Frontrunning: August 4
- Japan Launches Campaign to Weaken Yen (WSJ)
- ECB to protect Europe by buying bonds (Telegraph)
- Silent Scream of Swiss Franc Shows Great Distortion Amid Great Moderation (Bloomberg)
- Pressured by White House, Treasury Secretary Is Expected to Stay at Post (NYT)
- The U.S. Economy Feels the Pull of Gravity (BusinessWeek)
- ECB Sees Lenders Rush to HoardCash (FT)
- Groupon’s Strikeouts Reveal an Unspoken Truth (BusinessWeek)
- Americans' Spending Increases in July (Gallup)
- Pentagon’s First Installment on Cutting Debt May Be $28 Billion (Bloomberg)
- Korea Finance Ministry Warns of Food Security Issues as Prices Rise (JoongAng)
- Central Banks Join Rush to Gold (DW)
- Stiglitz Urges US To Move On Hiking Bank Capital (WSJ)
- Turkey Cuts Benchmark Interest Rate to 5.75% (Bloomberg)
- China Refutes Japan's 2011 Defense White (China Daily)
European economic News:
- Germany Manufacturing Orders (Jun) 1.8% m/m 9.5% y/y – higher than expected.Consensus -0.5% m/m 6.7% y/y. Previous 1.5% m/m 11.7% y/y (revised from 1.8% m/m 12.2% y/y)
- Norway Unemployment rate (AKU) for May 3.3% - lower than expected.Consensus 3.4%. Previous 3.4%
- UK New Car Registrations for July -3.5%.Previous -6.2%
- BOE Rates 0.5% - unchanged as expected
- BOE Asset Purchase Target 200B – unchanged as expected
Global economic highlights:
- Japan intervened in the foreign-exchange markets Thursday to curb the yen’s strength.
- Unemployment rose in nearly all US cities in June as hiring slows, natural disasters hit.
- US Services firms expand at slowest pace in 17 months - at 52.7 in July vs 53.3 in June.
- Activision Blizzard's Q2 net jumps 53% to $335M as revs climbed 19% to $1.15B.
- Adidas AG raised its FY11 sales, EPS forecast after reporting profit advanced in the first half.
- Atmel Corp. swings to profit of $90.9M in Q2 as revs rose 22% to $478.6M.
- Career Education Q2 profit falls 13.9% to $55.4M, revs slip 5.8%.
- Cargill recalling 36 million pounds of ground turkey linked to nationwide salmonella outbreak.
- Chiquita Brands' Q2 net fell 18% to $78M as revs slipped by 5% to $870M.
- Clearwire Corp.'s Q2 loss widened to $168.7M on higher operating costs.
- Comcast Q2 profit up 16%, tops expectations, as cable and NBC Universal post strong results.
- Dendreon says prostate cancer therapy sales won't reach target of at least $350M.
- Hot Topic Inc. July same store sales rose 7.3% - beating estimates.
- ING Group Q2 net rises 24% to €1.51B; takes €310M of impairments on Greek govt bonds.
- Inmarsat said it will take longer than prev expected for growth in its core business to recover.
- Lloyds Banking posts $3.78B loss in H1 mainly due to a one-time charges.
- MasterCard Q2 profit jumps 33% to $608M on heavier card use; debit use surges worldwide.
- McDermott Intl's Q2 profit down 11% on higher expenses. Revs rose 36% to $849.8M.
- Munich Re Q2 net profit rose 3.8% to €736M; upbeat on 2011.
- Pfizer plans OTC version of Lipitor.
- Prudential Financial Q2 net rise 4.1% to $831M; revs up 32% at $10.15B.
- RBS to cut 2,000 investment-banking jobs: report.
- Rio Tinto increased its share buy-back by $2B to $7B; H1 net income at $7.587B (cons $8.36B).
- Tesla Q2 loss widens to $59M on new car costs, but company raises full-year revenue f'cast.
- Time Warner 2Q upbeat but economic worries drag.
- Transocean Q2 net falls 78% to $155M as rigs idled, misses analyst est. Revs fell 5.8%.
Economic Calendar: Initial Claims & Continuing Claims to be released.
Earnings Calendar: ABMD, AEE, AIRM, CAH, CHD, CNW, CTB, DF, DISCA, EIX, ELON, FLR, GM, HUN, KFT, LNT, MDC, NRG, PCG, RMD, VTR, XRIT.