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Frontrunning: February 24

Tyler Durden's picture




 
  • U.S. Postal Service to Cut 35,000 Jobs as Plants Are Shut (BBG) -Expect one whopper of a seasonal adjustment to compensate
  • European Banks May Tap ECB for $629 Billion Cash (Bloomberg) - EURUSD surging as all ECB easing now priced in; Fed is next
  • Madrid presses EU to ease deficit targets (FT)
  • Greek Parliament Approves Debt Write-Down (WSJ)
  • Mentor of Central Bankers Fischer Rues Complacency as Economy Accelerates (Bloomberg)
  • Draghi Takes Tough Line on Austerity (WSJ)
  • European Banks Hit by Losses (WSJ)
  • Moody's: won't take ratings action on Japan on Friday (Reuters)
  • Athens told to change spending and taxes (FT)
  • Rudd to make bid for Australian Prime Minister (FT)
  • RBA’s Stevens Says Monetary Policy at Right Setting, Sees Growth at Trend (Bloomberg)

Overnight Media Digest

WSJ

 

ATHENS TOLD TO CHANGE SPENDING AND TAXES

European creditor countries are demanding 38 changes in Greek tax, spending and wage policies by the end of this month. Reforms range from centralising health insurance and completing an accurate land registry to buying a new computer system for tax collectors. http://link.reuters.com/xen76s

MADRID PRESSES EU TO EASE DEFICIT TARGETS

Spain is pressing the European Commission to ease the country's strict budget deficit target for this year, arguing that pessimism about the Spanish economy shows the potential risks of too much austerity. "There are conversations under way," said one Madrid official. http://link.reuters.com/zen76s

LSE DRAWS FIRE OVER BORSA SYNERGIES

The London Stock Exchange's takeover of the Milan bourse "has not fulfilled expectations either in Italy or London" in terms of stimulating cross-border capital flows or increased investment in Italian companies, the Italian securities regulator has said. http://link.reuters.com/cun76s

GENEL FACES DELAY TO PREMIUM LISTING PLAN

Genel Energy, the Kurdistan-focused explorer backed by financier Nat Rothschild and Tony Hayward, is unlikely to gain a premium London Stock Exchange listing in the first half of this year, its chief executive said. Mr Hayward said the company was engaged "in a very constructive dialogue with the UK Listing Authority". http://link.reuters.com/dun76s

SMARTPHONE GROWTH SPARKS INVESTMENT CALL

There will be more mobile connections than people in the world for the first time this year but the rapid proliferation of smartphones and tablets is causing unprecedented strain on global telecoms networks, according to Franco Bernabe, chief executive of Telecom Italia. http://link.reuters.com/hun76s

CRITICS STEP UP CALLS FOR SUSPENSION OF A4E

Emma Harrison, chairman of A4e, faced renewed calls for the company's suspension from the government's welfare-to-work programme, after she resigned as David Cameron's "family champion" following allegations of fraud against A4e. http://link.reuters.com/jun76s

BLUEPRINT FOR CHINA TO OPEN UP MARKETS

China should accelerate the loosening of capital controls, its central bank said, in a report outlining the path to a freely tradeable currency and more open capital markets. http://link.reuters.com/zun76s

PRE-ELECTION SHARE SALE ODDS 'VIRTUALLY NIL'

UK chancellor George Osborne on Thursday praised Royal Bank of Scotland bosses for "clearing up the mess" at the state-controlled bank. But the prospect of the British government turning a profit on its banking stakes is still distant and almost certainly stretches beyond the next election.

FT

ATHENS TOLD TO CHANGE SPENDING AND TAXES

European creditor countries are demanding 38 changes in Greek tax, spending and wage policies by the end of this month. Reforms range from centralising health insurance and completing an accurate land registry to buying a new computer system for tax collectors. http://link.reuters.com/xen76s

MADRID PRESSES EU TO EASE DEFICIT TARGETS

Spain is pressing the European Commission to ease the country's strict budget deficit target for this year, arguing that pessimism about the Spanish economy shows the potential risks of too much austerity. "There are conversations under way," said one Madrid official. http://link.reuters.com/zen76s

LSE DRAWS FIRE OVER BORSA SYNERGIES

The London Stock Exchange's takeover of the Milan bourse "has not fulfilled expectations either in Italy or London" in terms of stimulating cross-border capital flows or increased investment in Italian companies, the Italian securities regulator has said. http://link.reuters.com/cun76s

GENEL FACES DELAY TO PREMIUM LISTING PLAN

Genel Energy, the Kurdistan-focused explorer backed by financier Nat Rothschild and Tony Hayward, is unlikely to gain a premium London Stock Exchange listing in the first half of this year, its chief executive said. Mr Hayward said the company was engaged "in a very constructive dialogue with the UK Listing Authority". http://link.reuters.com/dun76s

SMARTPHONE GROWTH SPARKS INVESTMENT CALL

There will be more mobile connections than people in the world for the first time this year but the rapid proliferation of smartphones and tablets is causing unprecedented strain on global telecoms networks, according to Franco Bernabe, chief executive of Telecom Italia. http://link.reuters.com/hun76s

CRITICS STEP UP CALLS FOR SUSPENSION OF A4E

Emma Harrison, chairman of A4e, faced renewed calls for the company's suspension from the government's welfare-to-work programme, after she resigned as David Cameron's "family champion" following allegations of fraud against A4e. http://link.reuters.com/jun76s

BLUEPRINT FOR CHINA TO OPEN UP MARKETS

China should accelerate the loosening of capital controls, its central bank said, in a report outlining the path to a freely tradeable currency and more open capital markets. http://link.reuters.com/zun76s

PRE-ELECTION SHARE SALE ODDS 'VIRTUALLY NIL'

UK chancellor George Osborne on Thursday praised Royal Bank of Scotland bosses for "clearing up the mess" at the state-controlled bank. But the prospect of the British government turning a profit on its banking stakes is still distant and almost certainly stretches beyond the next election.

NYT

* Sears Holdings moved on Thursday to allay fears that it could run low on cash this year, announcing plans to sell stores in transactions that the company says could raise nearly $800 million.

* A sting that ensnarled 22 executives in a foreign bribery case fell apart, calling into question the Justice Department's increasingly aggressive tactics in enforcing a corruption law.

* Bank of America said on Thursday that it would no longer sell new mortgages to Fannie Mae, underscoring tensions in a fight between giants of the home loan market over billions in losses in the housing bubble.

* The Dutch carrier KLM and others are testing programs to allow ticket-holders to upload details from their online profiles and use that data to choose seatmates.

* A federal judge has released from prison a stock research analyst accused of insider trading, rejecting an appeal from prosecutors that he posed a danger to the community because of harassing voice messages he had left for government officials.

* President Obama, confronted by the political perils of surging gas prices in an election year, on Thursday defended his efforts to wean the United States off imported oil, even as he conceded there was little he could do in the short run to ease the pain at the pump.

European Economic Outlook

  • UK GDP -0.2% q/q 0.7% y/y – lower than expected. Consensus -0.2% q/q 0.8% y/y. Previous -0.2% q/q 0.8% y/y.
  • UK Private Consumption 0.5% - higher than expected. Consensus 0.2%. Previous 0.0%. Revised-0.1%.
  • UK Government Spending  1.0% - higher than expected.  Consensus 0.0%. Previous 0.2%. Revised -0.3%.
  • UK Index of Services 0.2% m/m – higher than expected. Consensus 0.1% m/m. Previous 0.6% m/m. Revised 0.5% m/m.
  • UK Total Business Investment -5.6% q/q -2.0% y/y – lower than expected. Consensus -0.4% q/q 2.5% y/y. Previous 0.3% q/q 4.2% y/y. Revised 1.0% q/q 5.4% y/y.
  • Spain Producer Prices 0.8% m/m 3.6% y/y – lower than expected. Consensus 4.3% y/y. Previous -0.1% m/m 5.2% y/y.
  • Italy Retail Sales -1.1% s.a. m/m -3.7% y/y – lower than expected. Consensus -0.5% s.a. m/m Previous -0.3% s.a. m/m -1.8% y/y. Revised -0.7%s.a. m/m.
  • Iceland CPI 1.0% m/m 6.3% y/y. Previous 0.3% m/m 6.5% y/y.
  • Germany GDP n.s.a. 1.5% y/y – in line with expectations. Consensus 1.5% y/y. Previous 1.5% y/y.
  • Germany Private Consumption -0.2% - lower than expected. Consensus -0.1%. Previous 0.8%. Revised 1.2%.
  • Germany Government Spending 0.1% - higher than expected. Consensus 0.0%. Previous 0.6%.
  • France Consumer Confidence Indicator 82 – in line with expectations. Consensus 82. Previous 81.
  • Finland PPI 1.0% m/m 1.8% y/y. Previous -0.4% m/m 1.8% y/y.
  • Turkey Industrial Confidence 107.3. Previous 101.8.
  • Russia Money Supply Narrow Def. RUB 6.84T. Previous 6.76T.
  • Hungary Retail Trade 1.5% - higher than expected. Consensus 1.0%. Previous 1.1%.
  • Czech Republic Business Confidence 8.4. Previous 7.4.
  • Czech Republic Consumer Confidence -25.5. Previous -25.3.
 

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Fri, 02/24/2012 - 08:33 | 2192220 youngman
youngman's picture

"The Dutch carrier KLM and others are testing programs to allow ticket-holders to upload details from their online profiles and use that data to choose seatmates."

LOL...my Profile would be a big fat smelly chain smoker with cancer who coughs all the time....andfarts always who hates kids and just got out of jail........I like vacant seats next to me

Fri, 02/24/2012 - 08:37 | 2192226 Eclipse89
Eclipse89's picture

Ready for "GREECE DEFAULTS" tweet?

Let's get this OptimusPrime-Algobot momo down!

Fri, 02/24/2012 - 09:01 | 2192259 El Viejo
Fri, 02/24/2012 - 09:50 | 2192335 quebecgold
quebecgold's picture

Ready up for 10 : 03 (ET)

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