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Frontrunning: May 24
- China Pledges More ‘Fine-Tuning’ in Support for Growth (Bloomberg)... more promises, just never any actual funding
- Spain Calls for Help to Lower Borrowing Rates (AP)
- China Is a Black Box of Misinformation (Bloomberg)
- EU Chiefs Clash on Bonds Amid Call Greece Keep Cutting (Bloomberg)
- Spain to Recapitalize Bankia in Latest Bailout (WSJ)
- The running schizo tally: EU urges Greece to stay in euro, plans for possible exit (Reuters)
- The Seeds of the EU’s Crisis Were Sown 60 Years Ago (Bloomberg)
- Fed data expose US$100bn JP Morgan blunder (IFRE)
- Chesapeake Raises Big Bet in Ohio (WSJ)
- Fed's Bullard says orderly Greek exit possible (Reuters)
- Some Big Firms Got Facebook Warning (WSJ)
- ECB's Nowotny: Greece Exit Would Create "Massive Distortions" (MNI)
Overnight European Summary:
WSJ
* European Union leaders came up with few new responses to the euro crisis, as officials stepped up planning for a possible Greek exit from the euro zone.
* Nearly 20 months after completing their $3.2 billion merger, United Airlines and Continental Airlines are grappling with the messy business of stitching together two sprawling operations.
* HP also said its quarterly profit slumped 31 percent amid relatively flat revenue in its PC business and lower printing sales.
* Spain will provide about $11.4 billion to cover Bankia's needs, the nation's finance minister said.
* Chesapeake is ramping up drilling on the Utica Shale, a promising but unproven oil field, at a time when the embattled natural-gas giant is under financial stress and facing heightened scrutiny from investors.
* Zynga is trying to provide some answers for its controversial acquisition of "Draw Something," a mobile game that was released only six weeks earlier and has since lost popularity.
* A startup is aiming to create a trading platform that protects mutual-fund managers from high-speed traders.
FT
EURO DROPS SHARPLY AS FEARS TAKE TOLL
The euro tumbled to its lowest level in almost two years as investors dumped riskier European equities amid signs that policymakers were bracing for the financial turmoil that could be unleashed by a Greek exit from the euro zone.
INVESTORS SUE FACEBOOK AND BANKS ON IPO
Recriminations over Facebook's initial public offering have escalated with a group of investors filing a lawsuit against the social network group and the investment banks that backed last week's initial public offering.
GE GROUP SQUARES UP TO APPLE
A General Electric-owned company is squaring up to Apple in a Pennsylvania courtroom over whether its patents were infringed when Apple launched its iTunes platform.
COPPER ETF PLAN WOULD 'WREAK HAVOC'
U.S. manufacturers have attacked plans by JPMorgan Chase to launch an exchange-traded fund backed by physical copper, arguing the product would "grossly and artificially inflate prices" and "wreak havoc on the U.S. and global economy".
HP CASUALTIES INCLUDE AUTONOMY FOUNDER
Hewlett-Packard has confirmed it will make 27,000 job cuts in a major restructuring of its struggling computer business.
IPO ALERT OVER ECCLESTONE'S KEY F1 ROLE
Investors looking to buy shares in Formula One's planned initial public offering in Singapore are to be warned of the company's reliance on Bernie Ecclestone, the 81-year-old at the heart of the motor racing series.
NYT
* Regional leaders meeting in Brussels failed to signal concrete steps to stimulate the economy or resolve the competing agendas of the German chancellor and the French president.
* As the star of Alexis Tsipras continues to rise, Greece's elite have even greater reason to lie low. A few, however, are stepping up with donations and ideas on addressing the debt crisis.
* Insurers, hospitals and doctors say they are forming partnerships and creating programs to find ways to slow the growth in the nation's $2.7 trillion health care bill.
* Despite lively opposition, Shell, with President Obama's support, will start test-wells in Alaska's North, in a moment of major promise and considerable danger.
Canada
THE GLOBE AND MAIL
- The Conservative government's plan to speed up the return of Canada's unemployed into the labour market will include more stringent rules as to what kind of jobs EI recipients should be prepared to accept.
Reports in the business section:
- Ottawa is poised to intervene in a strike at Canadian Pacific Railway Ltd that has halted freight deliveries across the country and threatens to inflict heavy damage on the economy.
- Research In Motion Ltd has lost one of its most promising young executives, Patrick Spence, who was based in London and in charge of the stumbling smartphone giant's global sales strategy.
NATIONAL POST
- As the tuition protests drag on with no resolution in sight, businesspeople and tourism officials are starting to worry that the overlap between the student movement and the festivals that define Montreal summer will not be just symbolic.
FINANCIAL POST
- Toronto builders call it stability but their latest statistics show condominium sales are down 20.2 percent this year and now prices are falling.
Summary of the European implosion:
- Germany GDP s.a. 1Q 0.50% q/q s.a. 1.20% y/y w.d.a. - in line with expectations. Consensus 0.50% q/q s.a. 1.20% y/y w.d.a. Previous 0.50% q/q 1.20% y/y w.d.a.
- Switzerland Trade Balance for April 1.33B – lower than expected. Consensus 1.90B. Previous 1.69B. Revised 1.58B.
- Switzerland Exports real s.a. for April -0.90% m/m – lower than expected. Consensus 0.20% m/m. Previous -2.50% m/m. Revised -2.40% m/m.
- Switzerland Imports real s.a. for April 2.60% m/m. Previous 4.60% m/m. Revised 5.90% m/m.
- France PMI Manufacturing for May 44.4 – lower than expected. Consensus 47. Previous 46.9.
- France PMI Services for May 45.2 – lower than expected. Consensus 45.7. Previous 45.2.
- Germany PMI Manufacturing for May 45 – lower than expected. Consensus 47. Previous 46.2.
- Germany PMI Services for May 52.2 – higher than expected. Consensus 52. Previous 52.2.
- Eurozone PMI Composite for May 45.9 – lower than expected. Consensus 46.6. Previous 46.7.
- Germany IFO - Business Climate for May 106.9 – lower than expected. Consensus 109.4. Previous 109.9.
- Eurozone PMI Manufacturing for May 45 – lower than expected. Consensus 46. Previous 45.9.
- Eurozone PMI Services for May 46.5 – lower than expected. Consensus 46.7. Previous 46.9.
- UK GDP 1Q -0.30% q/q -0.10% y/y - lower than expected. Consensus -0.20% q/q 0.00% y/y. Previous -0.20% m/m 0.00% y/y.
- UK Private Consumption 1Q 0.10% - lower than expected. Consensus 0.30%. Previous 0.40%.
- UK Exports 1Q P 0.10% - higher than expected. Consensus -0.30%. Previous 1.60%.
- UK Imports 1Q P 0.40% - higher than expected. Consensus 0.10%. Previous 0.90%.
- Germany Exports 1Q 1.70% - higher than expected. Consensus 0.90%. Previous -0.80%. Revised -1.50%.
- Germany Imports 1Q 0.00% - lower than expected. Consensus 0.30%. Previous -0.30%. Revised -0.80%.
- Germany Private Consumption 1Q 0.40% - higher than expected. Consensus 0.20%. Previous -0.20%.
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Newsflash: Greece just found 18 bil and will release it on friday. Bankrun continues.
http://www.cnbc.com/id/47548772
I wonder how many billions Dear Uncle Sam will find if he lifted his over leveraged, obese ass off the sofa long enough to reach down between the cushions...