This page has been archived and commenting is disabled.

Frontrunning: January 12

Tyler Durden's picture




 
  • Hedge Funds Try to Profit From Greece as Banks Face Losses (Bloomberg)
  • Spain Doubles Target in Debt Auction, Yields Down (Reuters)
  • Italy 1-Year Debt Costs More Than Halve at Auction (Reuters)
  • Obama to Propose Tax Breaks to Get Jobs (WSJ)
  • GOP Seeks to Pass Keystone Pipeline Without Obama (Reuters)
  • Debt Downgrades to Rise ‘Substantially’ in 2012, Moody’s Says (Bloomberg)
  • Petroplus wins last-minute reprieve (FT)
  • Geithner gets China snub on Iranian oil as Japan plans cut (Bloomberg)
  • Fed officials split over easing as they prepare interest rate forecasts (Bloomberg)
  • Draft eurozone treaty pleases UK (FT)
  • Premier Wen looks at the big picture (China Daily)
  • US Foreclosure Filings Hit 4-Year Low in 2011 (Reuters)
  • King May Resist Adding Stimulus for Now as U.K. Shows Resilience (Bloomberg)
  • S&P asses risks for China banks from regulatory forbearance (Reuters)

Full Press Digest

WSJ

* Struggling Sears Holdings Corp suffered another setback when a large lender said it would no longer finance loans to suppliers awaiting payment from the company.

Sears representatives played down the decision by CIT Group Inc, the largest US provider of what are known as factoring services for vendors, saying the payables the firm had financed amounted to only about 5 percent of the retailer's inventory.

* Coca-Cola admitted it had discovered an unapproved fungicide in orange juice products sold by it and some competitors in the US.

* BATS Global Markets has struck an agreement with asset manager BlackRock to list eight new exchange-traded funds, as the Kansas City, Mo.-based exchange group tries to expand its profile.

* Amid a swirl of political controversy about the private-equity business, Carlyle Group revealed that its three founders together earned more than $400 million last year.

* Germany's economy contracted in the fourth quarter, putting it at risk of a shallow recession at a time when euro-zone countries struggling with their debts are looking to the bloc's biggest economy to give the region a lift.

Germany's stagnation, after two years of strong growth, could fuel further international calls for the country to stimulate growth.

* From Brazil to Indonesia to the Philippines, emerging-market countries are pouring into the bond market, taking advantage of soaring investor demand to sell debt at record-low interest rates.

Governments and government-linked organizations in the developing world have sold $11.3 billion in bonds in the first two weeks of the year, according to data provider Dealogic. Investors have wanted more, placing orders well above the amount of bonds being sold.

* US energy companies are pumping so much natural gas out of the ground that prices are plummeting, and the cheap gas isn't likely to evaporate anytime soon.

* The US government Wednesday released a detailed listing of facilities that emitted the most greenhouse gases in 2010, with three coal-fired power plants owned by Southern Co topping the list.

Power plants accounted for more than half of the greenhouse-gas emissions by the major emitters on the list, with refineries and chemical facilities also contributing large shares.

* If this winter's streak of strong headwinds across the Atlantic continues, Continental Airlines has few options for stemming a spate of unscheduled fuel stops on its 757 flights from Europe to the U.S. short of adding auxiliary fuel tanks to those smaller jetliners-a move the airline previously considered and rejected, said people familiar with the matter.

FT

FORMER SNB BANKER HILDEBRAND RECEIVES PAY OFF

The Swiss National Bank will pay its former chairman a full year's salary of around 900,000 Swiss franc ($942,000), in spite of his stepping down voluntarily in only the second week of the year.http://www.ft.com/cms/s/0/e872d89a-3c4e-11e1-8d72-00144feabdc0.html#axzz...

CARLYLE FOUNDERS SHARED $413 MILLION LAST YEAR

The three founders of Carlyle shared a $413 million payout last year in a huge windfall that will focus more attention on the private equity industry at a sensitive time in the U.S. presidential election cycle.http://www.ft.com/cms/s/0/1e36247a-3c70-11e1-9bcc-00144feabdc0.html#axzz...

FRENCH RIVALS COMPETE FOR WIND FARM SHARE

French utilities EDF and GDF Suez are set to compete for a large share of a 10 billion euro off-shore wind development off the coast of France.http://www.ft.com/cms/s/0/1c4d3c4a-3c73-11e1-8d38-00144feabdc0.html#axzz...

FIAT CHIEF SAYS CARMAKERS MUST MERGE

Consolidation among European carmakers is unavoidable as they battle with chronic overcapacity and mounting financial losses in a weakening market, according to Sergio Marchionne, Fiat and Chrysler's chief executive.http://www.ft.com/cms/s/0/c2e35b3e-3c6e-11e1-9bcc-00144feabdc0.html#axzz...

TALBUT TO CHAIR ABI'S INVESTMENT COMMITTEE

As the pressure on asset management bosses builds, Robert Talbut, chief investment officer of Royal London Asset Management, has been made chairman of the Association of British Insurer's influential investment committee.http://www.ft.com/cms/s/0/b4d0d0c4-3c7f-11e1-8d38-00144feabdc0.html?ftca...

CREDIT SUISSE OFFERS TRADES FOR EURO ZONE SHORTING

Credit Suisse is offering its hedge fund clients off-the-shelf products that allow traders to replicate hypothetical gains made by betting against European stock indices that include equities covered by eurozone short-selling bans.http://www.ft.com/cms/s/0/02b33f3c-3bb0-11e1-bb39-00144feabdc0.html?ftca...

OIL REFINERS BEGINNING TO SEVER IRAN OIL TIES

European refiners have started to sever links with Iran, stopping spot purchases of crude ahead of a European Union meeting later this month that could impose a full oil embargo on Tehran.http://www.ft.com/cms/s/0/1cda2496-3c7a-11e1-9bcc-00144feabdc0.html#axzz...

LME FACES REVOLT OVER FEE INCREASE

The chief executive of the London Metal Exchange faces a revolt from some of the most senior figures in the metals industry after he pushed through a sharp increase in trading fees last month.http://www.ft.com/cms/s/0/3795e4ba-3c47-11e1-8d72-00144feabdc0.html#axzz...

NATIONWIDE CONSIDERS LOANS FOR SMEs

Nationwide, the UK's largest building society, is considering offering loans to small and medium-sized businesses to broaden its traditional customer base and fill a void left by the country's biggest banks.http://www.ft.com/cms/s/0/aa1a50a2-3c7e-11e1-9bcc-00144feabdc0.html#axzz...

DRAFT EURO ZONE TREATY PLEASES UK

British Prime Minister David Cameron has won some respite in his battle to stop the euro zone laying down terms on the European Union single market and new rules for Britain's financial services sector, according to the latest draft of a new treaty on fiscal discipline in the single currency area.http://www.ft.com/cms/s/0/a346fe62-3c81-11e1-9bcc-00144feabdc0.html#axzz...

New York Times

FORMER SNB BANKER HILDEBRAND RECEIVES PAY OFF

The Swiss National Bank will pay its former chairman a full year's salary of around 900,000 Swiss franc ($942,000), in spite of his stepping down voluntarily in only the second week of the year.http://www.ft.com/cms/s/0/e872d89a-3c4e-11e1-8d72-00144feabdc0.html#axzz...

CARLYLE FOUNDERS SHARED $413 MILLION LAST YEAR

The three founders of Carlyle shared a $413 million payout last year in a huge windfall that will focus more attention on the private equity industry at a sensitive time in the U.S. presidential election cycle.http://www.ft.com/cms/s/0/1e36247a-3c70-11e1-9bcc-00144feabdc0.html#axzz...

FRENCH RIVALS COMPETE FOR WIND FARM SHARE

French utilities EDF and GDF Suez are set to compete for a large share of a 10 billion euro off-shore wind development off the coast of France.http://www.ft.com/cms/s/0/1c4d3c4a-3c73-11e1-8d38-00144feabdc0.html#axzz...

FIAT CHIEF SAYS CARMAKERS MUST MERGE

Consolidation among European carmakers is unavoidable as they battle with chronic overcapacity and mounting financial losses in a weakening market, according to Sergio Marchionne, Fiat and Chrysler's chief executive.http://www.ft.com/cms/s/0/c2e35b3e-3c6e-11e1-9bcc-00144feabdc0.html#axzz...

TALBUT TO CHAIR ABI'S INVESTMENT COMMITTEE

As the pressure on asset management bosses builds, Robert Talbut, chief investment officer of Royal London Asset Management, has been made chairman of the Association of British Insurer's influential investment committee.http://www.ft.com/cms/s/0/b4d0d0c4-3c7f-11e1-8d38-00144feabdc0.html?ftca...

CREDIT SUISSE OFFERS TRADES FOR EURO ZONE SHORTING

Credit Suisse is offering its hedge fund clients off-the-shelf products that allow traders to replicate hypothetical gains made by betting against European stock indices that include equities covered by eurozone short-selling bans.http://www.ft.com/cms/s/0/02b33f3c-3bb0-11e1-bb39-00144feabdc0.html?ftca...

OIL REFINERS BEGINNING TO SEVER IRAN OIL TIES

European refiners have started to sever links with Iran, stopping spot purchases of crude ahead of a European Union meeting later this month that could impose a full oil embargo on Tehran.http://www.ft.com/cms/s/0/1cda2496-3c7a-11e1-9bcc-00144feabdc0.html#axzz...

LME FACES REVOLT OVER FEE INCREASE

The chief executive of the London Metal Exchange faces a revolt from some of the most senior figures in the metals industry after he pushed through a sharp increase in trading fees last month.http://www.ft.com/cms/s/0/3795e4ba-3c47-11e1-8d72-00144feabdc0.html#axzz...

NATIONWIDE CONSIDERS LOANS FOR SMEs

Nationwide, the UK's largest building society, is considering offering loans to small and medium-sized businesses to broaden its traditional customer base and fill a void left by the country's biggest banks.http://www.ft.com/cms/s/0/aa1a50a2-3c7e-11e1-9bcc-00144feabdc0.html#axzz...

DRAFT EURO ZONE TREATY PLEASES UK

British Prime Minister David Cameron has won some respite in his battle to stop the euro zone laying down terms on the European Union single market and new rules for Britain's financial services sector, according to the latest draft of a new treaty on fiscal discipline in the single currency area.http://www.ft.com/cms/s/0/a346fe62-3c81-11e1-9bcc-00144feabdc0.html#axzz...

European Economic Highlights:

Eurozone Industrial Production w.d.a. -0.3% y/y – lower than expected. Consensus 0.2% y/y. Previous 1.3% y/y. Revised 1.0% y/y.
Eurozone Industrial Production s.a. -0.1% m/m – higher than expected. Consensus -0.3% m/m. Previous -0.1% m/m. Revised -0.3% m/m.
Germany CPI for December 0.7% m/m 2.1% y/y – in line with expectations. Consensus 0.7% m/m 2.1% y/y. Previous 0.7% m/m 2.1% y/y.
Germany CPI - EU Harmonised for December 0.7% m/m 2.3% y/y – lower than expected. Consensus 0.8% m/m 2.4% y/y. Previous 0.8% m/m 2.4% y/y.
France CPI - EU Harmonised for December 0.4%m/m 2.7% y/y – higher than expected. Consensus 0.3% m/m 2.5% y/y. Previous 0.3% m/m 2.7% y/y.
France CPI for December 0.4% m/m 2.5% y/y – higher than expected. Consensus 0.2% m/m 2.3% y/y. Previous 0.3% m/m 2.5% y/y.
France CPI Ex Tobacco Index for December 123.51 – higher than expected. Consensus 123.31. Previous 123.0.
France Current Account for November €-2.3B. Previous €-4.5B. Revised €-4.2B.
France Central Govt. Balance for November €-97.2B. Previous €-99.4B.
Italy Industrial Production s.a. for November 0.3% m/m – higher than expected. Consensus -0.2% m/m. Previous -0.9% m/m.
Italy Industrial Production w.d.a. for November -4.1% y/y – lower than expected. Consensus -2.9% y/y. Previous -4.2% y/y. Revised -4.1% y/y.
Sweden CPI Level for December 314.78 – lower than expected. Consensus 314.92. Previous 314.16.
Sweden CPI - Headline Rate for December 0.2% m/m 2.3% y/y – in line with expectations. Consensus 0.2% m/m 2.3% y/y. Previous 0.2% m/m 2.8% y/y.
Sweden SW CPI - CPIF for December 0.0% m/m 0.5% y/y – lower than expected. Consensus 0.0% m/m 0.6% y/y. Previous 0.2% m/m 1.1% y/y.
UK Industrial Production for November -0.7% m/m -3.1% y/y – lower than expected. Consensus -0.1% m/m -2.2% y/y. Previous -0.7% m/m  -1.7% y/y. Revised -1.0% m/m -2.0% y/y.
UK Manufacturing Production for November -0.2% m/m -0.6% y/y – higher than expected. Consensus -0.2% m/m -0.5% y/y. Previous -0.7% m/m  0.3% y/y. Revised -0.9% m/m 0.1% y/y.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 01/12/2012 - 08:28 | 2057721 Spooky Polish
Spooky Polish's picture

One word

Bullfuckingish

Thu, 01/12/2012 - 08:28 | 2057724 Temporalist
Temporalist's picture

Oh gold and your trickery, fooling everyone by going to $1650 when your bubble has already burst.  

Thu, 01/12/2012 - 08:32 | 2057731 EscapeKey
EscapeKey's picture

* Germany's economy contracted in the fourth quarter, putting it at risk of a shallow recession at a time when euro-zone countries struggling with their debts are looking to the bloc's biggest economy to give the region a lift.

Are you fucking shitting me? And the DAX is up 1.37%!

Does NOTHING matter to equities anymore? Is all that the world's BIS-controlled central bankers do these days is spike the punchbowl?

Thu, 01/12/2012 - 08:34 | 2057735 Dick Darlington
Dick Darlington's picture

And contracting eurozone industrial production adding fuel to the flames. Go equities go! Lol!

Thu, 01/12/2012 - 08:44 | 2057758 Spooky Polish
Spooky Polish's picture

Who cares about equities when the Music is on ...

 

and then live in Europe 

http://www.youtube.com/watch?v=DgPaqi7Dpdg

Thu, 01/12/2012 - 08:33 | 2057732 Dick Darlington
Dick Darlington's picture

 Le Pen Proposes French Exit From Euro, End to BoF Independence

 

Jan. 12 (Bloomberg) -- Marine Le Pen, a nationalist and anti-immigrant candidate for the French presidency, said, if elected, she would take France out of the euro area and force the Bank of France to buy the nation’s debt below market rates.

     “Putting an end to the disastrous experiment of the euro will stop us having to sink money into lost causes and allow us to revive an economy that’s been asphyxiated by the euro, the bankers’ money,” Le Pen, the daughter of National Front founder Jean-Marie Le Pen, said at a press conference near Paris today.

     Le Pen, who advocates a return to the French franc, said she would balance the country’s budget by 2017 even as she raises spending on security and health. She said she’d seek savings by cutting European Union payments, raising company taxes, and cracking down on welfare fraud. French debt would fall to 30 percent of economic output in 2025 from 86 percent now, partly on the national central bank’s lending, she said.

     Le Pen, who gets the support of as much as a fifth of the voting population in the polls, said France’s financial problems were caused by 1973 laws that established the independence of the central bank and barred it from financing the government’s budget. “We need a new patriotic economic model to avoid turning the French into slaves of financial markets,” she said.

     Under her party’s program, France’s largest companies would be forced to turn over 15 percent of their profit for a special fund to “re-industrialize France,” she said.

 

                        Fortress France

 

     The tax code would be rewritten to make French-based multinationals pay more of their taxes in France. France would also build 50,000 new prison places, spend 7 billion euros ($10

billion) over five years to upgrade the national rail system, invest to improve the safety of nuclear plants, and increase payments to poor families.

     Reducing immigration would save the government 40.8 billion euros over five years through lower welfare spending, her program says. It expects “cautious and targeted” import tariffs to ring in 3.2 billion euros a year. The government can also save between 25 billion and 41 billion over five years by cracking down on welfare fraud, Le Pen said.

     Recent polls put Le Pen at between 17 and 20 percent in April 22 first round of elections, not enough to make the May 6 run-off, which is expected to be between President Nicolas Sarkozy and Socialist challenger Francois Hollande.

     “Sarkozy wants to cut spending and the Socialists want to raise taxes, but in either case it’s the same austerity,” she said. “If I’m not elected, expect an emergency budget as soon as June.”

 

Thu, 01/12/2012 - 08:40 | 2057748 Temporalist
Temporalist's picture

Marine Le Pen: French turned into debt 'slaves'

 

"Marine Le Pen, the new president of the French far-right National Front party, told Stephen Sackur that French leaders have betrayed their population by signing up to the EU and the euro, and that French people have become "slaves" to their debts."

 

http://news.bbc.co.uk/2/hi/programmes/hardtalk/9664650.stm

Thu, 01/12/2012 - 08:34 | 2057736 Irish66
Irish66's picture

ECB had 485 today 470, -15

Thu, 01/12/2012 - 08:35 | 2057737 Vaiman
Vaiman's picture

It doesn't seem to matter what the bearsish news says anymore.  The markets keep pushing upwards.  Today the futures are up on the Spanish debt auction results!  Shorts getting killed!  I figured we would see a reversal this week but I guess not.  The Fed's beige book hopium addition and now the spanish bonds auction has the euro rallying.   

The market seems oblivious to the following headlines:

Italy has banned short selling the banks

Hedge Funds Try to Profit From Greece as Banks Face Losses

Royal Bank of Scotland Cuts 4,800 Jobs as It Shuts Equities, Mergers Units

Vestas Cuts 2,335 Jobs, More at Risk in U.S.

Infosys Cuts Dollar Sales Forecast, Citing Global Economy Outlook, Europe

Peugeot Sees More Decline in Europe Car Market

Delhaize to Cut 5,000 Jobs as Food Lion Owner Shuts Stores in U.S., Europe

Home Seizures May Jump 25% as U.S. Foreclosures Resume, RealtyTrac Says

Spanish Banks Undermine Recovery With Discriminatory Loans: Mortgages

Greece Will Have to Quit Euro, German Lawmaker Says in Challenge to Merkel

Retail sales could see holiday drag

White-Collar Workers Join Crowd Straining Food Banks (So much for the positive spin on job increases)

Household Wealth Falls for Second Straight Quarter

Insurers Lifting Rates as Storms Defy Models

Santander Unit Banesto Posts Quarterly Loss on Provisions For Real Estate

China May Idle Most Aluminum Capacity Since 2009 on Low Price

European Industrial Output Declines Again

Twinkie-Maker Hostess Brands Files for Bankruptcy

Thu, 01/12/2012 - 08:48 | 2057766 Snidley Whipsnae
Snidley Whipsnae's picture

Bloomblab aricle on oil dispute is total bs...

Here is the real story, or, as much as we will find out...

http://globaleconomicanalysis.blogspot.com/2012/01/china-snubs-geithner-on-iran-oil-china.html

Thu, 01/12/2012 - 11:59 | 2058454 ucsbcanuck
ucsbcanuck's picture

http://www.bloomberg.com/news/2012-01-12/china-gets-cheaper-iran-oil-as-u-s-pays-tab-for-hormuz-patrols.html

Unbelievable... I'm sure if Hormuz is shut the Chinese will get their oil through the Caspian then.

 

Tue, 03/13/2012 - 09:19 | 2249996 Gelir
Gelir's picture

Interesting blog. It would be great if you can provide more details about it. Thanks you. Sohbet Chat Thanks for admin.nice sharing.very nice..
Torna

Do NOT follow this link or you will be banned from the site!