Frontrunning: July 27

Tyler Durden's picture
  • IMF Chief Raises Idea of Seeking More Cash (WSJ)
  • US Money Market Funds Build Liquidity (FT)
  • Interbank Loan Probe Focuses on Yen Rates (FT)
  • Watchdog Sees Financial Weak Spots (WSJ)
  • China’s 29% Jump in Industrial Profit to Spur Growth by Fueling Investment (Bloomberg)
  • Shanghai to Step Up Probes of Home Prices (Bloomberg)
  • Lessons From the Malaise (NYT)
  • Hurtling toward economic chaos (LA Times)
  • Who Elected the Rating Agencies? (WSJ)
  • Meagre Growth Puts Pressure on Osborne (FT)
  • Boehner Plan Faces Rebellion (WSJ)
  • Congress: Smoke, mirrors & spending cuts (MarketWatch)
  • Inflation Fears Take Their Toll in Brazil (FT)
  • N Korean Nuclear Envoy Arrives in New York (FT)

European economic update:

  • Euro-Zone M3 s.a. 3 mth ave. for June 2.2% - lower than expectedConsensus 2.3%. Previous 2.2%
  • Germany Import Price Index for June -0.6% m/m 6.5% y/y - lower than expectedConsensus -0.2% m/m 7.1% y/y. Previous -0.6% m/m 8.1% y/y
  • Italy Business Confidence for July 98.5 - lower than expected. Consensus 99.7. Previous 100.5
  • Switzerland KOF Swiss Leading Indicator for July 2.04 - lower than expected.Consensus 2.11. Previous 2.23
  • Sweden Household Lending for June 6.7% y/y.Previous 6.9%
  • Sweden Trade Balance (Kronor) for June 8.2B - lower than expected.Consensus 11.0B Previous 6.3B (revised from 5.7B)
  • UK CBI Trends Total Orders for July -10 - lower than expected.Consensus -3. Previous 1
  • UK CBI Trends Selling Prices for July 4 - lower than expected.Consensus 27. Previous 27
  • UK CBI Business Optimism for July -16 - lower than expected.Consensus 10. Previous -9

Global news headlines courtesy of Egan-Jones:

  • Oil hovers above $99 after US crude supply jump.
  • SEC votes 5-0 to track biggest traders’ activity through reporting system.
  • The dollar slumped to $1.4536, against the Swiss franc of $1.6421.
  • Treasuries fall, Gold gains on US debt wrangle; Aussie climbs to record.
  • 3M sees slow economy now, growth picking up later.
  • Aetna's June net income rises from $848M to $908M.
  • Amazon f'casts Q3 sales that may exceed cons est., said Q2, EPS, revs beat projections.
  • Anadarko Petroleum (APC) posted Q2 earnings of $544M.
  • Arrow Electronic's June rises from $116M to $156M.
  • AutoNation's net income for June rises from $47M to $72M.
  • Bemis's June net income declines from $67M to $56M.
  • Boeing's June net income rises from $787M to $941M.
  • Cabot beats by $0.16, reports Q3 EPS of $1.04. Revs rose 17.3% to $883M.
  • Canadian Pacific's net income declines from $167M to $128M.
  • Chrysler posts $370M loss in Q2 due to bailout repayment. Revs rose 30% to $13.7B.
  • Clorox Board rejects Icahn’s revised $10.7B offer as 'inadequate'.
  • Euronet reports EPS in-line, beats on revs; guides Q3 EPS in-line.
  • Fiserv's Q2 profit drops 29% to $90M on loss from debt payoff, merger charges.
  • GE said to retain its rail-car unit, end auction plan as demand increases.
  • HCA raises $5B of debt in biggest junk bond offering in three years.
  • Illumina's Q2 net flat at $30.6M on debt retirement charges. Revs up 36% at $287.5M.
  • Juniper Networks Inc.'s Q2 profit declined 16%.
  • Kodak loses $179M in Q2 on weaker sales of film, digital cameras.
  • Las Vegas Sands swings to Q2 profit of $367.6M as revenue rose almost 50%.
  • Lockheed Martin's Q2 profit falls 10% to $742M amid severance pay issue, pension costs.
  • Manitowoc misses by $0.03, posts Q2 EPS of $0.16. Revs rose 15.9% to $949.8M.
  • Norfolk Southern's Q2 profit jumps 42% to $557M as revs rose 18.1% to $2.87B.
  • RadioShack's Q2 net falls 53% to $24.9M amide inventory write-offs, closure of plant.
  • Ryder's June net income rises from $30M to $40M.
  • Santander Q2 net profit €1.39B vs. €2.23B; sets up €620M fund for U.K. PPI claims.
  • Supervalu Q1 earnings rises 10.5% to $74M, tops estimates.
  • UPS maintains 2011 outlook despite slow economic growth; Q2 profit rises 26%.
  • Valeant is said to approach Swedish drugmaker Meda about takeover offer.

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A Man without Qualities's picture

I wonder how much of the increase in Chinese industrial company profits are due to revaluation of real estate?

Quintus's picture

I'm sure they're every bit as good at mark-to-unicorn accounting as we are.

Big Corked Boots's picture

"Norfolk Southern's Q2 profit jumps 42% to $557M as revs rose 18.1% to $2.87B."

Not sure I understand why. In this economy, who is shipping more stuff?

Not being snarky. I'm just not getting it.

Catullus's picture

The IMF has no shame. 

Cdad's picture

"The question is, do we still have the level of resources [at the IMF] that is now needed and appropriate to address…the crises," Ms. Lagarde said at a Council of Foreign Relations event ... Ben Bernanke.  He is always ready to print more and thus further kill the USD to fund the profigates of the world.

One day, someone will drag Bernanke out of the Eccles building and clap him in irons.  Until such time, those thinking that we are in recovery are fools.

cat2's picture

IMF: "Hey, I have an idea, what if we print more money!?"  (repeat forever)

lubyanka's picture

The dollar slumped to $1.4536, against the Swiss franc of $1.6421.



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