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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.

Earnings Calendar: BF, COO, CWTR, DLA, GCO, GEF, GIII, JOYG, OXM, SHFL, TBAC, TFM, ZLC.

 

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Wed, 08/31/2011 - 08:54 | 1618428 Flakmeister
Flakmeister's picture

Re: Canada.... oops.... Always thought the US wagged the Canadian tail?

Wed, 08/31/2011 - 09:07 | 1618478 russki standart
russki standart's picture

Who Carez what happens in Canada? Boring.

Wed, 08/31/2011 - 08:57 | 1618439 Cdad
Cdad's picture

Ah Fukushima.  Remember Fukushima?

Wed, 08/31/2011 - 08:59 | 1618450 Everybodys All ...
Everybodys All American's picture

Separately, the operator of the plant, Tokyo Electric Power Co, said Tuesday that a worker involved with the cleanup died of acute leukemia, though officials said medical tests concluded the death was unlikely related to his work at the plant.

WTF

Wed, 08/31/2011 - 09:01 | 1618458 SheepDog-One
SheepDog-One's picture

Im just surprised the wildly lying Jap Gooberment didnt announce he had died of severe sudden boredom. Nothing to see here, you move along now see?

Wed, 08/31/2011 - 09:02 | 1618462 hedgeless_horseman
hedgeless_horseman's picture

What "medical tests" could possibly lead to this conclusion of causation?

Wed, 08/31/2011 - 09:25 | 1618534 snowball777
snowball777's picture

Ones performed before the accident showing he already had leukemia?

Wed, 08/31/2011 - 09:15 | 1618503 Version 7
Version 7's picture

That's a bit like saying leukemia has nothing to do with cancer..

Wed, 08/31/2011 - 08:59 | 1618451 SheepDog-One
SheepDog-One's picture

Gee now the Clowhorn financial media cant even toot 'But....well Canada is spectacular' anymore?

Wed, 08/31/2011 - 09:03 | 1618465 Yamaha
Yamaha's picture

This all makes much more sense if one stays highly intoxicated and smiles at Becky Not so quick....

Wed, 08/31/2011 - 09:04 | 1618471 SheepDog-One
SheepDog-One's picture

'June home prices decreased at a 'lower pace' well hell that practically means theyre wildly rising! Tack on another +200 to the DUH.

Wed, 08/31/2011 - 09:07 | 1618480 Sudden Debt
Sudden Debt's picture
  • Choice for EU: Bail Out Greece or Bail Your Banks (WSJ)
  • LET'S DO BOTH!!!

    VIVA LOS TAXPAYERS!!!

    Wed, 08/31/2011 - 09:33 | 1618559 drider
    drider's picture

    Choise for USA: Bail out Greece (IMF) or bail your Banks (QE3)

    Let's do both!!!

    Wed, 08/31/2011 - 09:08 | 1618481 youngman
    youngman's picture

    Watch Canada´s housing market..way overbuilt...

    Wed, 08/31/2011 - 09:09 | 1618484 youngman
    youngman's picture

    Also Bank of Japan spends 56 billion for nothing.....the Yen changed for a day more or less

    Wed, 08/31/2011 - 09:09 | 1618485 sudzee
    sudzee's picture

    Gotta love the markets. Canada's GDP goes negative and the C$ spikes higher.

    Wed, 08/31/2011 - 09:10 | 1618489 Version 7
    Version 7's picture

    Volvo Cars and Siemens join forces in the development of new line of electric cars.

    You might as well join forces on providing where the electric energy is gonna come from.

    Wed, 08/31/2011 - 09:12 | 1618493 SheepDog-One
    SheepDog-One's picture

    Hook up jumper cables to pink unicorns balls?

    Wed, 08/31/2011 - 09:11 | 1618490 SheepDog-One
    SheepDog-One's picture

    'US economy 'moving sideways', whatever the &$*@ thats supposed to mean, so obviously more fake money is required'...party on USSA!

    Wed, 08/31/2011 - 09:22 | 1618522 snowball777
    snowball777's picture

    Americans need to learn that "Help refinance..." means "gift to banksters which helps them clean up their title mistakes".

    "which would cut their monthly payments and free up cash for other spending."

    That "cash" is already "freed up" by the deadbeats not paying their morts.

    Wed, 08/31/2011 - 09:26 | 1618540 Careless Whisper
    Careless Whisper's picture

     

    SEC Lawyer Blew Whistle Before

    Apparently the SEC hired a "professional whistleblower", without knowing it.  Just when you thought they couldn't be more incompetent...

     

     

     

     



    Wed, 08/31/2011 - 09:28 | 1618546 mrkolice
    mrkolice's picture

    ok, it might come from below, this is the first sign that the greeks are getting really pissed off:

     

    http://www.occupiedlondon.org/blog/2011/08/30/at-least-45-university-dep...

    Thu, 09/01/2011 - 02:33 | 1621910 seoerlin
    seoerlin's picture

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    shacai's picture

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