc. received a takeover offer valuing it at $770M from its CEO and majority shareholder.
- Vodafone, Largo explore possible merger of Vodafone Greece and Wind Hellas.
- Winn-Dixie Stores' Q4 net slid 48% amid weaker gross margins and lower sales.
Economic Calendar: Case-Shiller Index, Consumer Confidence, FOMC Minutes to be released today.
Earnings Calendar: BKS, CHINA, DG, LTRX, SCMR, UNIS.
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