Frontrunning: August 8

Tyler Durden's picture
  • To Reassure Markets, Europe Needs Bigger Bailout Fund, Says Geithner (WSJ)
  • European Central Bank acts to prop up debt of Italy, Spain (WaPo)
  • ECB bond intervention set to spur debate (FT)
  • Debt Issuers Brace for Impact from Downgrade (Reuters)
  • G-7 Seeks to Calm Investor Fear After World Stock Selloff(Bloomberg)
  • S&P Affirming U.S. Short-Term Debt Ratings May Keep Money Markets in Check (Bloomberg)
  • New Rules in Game of Sovereign Debt Risk (FT)
  • Japan Would Sell Yen to Dissuade Speculators (Bloomberg)
  • China Sells Japan Medium-, Long-Term Debt 1st Time in 9 Months (Business Week)
  • Survey Signals Uneven UK Recovery (FT)
  • Washington Attacks S&P’s Competence (FT)
  • Korea Braces for Fallout of U.S. Downgrade (Joongang Daily)
  • China urges US to ‘live within its means’ (FT)

European economic news:

  • Switzerland Unemployment Rate for July 2.8% Consensus 2.8% Previous 2.8%
  • Switzerland Unemployment Rate (sa) for July 3.0% Consensus 3.0% Previous 3.0%
  • Euro-Zone Sentix Investor Confidence for August: -53Previous -50
  • France Bus. Sentiment for July 98 Previous 99
  • Norway Credit Indicator Growth for June 6.0% lower than expected Consensus 6.6% Previous 6.5%

Global economic highlights via Egan-Jones

  • Asian stocks, Oil slide as Gold, Franc advance on US ratings downgrade.
  • China stocks tumble, dragging index down 20% from November high.
  • ECB and G7 signal readiness to intervene; stand poised to act on bonds and currencies.
  • G-7 vows to take ‘all necessary measures’ to stabilize economies, markets.
  • Gold Futures surge to record as investors seek haven after US rating cut.
  • Italian and Spanish borrowing costs tumble after ECB promises to buy up debt.
  • Japan official warns of further Yen selling to deter currency speculation.
  • Oil prices sank below $84 a barrel Monday in Asia amid fears of economic growth.
  • US Consumer jumped $15.5B in June- largest one month gain since Aug 2007.
  • Berkshire Hathaway Q2 profit rose 74% to $3.42B on improved results in its derivatives portfolio.
  • Buckeye Partners beats by $0.18, posts Q2 EPS of $1.00. Revs rose 61.4% to $1.08B.
  • Buffett offers $3.25B for Transatlantic as rivals’ bids lose value.
  • Fannie Mae's Q2 loss widened to $2.89B as credit-related expenses surged.
  • O’Reilly Automotive Inc. increased its share repurchase program by $500M.
  • P&G's Q4 earnings rose 15%, but the company's outlook reflected economic jitters.
  • Rio Tinto, Mitsubishi Corp. offer $1.55B for rest of Coal & Allied.
  • Solvay's buyout of Rhodia wins EU competition OK.
  • Southwest Air announces $500M share repurchase authorization.
  • Viacom Q3 earnings grew 37% to $574M as revs grew 15% to $3.77B.
  • Washington Post reported a 50% decline in Q2 profit due to weakness in an education business.

Earnings Calendar: AL, BPT, BWC, CDE, DTG, DYN, HI, INSM, KCAP, LCUT, NDN, TSN.

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Badabing's picture

frontrun this beotch

digitlman's picture

I'm fairly certain Timmy can go fuck himself.

DavidC's picture

I just wish Geithner would shut the fuck up.


papaswamp's picture

Ah China finally signalling the end of Japan. Let's see how long this continues. Japan to begin serious collapse in mid 2012.

Careless Whisper's picture

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tip e. canoe's picture

my tap has been phone'd!  -- classic bansky

Bohemian Clubber's picture

All is well, you can sell me your gold bitcheZ

sheep92's picture

Looks like the gold miners are starting to get a bid. It's been amazing how these stocks have underperformed the metal. Some of the exploration ones are back to the same levels the bottom in last july even though gold is now almost $500 dollars an ounce higher. I guess in the coming depression there will be a mining moratorium.
My favorite one of all the beaten down small and midcaps isn't even known as a gold stock. Thompson Creek metals used to be 100% moly miner but bought Terrane metals last year and in 8 quarters is going to open a giant copper/ gold mine in Canada.The mine is fully funded and will generate 560 million dollars in profit a year for the first six years at current metals prices. The stock looks to open at around 7.25 which would put it at 1.1 billion dollars marketcap, under .7 x book value and about 1.5x 2013-2014 ebitda. Panics are truly awesome.

JJ McApe's picture

]more stimulus and bailouts needed. >.<

wtf is wrong with this "experts". you cannot print your way out of a depression.

Byte Me's picture

Teeny Timmah with the ever open mouth.

Can't he go on  a hunting holiday in Greater Appalachia...

Setarcos's picture

So Marx was correct in the long run, that, "Capitalism contains within itself the seeds of its own destruction."

Hey it is nearly fifty years since I read "Das Kapital" (in English) and the "Communist Manifesto", but I recall sufficient to know that Marx was a superb analyst and seer.

I briefly became a "Marxist" in an ideological sense which Marx never embraced, though never of a Trotskyist kind, e.g. "permanent revolution".

Interesting, is it not, that many of those who put together the PNAC are former Trotskyphiles, who flipped from "global communism" to (faux) "global capitalism" (actually financialism and "banks too big to fail').

Oh shit!!!!

My mind runneth over with connected dots from since Adam Smith first tried to make sense of the chaotic, emerging NWO.

Now we face the reality that the NWO of this industrial form of civilization was never going to work in the long run ... yes Adam Smith was writing over two hundred years ago and Marx capped him of, not long after

Short of writing a book - which would make a tad of difference anyway - let me simply say, "We are fucked."


Racer's picture

"To Reassure Markets, Europe Needs Bigger Bailout Fund, Says Geithner"

Yeah just rob more from pensioners and unborn children like you eh?

Careless Whisper's picture

Berkshire Hathaway Q2 profit rose 74% to $3.42B on improved results in its derivatives portfolio.

source please?

machineh's picture

Greenspan Prize winner J.C. 'Junk Bond' Trichet has turned the ECB into an AIG-style garbage barge.

And Turbo Timmah thinks he should go larger.

The G7 is a failed states club.

Setarcos's picture

Be nice if 'edit' was possible, or if I was not too stupid to edit my own comments before posting.

"capped him off"

"which would NOT make a tad of difference anyway"

It still remains so that we are fucked.

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