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Frontrunning: October 24

Tyler Durden's picture




 
  • US Treasury considers new debt security (FT)
  • Obama to announce help on housing, student loans (Reuters)
  • China on China: Double-dip recession unlikely in China (China Daily)
  • Berlusconi calls crisis cabinet meeting (FT)
  • Sarkozy yields on ECB crisis role, pressure on Italy (Reuters)
  • France, U.K. Spar on Role of Non-Euro Nations (Bloomberg)
  • Hong Kong looks to private IPOs from China (FT)
  • Medicare Program for Doctor Groups Gets Looser Rules (WSJ)
  • Banks must find €108bn in new capital (FT)
  • Tories in EU referendum showdown (FT)
  • Pressure on Italy in Eurozone struggle (FT)

Recessionay economic data out of Europe

  • Eurozone PMI Composite 47.2 – lower than expected. Consensus 48.8. Previous 49.1.
  • Eurozone PMI Manufacturing 47.3 – lower than expected. Consensus 48.0. Previous 48.5.
  • Eurozone PMI Services 47.2 – lower than expected. Consensus 48.5. Previous 48.8.
  • Eurozone Industrial New Orders n.s.a. 6.2% y/y – higher than expected. Consensus 5.8% y/y. Previous 8.4% y/y. Revised 8.9% y/y.
  • Eurozone Industrial New Orders s.a. 1.9% m/m - higher than expected. Consensus 0.0% m/m. Previous -2.1% m/m.
  • Germany PMI Manufacturing 48.9 – lower than expected. Consensus 50.0. Previous 50.3.
  • Germany PMI Services 52.1 – higher than expected Consensus 49.9. Previous 49.7.
  • France PMI Manufacturing 49.0 – higher than expected. Consensus 48.0. Previous 48.2.
  • France PMI Services 46.0 – lower than expected. Consensus 50.4. Previous 51.5.

Global highlights:

  • Asian stocks climb after Europe said it is making good progress on a rescue plan.
  • China 'flash' manufacturing PMI at 51.1, up from 49.9 in September.
  • EU considering setting up a fund to entice outside investors to buy troubled euro-area government bonds. Rules out using ECB's balance sheet.
  • Japan swung to a trade surplus of $3.93B in September.
  • New data expected to show U.S. economy grew faster in Q3 than had been predicted.
  • "Merkozy" relationship of German, French leaders suffering as money is tough to come by.
  • Oil rises above $88 in Asia amid signs of improving economies in Japan, China.
  • Caterpiller's Sept. net income rises from $792M to $1.14B.
  • AMR shares slump, analyst says bankruptcy likely.
  • China wealth fund, Blackstone may buy RBS bad loans.
  • Eaton's Sept. net income rises from $269M last year to $365M this year.
  • GE Q3 profit rises 18% helped by continued rebound in lending business.
  • General Dynamics bags $1.04B order to upgrade fleet of armored vehicles in Canada.
  • Heico will acquire Switchcraft from ClearLight Partners; terms undisclosed.
  • Kodak reportedly seeking up to $900M in financing.
  • Maxim Integrated's Q1 net rises 14% to $133M. Revs up 2% at $636M.
  • McClatchy Co.'s Q3 net falls 21% to $9.4M as revs fell 8% to $300M.
  • McDonald's Q3 net rises 9% to $1.51B, helped by higher prices. Revs rose 14% to $7.17B.
  • Nissan aims to be world No. 1 in green vehicles, sees 1.5M cumulative sales with Renault.
  • Oshkosh, Navistar shares rise on talk of merger pushed by investor Carl Icahn.
  • Regulators seize main subsidiary of PMI Group, which will begin paying claims at just 50%.
  • Sara Lee and Bimbo get DOJ approval on bakery sale.
  • Schlumberger Ltd. Q3 profit fell 25%; lowers 2012 demand outlook.
  • Swift Energy completes sale of interest in 9 oil and gas fields for $53.5M.
  • Taubman Centers lifts 2011 FFO outlook, reports solid Q3 results.
  • Tepco to sell all uranium-mining rights.
  • Verizon's Q3 net doubles to $1.38B due to pension accounting effects. Revs up 5.9%.
  • VF Corp.'s Oct. net income rises from $243M last year to $301M this year.
 

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Mon, 10/24/2011 - 08:04 | 1803759 DCFusor
DCFusor's picture

Not to sound like Robo, but in other news CAT had a blowout quarter.  So sad for the doom and gloom.

Mon, 10/24/2011 - 10:17 | 1804144 Odin
Odin's picture

Wait I'm confused. How does higher than expected earnings for one company mean that the fundamental systemic risk engulfing the globe right now is negated?

Mon, 10/24/2011 - 08:08 | 1803769 msmith
msmith's picture
The EURUSD and the AUDUSD are both pointing to a weaker USD this morning, which should push equities higher.  http://bit.ly/pu63AA
Mon, 10/24/2011 - 08:11 | 1803774 Sequitur
Sequitur's picture

US notes with floating interest rates. Did Bernake consult Greece in creating another shitpaper sandwich?

Mon, 10/24/2011 - 08:11 | 1803775 Spitzer
Spitzer's picture
US Treasury considers new debt security

This is why the dollar is fuct and not the Euro

Mon, 10/24/2011 - 08:15 | 1803784 lolmao500
lolmao500's picture

http://www.france24.com/en/20111023-eu-ready-revise-bloc-treaty

European Union leaders on Sunday agreed to change the bloc's treaty if necessary in the interests of economic convergence and discipline, EU president Herman Van Rompuy said.

"We decided to explore the possibility of limited treaty change," Van Rompuy said. "The aim is deepening our economic convergence and strengthening economic discipline."

Mon, 10/24/2011 - 08:18 | 1803789 lolmao500
lolmao500's picture

http://www.bbc.co.uk/news/uk-politics-15425256

EU referendum: Tory MPs set to rebel against government

http://uk.news.yahoo.com/eurozone-debt-crisis-chilling-effect-uk-1427535...

Sarkozy 'Sick' Of Cameron's Euro Advice

David Cameron has been involved in a furious row with French president Nicolas Sarkozy who said he was sick of the UK offering advice on the euro. The Prime Minister clashed with Mr Sarkozy during a six-hour EU summit in Brussels as leaders sought to hammer out a solution to the problems gripping the single currency. The row erupted after the French president tried to insist that a follow-up meeting on Wednesday should be restricted to the 17 eurozone leaders. At one point in the exchanges, the French president was quoted as telling Mr Cameron: "We are sick of you criticising us and telling us what to do. "You say you hate the euro and now you want to interfere in our meetings."

Mon, 01/16/2012 - 09:49 | 2068416 adrin
adrin's picture

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Tue, 07/10/2012 - 03:17 | 2601289 rajonmestra
rajonmestra's picture

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