Frontrunning: October 12

Tyler Durden's picture
  • Senate Passes Measure on China’s Weak Yuan (Bloomberg)
  • Meet the next "axis of evil" - Beijing and Moscow to put $1bn each in fund (FT)
  • Berlusconi’s future in balance (FT)
  • Juncker lists 10 steps to stem euro zone crisis (Reuters)
  • Paulson & Co warns of asset redemptions (FT)
  • Pimco’s Balls Says Merkel-Sarkozy Plan Isn’t Signal to Buy European Debt (Bloomberg)
  • EU banks face higher capital thresholds (FT)
  • Europe Must Do More to Resolve Crisis: Geithner (Bloomberg)
  • Asia Girds for Europe Fallout With Indonesia Rate Cut, Philippine Stimulus (Bloomberg)
  • Policy about-turn in Foshan home limits (China Daily)
  • Obama loses first round of jobs bill battle (FT)

European economic update:

  • Euroland Industrial Production 1.2% m/m 5.3% y/y – higher than expected. Consensus -0.8% m/m.  Previous 0.9%m/m 4.2% y/y.
  • Russia Trade Balance +$12bn – lower than expected. Consensus +$14.3bn. Previous +$15.2bn.
  • UK Claimant Unemployment 4.9% m/m. Previous 4.9% m/m.
  • UK ILO Unemployment Rate 7.9%. Previous 7.9% m/m.

Global economic highlights courtesy of Egan-Jones

  • Asian stocks fall following disappointing results from Alcoa and after Slovakia fails to approve an expansion of Europe’s bailout fund.
  • China says Ericsson, Huawei paid bribes to procure government orders.
  • Japanese core machinery orders leaped 11% in August.
  • Senate passes bill pressuring China on currency.
  • September US employment-trends gauge ticks lower.
  • Alcoa Q3 EPS at $0.15 (cons $0.22); Sales rose to $6.42B, up 21.3%.
  • Chevron sees 3Q profit in line with 2Q results, after favorable fx movements.
  • Cincinnati Fincl sees Q3 pre-tax catastrophe loss of $88-98M.
  • Delta, U.S. Air get swap OK; antitrust probe stays.
  • Dole Food announces acquisition of SunnyRidge Farm; terms not disclosed.
  • Dollar Thrifty Automotive Group says no acceptable buyout offers received.
  • Healthcare Srvcs Grp posts Q3 EPS of $0.15. Revs up 12.2% at $218.9M.
  • H-P may re-consider PC spin-off plan - report.
  • Levi Strauss' Q3 net jumps 14% helped by ]double-digit sales growth in Apac region.
  • Neustar beats by $0.07, beats on revs; raises FY11 EPS, below consensus.
  • Neustar Inc. agreed to pay $650 million for closely held Targus Information Corp.
  • Power-One lowered its third-quarter sales outlook, cites macroeconomic uncertainty.
  • RIM's BlackBerry service suffered a second-consecutive day of interruptions.

Economic Calendar: MBA Mortgage Index, FOMC Minutes to be released today.
Earnings Calendar: ADTN, HEV, HST, OZRK, PEP, PRXI, UFPI.

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msmith's picture
Here is a look at the DX, GC, and the EURUSD.  With the SPX nearing a pullback soon, the DX and EURUSD are also showing reversal potential for the short term.
Mentalic's picture

On the new nexus of evil article, FT had this:

"Mr Lou has been appointed to RDIF’s international advisory board, alongside the heads of the Korean and Kuwait sovereign wealth funds and the founders and chief executives of private equity firms TPG, Blackstone, Apollo, Apax, Warburg Pincus and Permira."


WTH??? These American PE f***ers are everywhere...

MFL8240's picture

Can you envision anyone taking advice from Tim the tax cheat?  I think the kids in China who laughed in his face gave him far too much respect.