Frontrunning: August 30

Tyler Durden's picture
  • 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.