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Frontrunning: May 31

Tyler Durden's picture




 
  • Dublin in final push for EU treaty Yes vote (FT)
  • Spain cries for help: is Berlin listening? (Reuters)
  • Crisis draws squatters to Spain's empty buildings (Reuters)
  • EU World Bank Chief Urges Euro Bonds (WSJ)
  • but... EU: Current Plan Is Not To Let ESM Directly Recapitalize Banks (WSJ)
  • Graff pulls Hong Kong IPO, latest victim of weak markets (Reuters) - was MS underwriter?
  • EU Weighs Direct Aid to Banks as Antidote to Crisis (Bloomberg)
  • Dewey's bankruptcy: Let the rumble begin (Dewey)
  • More are cutting off Greek trade: Trade credit insurers balk at Greek risk (FT)
  • Rosengren wants more Fed easing; Dudley, Fisher don't (Reuters)
  • EU throws Spain two potential lifelines (Reuters)
  • Fed's Bullard says more quantitative easing unlikely for now, warns on Europe (Reuters)
  • Australia's record mining investment to ease mid-2013 – Treasury (Reuters)
  • Australia not immune from European economic crisis: Treasury (SMH)

Overnight Media Summary:

WSJ

* Fears Spain can't save its troubled banks sparked a selloff in Spanish government bonds Wednesday and prompted a broad decline in stock markets and the euro.

* Amid Europe's intensifying debt crisis, a spat between banking authorities in Germany and Italy shows how Europe's carefully nourished financial ties are fraying.

* Research In Motion's rookie chief executive is now racing the clock to stem its quickly weakening smartphone business-or come up with options to save the BlackBerry maker.

* HP and Oracle are heading to a trial some have likened to 'divorce court,' where the once cozy tech rivals air their grievances.

* Investors are underestimating the risks posed by Citigroup Inc's push into faster-growing emerging markets, according to a research report to be published Thursday.

* Kayak Software Corp slowed its march to the stock market in one of the clearest examples yet of the fallout from Facebook Inc's tumultuous initial public offering.

* A $1 billion Department of Energy effort to bootstrap advanced battery production for electric cars has led to idle factories and a budding shake out amid doubts the surplus capacity soon will be absorbed.

* The U.S. Commerce Department slapped tariffs on Chinese wind-turbine towers, the latest chapter in a clean-energy trade battle between Washington and Beijing.

* Top managers at France's state-owned companies are expected to face significant pay cuts next month, when Socialist President François Hollande plans to begin enforcing salary caps as part of his broader electoral pledge to get tough on the rich.

 

FT

INVESTORS FLEE TO SAFE HAVENS

An inadequate handling of the debt crisis in Spain and Italy has investors fleeing to safe havens, including US, UK, and German government bonds.

MALAYSIA FUND NEARS BATTERSEA DEAL

Malaysian pension fund Employees Provident Fund is in the final stages of talks to acquire Battersea power station for 375 million pounds.

BT PENSION SCHEME BUYS STAKE IN THAMES WATER

BT Pension Scheme is set to buy a 13 percent stake in London water supplier Thames Water, though terms of the deal were undisclosed.

SFO FACES THREAT OF CHALLENGE ON WEAVERING CASE

The Serious Fraud Office could face a legal challenge if it does not reopen an investigation into the failure of hedge fund Weavering Capital. Investors told the SFO their decision to drop the case is of great concern.

PRESSURE ON SPANISH GOVERNMENT TO PROBE BANKIA'S COLLAPSE

The Spanish government is under pressure from public officials, including the finance minister, to investigate the collapse of Bankia amid public anger over directors' severance pay.

TRADE CREDIT INSURERS HALT COVER FOR EXPORTS TO GREECE

Trade credit insurers Euler Hermes and Coface have stopped providing cover for exporters to Greece, on concern that companies there will be unable to pay their bills.

GRAFF DIAMONDS PULLS HONG KONG IPO

Graff Diamonds has pulled plans to list on the Hong Kong market, after receiving orders for half its $1 billion offering, a spokeswoman for the company said.

TRANSPARENCY ON BANKS' TREASURY UNITS URGED

Ratings agencies and bank analysts urge international banks to improve their disclosure of their treasury unit investments, important revenue drivers for the banks.

 

NYT

* A report finds new connections between colleges trying to recoup budget cuts and financial institutions seeking new customers.

* With a bailout of Spain becoming a more distinct possibility, European policy makers are questioning who will provide the money that Madrid needs to stay in business.

* A call for greater integration came as the European Commission prodded national capitals to live up to the budget rules they had already agreed on.

* After Facebook flopped in its market debut, investors are nervous about new stock offerings. As a result, many companies, like Kayak, are reconsidering plans to go public.

 

Canada

THE GLOBE AND MAIL

- A huge pipeline spill has released 22,000 barrels of oil and water into muskeg in the far northwest of Alberta.

- After hopes were raised of a possible settlement in the 15-week conflict over tuition fee hikes, talks between student organizations and the Quebec government now appear deadlocked.

Reports in the business section:

- Montreal-based CGI Group Inc said it had agreed to buy Anglo-Dutch IT services company Logica for £1.7 billion ($2.64-billion U.S.) in a deal to secure more business with blue-chip clients globally.

NATIONAL POST

- Ontario politicians have agreed to postpone their summer break by at least a week as part of a deal to get the minority government's budget bill passed.

FINANCIAL POST

- Canadian lawmakers in the Senate have opted not to begin debating the legislation that would end the strike at Canadian Pacific Railway until May 31, which means the earliest service could resume is June 1.

 

European economic update:

  • UK Consumer Confidence -29. Consensus -32. Previous -31.
  • Swiss GDP 0.7% q/q 2.0% y/y – higher than expected. Consensus 0.0% q/q 0.7% y/y. Previous 0.1% q/q 1.3% y/y.
  • German Retail Sales 0.6% m/m -3.85 y/y – higher than expected. Consensus 0.2% q/q 0.3% y/y. Previous 0.8% q/q 2.3% y/y.
  • France Consumer Spending 0.6% m/m 0.4% y/y – higher than expected. Consensus 0.3% m/m 0.0% y/y. Previous -2.9% m/m -2.0% y/y.
  • Euro-zone CPI estimate 2.4% y/y – lower than expected. Consensus 2.55% y/y. Previous 2.6% y/y.
 

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Thu, 05/31/2012 - 08:07 | 2478718 AvoidingTaxation
AvoidingTaxation's picture

Swiss GDP 0.7% q/q 2.0% y/y – higher than expected. Consensus 0.0% q/q 0.7% y/y. Previous 0.1% q/q 1.3% y/y.

 

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Tue, 06/12/2012 - 02:06 | 2517131 juicybeats0330
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