Frontrunning: August 31

Tyler Durden's picture
  • Canada GDP prints at -0.4% on expectations of 0.0%, first contraction since Q2, 2009
  • Italy Living on Borrowed Time (WSJ)
  • Choice for EU: Bail Out Greece or Bail Your Banks (WSJ)
  • Economy Deeply Divides Fed (Fed Mouthpiece)
  • SEC Lawyer Blew Whistle Before (WSJ)
  • Noda promises action on surging yen (FT) ... again... always
  • White House could unveil mortgage plan next week (Reuters)
  • Greek Bailout Talks Face Hurdles (WSJ)
  • Panama Canal upgrade sparks US ports battle (FT)
  • Japan Finds Radiation Spread Over a Wide Area (WSJ)
  • Europe Bank Regulator Plans Radical Funding Aid (FT)
  • Dispute over control of $65bn Libya fund (FT)
  • Aquino Seeks $60B, Oil Resolution on China Trip (Bloomberg)
  • US rolls eyes at Japan’s PM revolving door (FT)

European highlights:

  • Eurozone CPI Estimate for August 2.5% y/y - in line with expectations. Consensus 2.5% y/y. Previous 2.5% y/y.
  • Eurozone Unemployment Rate for July 10.0% - higher than expected. Consensus 9.9%. Previous 9.9%. Revised 10.0%.
  • UK GfK Consumer Confidence Survey for August -31 - higher than expected. Consensus -33. Previous -30.
  • Germany Retail Sales for July 0.0% m/m - higher than expected -1.6% y/y - lower than expected. Consensus -1.5% m/m -0.8% y/y. Previous 6.3% m/m -1.0% y/y. Revised 4.5% m/m -2.1% y/y.
  • Germany Unemployment Rate for August 7.0% - in line with expectations.Consensus 7.0%. Previous 7.0%.
  • Italy Unemployment Rate for July 8.0% - in line with expectations. Consensus 8.0%. Previous 8.0%.
  • Italy CPI for August 0.3% m/m 2.2% y/y - higher than expected.Consensus 0.2% m/m 2.1% y/y. Previous -1.7% m/m 2.1% y/y.

Global headlines courtesy of Egan Jones

  • Asian stocks edge lower, with exporters and energy shares among leading decliners.
  • Brent crude hovered at $114/barrel on Wednesday, after posting six days of gains.
  • Consumer confidence down in August to its lowest level in more than two years.
  • Fed should take further easing steps as the economy is “moving sideways”: FOMC.
  • Home prices in US showed signs of stabilizing; June price decreased at a lower pace.
  • Japan's July industrial production up 0.6% in July - below forecast.
  • US consumer confidence falls to 44.5 in August - a two-year low.
  • Banco Santander purchases $200M credit card portfolio from FIA Card Services.
  • Barnes & Noble Q1 loss narrows to $56.6M, helped by higher Nook, e-book sales.
  • BofA sued over $1.75B mortgage trust.
  • Carl Icahn says he will sell Clorox if elected to board or buy it himself.
  • Carrefour may abandon earnings forecast amid French store slump.
  • CoreLogic Inc. hired Greenhill & Co. to help consider options including a sale.
  • Dollar General beats by $0.04, posts Q2 EPS of $0.52. Revs rose 11.2% to $3.58B.
  • DryShips misses by $0.13, posts Q2 EPS of $0.04. Revs fell 0.1% to $224M.
  • DSW beats by $0.12, beats on revs; raises FY12 EPS guidance, in-line with cons.
  • EBay looking for acquisitions in Japan, China.
  • Exxon Mobil, Rosneft to join forces for development of Arctic & Black Sea resources.
  • Heinz reiterates 2012 EPS view; sees earnings at $3.24-3.32 (cons $3.34).
  • Icahn agrees to sell 44.2M of shares of Lions Gate stake, substantially all of his holdings.
  • Kodak says many buyers evaluating its patents.
  • Limelight Networks sold its EyeWonder advertising unit to DG Fastchannel for $66M cash.
  • L'Oréal's H1 net rose 12% to $2.13B, but operating margin fell on higher advt costs.
  • Omnova Solutions lowers FY11 EPS to $0.40-0.44 vs. cons est. $0.59.
  • Oracle accuses HP of fraud, libel in complaint.
  • Sony, Toshiba and Hitachi will merge their LCD operations using government funds.
  • TIBCO Software acquires Nimbus Partners; financial terms were not disclosed.
  • Valeant Pharmaceuticals to pay $77.6M for cold treatment maker Afexa Life Sciences.
  • Volvo Cars and Siemens join forces in the development of new line of electric cars.

Economic Calendar: MBA Mortgage Index, ADP Employment Change, Chicago PMI, Factory Orders & Crude Inventories to be released.