Frontrunning: July 30
- Schäuble View on Eurozone at Odds With US (FT)
- Juncker: Euro zone leaders, ECB to act on Euro (Reuters)
- German Banks Cut Back Periphery Lending (FT)
- Monetary Policy Role in EU Debt Crisis Limited: Zoellick (CNBC)
- Bond Trading Loses Some Swagger Amid Upheaval (NYT)
- As first reported on ZH, Deflation Dismissed by Bond Measure Amid QE3 Anticipation (Bloomberg)
- Record Cash Collides With Yen as Topix Valuation Nearing Low (Bloomberg) - but, but, all the cash on the sidelines...
- Greek Leaders Agree Most Cuts, Lenders Stay On – Source (Reuters)
- Chinese Investment in US 'set for record year' (China Daily)
- VAT reform expansion to be launched first in Beijing (China Daily)
Overnight Media Digest
* General Motors Co's tumult deepened when the auto maker ousted its Global marketing chief Joel Ewanickm, head of one of the largest advertising budgets in the United States, for failing to properly vet the financial details of a European soccer-sponsorship deal that he struck recently.
* Slowing economies from the United States to China, recession in much of Europe and a stronger dollar could bring to an end at least 10 continuous quarters of profit growth for America's biggest companies. In the third quarter, earnings by companies in the S&P 500 are expected to shrink for the first time since just after the recession ended, according to Thomson Reuters.
* Long before Sanford Weill suggested last week that big banks should split up, Bank of America Corp executives and directors considered the idea and then decided against it, said people close to the nation's second-biggest bank by assets.
* Northern Iron Ltd said it has received an initial takeover proposal from Swiss-based trading house Prominvest AG worth A$525 million($548.23 million).
* Comic book adaptation "Dark Knight Rises" from Time Warner Inc's Warner Bros Pictures and Legendary Entertainment, earned $64.1 million from 4,404 locations in the United States and Canada its second weekend out, according to early estimates.
* Federal prosecutors looking into possible bribery of foreign officials by Avon Products Inc have asked to speak to Andrea Jung, the former chief executive and current full-time chairman, people familiar with the matter said.
* Raw-sugar futures fell 5.9 percent last week, as production picked up in top sugar-producer Brazil on the heels of unseasonable rains.
BUSINESS LEADERS PUT UK ON OLYMPIC TRIAL
The world's top business leaders using the Olympics to raise tough questions about the state of Britain's economy.
GENERAL MOTORS' MARKETING CHIEF RESIGNS
General Motors' marketing chief has resigned in an unexpected shake-up at the largest U.S. carmaker by sales.
ROMNEY FORCED TO CLARIFY IRAN POSITION
Mitt Romney was forced to clarify his position on Israel's right to conduct a possible military strike on Iran.
GERMAN BANKS CUT BACK PERIPHERY LENDING
Cross-border lending by German banks to the weaker parts of the euro zone has dropped by nearly a fifth since January.
SURGE IN SUSPICIOUS TRADE REPORTS TO FSA
UK brokers and bankers are flagging twice as many suspicious trades to the FSA.
OSBORNE PUTS LIBOR REVIEW ON FAST TRACK
British finance minister George Osborne has ordered an independent review into the Libor scandal.
SONY PITCHES TV 'SOAP' AT RAMADAN VIEWERS
The Ramadan festival has become a launch pad in the Middle East for the latest series of a new Arabic version of "Everybody Loves Raymond."
NI'S 'FOOTSOLIDER' CEO EMERGES FROM SHADOWS
Tom Mockridge, chief executive of News International, said he has not heard if News Corp plan to sell off its UK newspapers.
SALES CHIP AWAY AT BAD LOANS IN EUROPE
The mountain of impaired loans at European banks rose by about 9 percent to more than 1 trillion euros ($1.24 trillion) by the end of last year.
* General Motors said that its Chief Global Marketing Executive Joel Ewanick, 52, had resigned in the latest management shuffle at the top of the nation's biggest automaker.
* The National Transportation Safety Board is investigating why debris fell from an engine on a new Boeing 787 Dreamliner during a pre-flight test Saturday in South Carolina, Boeing Co officials said.
* Patent trials are part bombast, part boredom. A jury will be asked to sort through all that to settle a dispute between Apple Inc and Samsung Electronics Co Ltd beginning Monday in a federal court in San Jose, California.
* NBC might have believed that streaming all the sports live from the London Games would have inoculated it from criticism. But now Twitter has turned into a fiery digital soapbox against NBC as its users have merged their resentment over tape delay with problems viewing the live streams.
THE GLOBE AND MAIL
* The strategy of the Parti Québécois, if it wins the upcoming Quebec election, is to stage a series of constitutional and financial battles with Ottawa - and use any defeat to help build its case for sovereignty.
* Ratings agency Standard & Poor's has revised its outlook downwards on seven Canadian financial institutions, citing high housing prices and consumer debt.
S&P cut its ratings on Bank of Nova Scotia, Central 1 Credit Union, Home Capital Group Inc, Laurentian Bank of Canada, National Bank of Canada , Royal Bank of Canada and Toronto-Dominion Bank .
* A former University of Colorado graduate student accused of killing 12 people and wounding 58 others in a shooting rampage at a Denver-area movie theater last week had been under the care of a psychiatrist who was part of a campus threat-assessment team.
* Canadian banks have long been reluctant to talk about losses from cyber attacks, but they are increasingly buying insurance to protect against losses from computer breaches.
European Economic Update
- Spain GDP -0.4% q/q -1.0% y/y – in line with expectations. Consensus -0.4% q/q -1.0% y/y. Previous -0.3% q/q -0.4% y/y.
- Spain Consumer Price Index 2.2% y/y – higher than expected. Consensus 1.7% y/y. Previous 1.9% y/y.
- Swedish GDP 1.4% q/q 2.3% y/y – higher than expected. Consensus 0.2% q/q 0.6% y/y. Previous 0.8% q/q 1.5% y/y.