Frontrunning: July 28

Tyler Durden's picture
  • Fed under Fire over Default Talks (FT)
  • Debt-Crisis Vote Goes Down to Wire in House (WSJ)
  • U.S. Rating Rests On S&P’s View of Washington (Bloomberg)
  • Why the Debt Crisis Is Even Worse Than You Think (BusinessWeek)
  • Japan's Industry Set for Rebound (WSJ)
  • Warren Buffett Is Wrong On Taxes (WSJ)
  • After the debt-ceiling standoff is resolved (blogger extraordinarie Maddy El-Erian)
  • Banks Bracing for Downgrade See Little Panic (Bloomberg)
  • China Regulator Targets Nonbank Entities (WSJ)
  • How to Cut Taxes, Boost Revenue (RCM)
  • Bets on Greece Default Sure to Lose Money – Trichet (Reuters)... as long as bets on European default make money
  • Bumper FDI in Pipeline Again (Shanghai Daily)
  • Emerging Markets Warn IMF over Fresh Greek Loan Plan (FT)
  • Cable Plans to Move on High Pay (FT)

European economic update:

  • Euro-Zone Business Climate Indicator for July 0.45 - lower than expected.Consensus 0.83. Previous 0.95 (revised from 0.92)
  • Euro-Zone Consumer Confidence for July -11.2 - in line with expectations.Consensus -11.4. Previous -11.4
  • Euro-Zone Economic Confidence for July 103.2 - lower than expected.Consensus 104.0. Previous 105.4 (revised from 105.1)
  • Euro-Zone Indust. Confidence for July 1.1 - lower than expected.Consensus 1.6. Previous 3.5 (revised from 3.2)
  • Euro-zone Services Confidence for July 7.9 - lower than expected.Consensus 9.2. Previous 10.1 (revised from 9.9)
  • Italy Hourly Wages (MoM) for June 0.1% m/m 1.8% y/y.Previous 0.0% m/m 1.8% y/y
  • Sweden Manufacturing Confidence s.a. for Q2 0 - lower than expected.Consensus 7. Previous 6 (revised from 7)
  • Sweden Consumer Confidence for July 12 - lower than expected.Consensus 15.5. Previous 16.7
  • Sweden Economic Tendency Survey for July 104.4 - lower than expected.Consensus 109.2. Previous 109.9 (revised from 110.6)
  • Sweden Retail Sales s.a. for June 3.1% - higher than expected.Consensus 0.7%. Previous -2.4% (revised from -2.3%)
  • Sweden Retail Sales n.s.a. for June 3.4% - higher than expected.Consensus 0.9%. Previous -0.9% (revised from -1.1%)
  • Sweden Unemployment Rate for June 8.8% - higher than expected.Consensus 8.6%. Previous 7.9%
  • Germany Unemployment Change for July -11k - higher than expected.Consensus -15k. Previous -8k
  • Germany Unemployment Rate (s.a) for July 7.0% - as expected.Previous 7.0%
  • UK CBI Reported Sales for July -5 - lower than expected.Consensus 2. Previous 2

Global highlights courtesy of Egan-Jones

  • Asia stocks, Oil drop on US debt talks.
  • Nikkei drops below 10,000 as US debt deadline looms.
  • Oil hovers above $97 amid US crude supply jump.
  • Nikkei drops below 10,000 as US debt deadline looms.
  • Orders for durable goods drop 2.1% in June with weakness led by fall in aircraft demand.
  • US sovereign credit rating cut would threaten trade in Asia: ADB.
  • Akamai Technologies sees Q3 revs at not more than $283M (Cons $288.7M).
  • Alcatel-Lucent swung to a Q2 net profit, confirm its full-year targets.
  • BASF posts 23% jump in Q2 profits, warned that growth could slow in the second half.
  • BBVA Q2 profit falls 7.6% to $1.71B, beating estimates.
  • BMC Software reported Q1 sales of $502.4M, missing cons est. of $508.3M.
  • Credit Suisse plans to cut about 2,000 jobs after Q2 fell 52% on lower earnings.
  • Diamond Foods receives clearance on Pringles acquisition from U.K. Regulator.
  • Healthsouth misses by $0.07, reports revs in-line; guides FY11 EPS below cons.
  • Hyundai Motor Q2 profit rises 37%($2.2B).
  • Juniper Networks offered some new clues that the U.S. economy is stalling.
  • Kirby Corp beats by $0.10, beats on revs; guides Q3, FY11 EPS above consensus.
  • Legg Mason's June net income rose from $45M last year to $60M this year.
  • Panasonic reports a $389M loss for quarter on quake, tsunami.
  • Royal Dutch Shell Plc's Q2 net more than doubles to $8.66B on higher oil prices.
  • Shell Q2 profit doubles to $8.7B.
  • Sony Corp. cuts its annual profit forecast amid slump in demand for televisions.
  • Telefonica SA Q2 net falls 27%, missing est., amid rising intensifying competition.
  • Teradyne posts Q2 EPS of $0.50 (cons $0.41); revs fell 7.8% to $410.5M.
  • Time Warner Cable Q2 net income rose to $420M.
  • Universal Health beats by a cent; reports Q2 EPS of $1.04. Revs rose 42.2% to $1.9B.
  • Visa posts 40% jump in Q3 net to $1B; Revs rose 14% to $2.32B.


Economic Calendar: Initial & Continuing Claims, Pending Home Sales to be released.

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entendance's picture

August 2nd General Assembly on Wall Street
In response to the Sept. 17th Occupy Wall St. call, we decided to incorporate the organizing for the event with a New Yorkers Against Budget Cuts General Assembly on Wall St. on Aug. 2nd. In order to build the Sept. 17th call, we will use this opportunity to have the first NYC meeting for the Sept. 17th event.


Careless Whisper's picture



The Morning Careless Whisper Report

Lawmaker Calls For Investigation Of Florida AG Pam Blondie Over Firing Fraud Lawyers; Campaign Donations By Fraud Suspects

Homeland Security New Commercial Targets Prostitution Using S&M Theme

Ford To Build New Plant In India; 240,000 Cars Per Year$1B-India-complex


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