Frontrunning: October 13

• EU Bank Risks ‘Rapidly’ Growing, Andersson Says (Bloomberg)
• Inside the Fed Fight Over Bond Buys (Hilsenrath)
• France ready to give banks public capital (FT)
• Berlusconi Will Defend Government in Parliament as Confidence Vote Looms (Bloomberg)
• Germany urges treaty to strengthen bloc (FT)
• China's Appetite for Commodities Wanes (WSJ)
• China Exports Slow on ‘Severe Challenges’ (Bloomberg)
• Fed’s Plosser: Operation Twist is fiscal policy (Reuters)
• Buffet Refuses Congressional Republican’s Offer for Swap of Tax Returns (Bloomberg)
• South Korea Holds Rates, BoJ Mulls Stimulus (Bloomberg)

European economic highlights:

• Poland Consumer Price Index for September 0.8% m/m 3.6% y/y – higher than expected. Consensus 0.5% m/m 3.2% y/y. Previous -0.4% m/m 2.9% y/y.
• Germany Consumer Price Index  for September 0.1% m/m 2.6% y/y – in line with expectations. Consensus 0.1% m/m 2.6% y/y. Previous 0.1% m/m 2.69% y/y.
• Germany CPI-EU Harmonised  for September 0.2% m/m 2.9% y/y – higher than expected. Consensus 0.1%  m/m 2.8% y/y. Previous 0.1% m/m 2.8% y/y.
• UK Trade Balance Non EU GBP/Mn for August -£4867 – lower than expected. Consensus -£5350. Previous -£5505. Revised -£4651.
• UK Visible Trade Balance GBP/Mn for August -£7768 – lower than expected. Consensus -£8800. Previous -£8922. Revised -£8154.
• UK Trade Balance (GBP/Mn) for August -£1877 – lower than expected. Consensus -£4250. Previous -£4450. Revised -£2273.
• Switzerland Producer & Import Prices for September -0.1% m/m -2.0% y/y – in line with expectations. Consensus -0.1% m/m -1.9% y/y. Previous -1.2% m/m -1.9% y/y.
• Sweden PES Unemployment Rate for September 4.5% - higher than expected. Consensus 4.2%. Previous 4.3%. Revised 4.7%.
• Netherland Retail Sales 2.5% y/y. Previous -0.7% y/y. Revised -0.6% y/y.

Global economic headlines courtesy of Egan-Jones

• Asian stocks rise after Europe announces action to curb region's debt woes.
• China 2011 CPI reportedly up 5.5% on year.
• China's trade growth slows in Sept amid global weakness, surplus narrows to $14.5B.
• FOMC Minutes: Some Fed officials sought to retain option of QE3.
• Free-trade deals with Korea, Colombia, Panama pass US Congress.
• PC market grows in Q3, but sluggishly, adding to worries about industry's health.
• AIG enters into two new Bank Credit Facilities totaling $4.5B.
• AOL CEO been pushing the idea of a sale to Yahoo Inc. in meetings with top shareholders in the past few weeks.
• Apple wins injunction to block Samsung tablet sales in Australia.
• Apple, Hollywood in talks to allow movies on iPhones, iPads.
• ASML on track to achieve full-year sales of about €5.5B, Q3 net rises 32%.
• Chinalco to buy Xstrata's early-stage Humito copper exploration project in northern Chile.
• Chrysler, UAW agree on new contract; Co plans to invest $4.5B in US plants.
• Johnson Controls expects its EPS to rise about 20% in 2012 on strong orders.
• JP Morgan's Sept. net income declines from $4.4B to $4.3B.
• Liz Claiborne agreed to sell its namesake, Monet and Kensie fashion brands for $328M.
• Martin Marietta Materials to acquire Denver ops in asset exchange with Lafarge N.America.
• MetLife says it may sell mortgage business to focus on insurance.
• Pan America sets $1B for Argentina exploration in 2012.
• PepsiCo Q3 profit rises 4% on higher prices, better sales of snacks and beverages.
• Teekay Corp. bought eight ships that carry LNG for $1.4B in a JV with Marubeni.
• Texas Industries suspends quarterly dividend, cites uncertainty in demand recovery.
• Universal Forest's Q3 net doubles to $5.6M; revs down 2.4% at $468.9M.
• Wal-Mart sees FY13 sales growth ahead of expectations at Investor meeting.
• XL Group plc announces prelim loss estimates of $90-120M for Q3 2011 catastrophes.

Economic Calendar: Initial & Continuing Claims, Trade Balance, Crude Inventories be released today.
Earnings Calendar: ATNY, CBSH, EMMS, FAST, FCS, GOOG, JBHT, JPM, SWY, VMI, WGO.

Comments

[Dapper Dan]

This just won't go away.  From a Japanese paper.

 High radiation dose readings marked in spots in Tokyo, Chiba

TOKYO, Oct. 13, Kyodo

High radiation doses were reported Thursday in spots in Tokyo and neighboring Chiba Prefecture, both over 200 kilometers away from the crippled Fukushima Daiichi nuclear plant, with their readings found to exceed current dose levels in some evacuation zones around the plant.

http://english.kyodonews.jp/news/2011/10/120015.html

then again good news!

Thursday, Oct. 13, 2011 Fukushima declares rice is safe Kyodo

FUKUSHIMA — Fukushima Prefecture declared this year's rice crop safe for consumption after all samples cleared radiation tests for food, with 80 percent of the crop found completely untainted by cesium, prefectural officials said.

http://search.japantimes.co.jp/cgi-bin/nn20111013x2.html

[PulauHantu29]

China Exports Slow on ‘Severe Challenges’

China’s exports rose the least in seven months and the customs bureau warned of “severe” challenges as the global economic outlook dims, giving Premier Wen Jiabao’s government less incentive to let the yuan rise.

Exports rose a less-than-forecast 17.1 percent in September from a year earlier, the bureau’s data showed in Beijing. The trade surplus was $14.51 billion, the smallest since May. Growth in shipments to Europe, China’s biggest export market, slumped to 9.8 percent, from 22 percent, amid the sovereign-debt crisis in euro-region nations.