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Frontrunning: October 10
- Belgium to Buy Dexia’s Consumer Unit for $5.4B (Bloomberg)
- New $1.4 Trillion U.S. Stimulus Is in Sight: Douglas Holtz-Eakin (Bloomberg)
- Banks to be forced to boost liquid assets (FT)
- Trichet Reminds U.S. Euro Built to Last (Bloomberg)
- White House Aims to Lure More Foreign Investment (WSJ)
- Fannie and Freddie debt fuels anxiety (FT)
- Merkel and Sarkozy set euro deadline (FT)
- ‘Time short’ for eurozone, says Cameron (FT)
- Former PBOC Adviser: China To Continue Tight Monetary Policy (WSJ)
- BoE’s Weale Says the Bank Has a ‘Lot of Scope’ to Increase Asset Purchases (Bloomberg)
- IMF Plans New Line of Credit to Stem Crisis (WSJ)
- Swiss officials convene bank crisis committee (Reuters)
European Economic Update:
- Norway Producer Prices 15.3% y/y. Previous 12.8% y/y.
- Italy Industrial Production sa 4.3% m/m 4.7% y/y – higher than expected. Consensus 0.2% m/m -2.7% y/y. Previous -0.7% m/m -1.6% y/y.
- Eurozone Sentix Investor Confidence -18.5 – lower than expected. Consensus -18.0. Previous -15.4.
- Sweden Industrial Production 1.3% m/m -1.5% y/y. Previous -2.2% m/m 2.0% y/y.
- Sweden Trade Balance -0.175B. Previous Revised -0.061B.
Global headlines courtesy of Egan-Jones:
- China slashed prices for gasoline and diesel fuel Sunday, in its latest effort to fight inflation.
- China unlikely to tighten in Q4: state media.
- Chinese house prices eased in September, the first such drop this year.
- European stocks opened mostly higher, on hopes for progress over its troubled banking sector.
- No recession for US as economists improve forecasts to weakest expansion.
- Sarkozy, Merkel say they've reached a plan to recapitalize Europe's banks. Plan kept secret.
- America Movil expects to launch its offer to buy the 40% of fixed-line unit TelMex.
- AT&T says preorders for Apple IPhone 4S broke the company’s sales records.
- BMW AG will exceed full-capacity utilization at its plants this year, say company official.
- Costco said it is raising membership fees for about 22 million customers by 10%.
- Covenant Transport sees Q3 net loss; amends credit facility; possibility of a covenant violation.
- Daylight Energy Ltd. to be acquired by Sinopec for $2.12B.
- Dexia SA approved a rescue deal; to sell its banking division to the Belgian state for €4B.
- Dow Chemical, Saudi oil company sign accord for $20B plant.
- Ferrovial SA to sell 5.88% of UK airports company BAA to Alinda Capital Partners for GBP280M.
- Honeywell sees business jet demand down 15% this year, modest growth next year.
- International Speedway Corp.'s board boosts its buyback authorization by up to $80M.
- Itau Unibanco in talks to buy part of HSBC's Brazilian operations.
- KBC Group to sell its private banking arm to Precision Capital for $1.41B.
- Norilsk Nickel mandates banks to arrange an up to $1.5B loan with a five-year maturity.
- Oppenheimer Holdings plans to buy back as much as 5% of Class A shares.
- Oshkosh Corp.: Union workers voted to reject a second 5-yr contract offer. Talks will continue.
- RIM to buy Irish software firm NewBay, term undisclosed.
- Sprint to stop selling phones compatible with Clearwire’s network by the end of next year.
- Superior Energy buying Complete Production Services in $2.7B cash-and-stock deal.
- Toyota's September China sales up 10.5%; GM's up 15.3%.
- US Federal Trade Commission clears Teva's acquisition of Cephalon.
- Whirlpool Corporation wins stay motion in patent litigation brought by LG Electronics.
Earnings Calendar: ALRN, ATNY, CAW, NOBH, NVLS, RPXC, SVBI.
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"Merkel and Sarkozy set euro deadline"
i first read
"Merkel and Sarkozy see the euro dead"
and thought mainstream media removed its pink glasses
"...as Recovery Accelerates" (Bloomberg)
Doesn't Belgium currently not have an elected government?
does not matter. neither does the EU.
or ever worse: only dropped out loser politicians from portugal and belgium run the EU.
Gee, Dougie, maybe that's because the last time it was tried under Bush it didn't create any jobs. They've only been talking about it since last year.
Are there any other rewards you'd like to heap on companies moving American jobs overseas while we're at it?
http://www.latimes.com/news/politics/la-pn-cain-occupy-wall-street-20111...
Republican presidential contender Herman Cain amplified his criticism Sunday of the growing Occupy Wall Street movement, calling the protesters “jealous’ Americans who "play the victim card” and want to “take somebody else’s” Cadillac.
On CBS, Cain suggested that the rallies had been organized by labor unions to serve as a “distraction so that many people won’t focus on the failed policies of the Obama administration.”
The banking and financial services industries aren’t responsible for those policies, Cain said. “To protest Wall Street and the bankers is basically saying you’re anti-capitalism,” he said.
For Wall Street to fuck up their business so bad and have to take a government bailout was anti-capitalism too?? TBTF should have failed. It was and is the only way out of this mess.
Exactly. It isn't capitalism when you reward businesses for failure. Cain is a moron.
“take somebody else’s” Cadillac?
rich people buy Cadillacs in the US? really doubt that. might have been so in the 50s.
"New $1.4 Trillion U.S. Stimulus Is in Sight: Douglas Holtz-Eakin (Bloomberg)"
Allow Bloomberg to Retort: Stimulus? Recession? What recession?
"No U.S. Recession as Forecasts Improve" (Bloomberg)
Bloomberg's Recommendation: Redirect that $1.4 Trillion to Wall Street for much needed future bailouts... (Furture: See Tyler on Euro-Trash Banks)...
Wall Street's Plan: "Bail Out My Bonus!"
"Costco said it is raising membership fees for about 22 million customers by 10%."
More "No Inflation" membership fees on top of new banking fees...