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Frontrunning: October 26
- Incoming ECB head gives euro zone pre-summit boost (Reuters)
- Fears Euro Summit Could Miss Final Deal (FT)
- Merkel Puts Rescue Fund to German Vote (Bloomberg)
- Iron ore in record slide as China demand slows (Reuters) BHP, Rio CDS Soar
- MF Global slumps 47% on unexpected loss (FT)
- Bankers fear political moves will kill off CDS (FT)
- EU Banks Warn of Credit Drought in Push for Capital (Bloomberg)
- Analysis: Obama's moves pack political rather than economic heft (Reuters)
- BOE: QE May Not Boost Bank Lending (WSJ)
- Olympus chairman resigns, watchdog probes firm (Reuters)
- Yuan Rise Won’t Erase US Trade Deficit (Reuters)
European economic summary:
- Germany Import Price Index for September 0.6% m/m 6.9% y/y – in line with expectations. Consensus 0.6% m/m 6.9% y/y. Previous -0.7% m/m 6.6% y/y.
- France Business Survey Overall Demand for October 2.0. Previous 16.0.
- Italy Business Confidence for October 94.0 – in line with expectations. Consensus 94.0. Previous 94.5.
- Sweden Trade Balance for September (Kronor) 11.9B – higher than expected. Consensus 7.5B. Previous 5.3B. Revised 6.4B.
- UK CBI Trends Total Orders for October -18.0 – lower than expected. Consensus -7.0. Previous -9.0.
- UK CBI Trends Selling Prices for October 1.0 – lower than expected. Previous 13.0.
- UK CBI Business Optimism for October -30.0. Previous -16.0.
Global highlights courtesy of Egan-Jones:
- Home prices in 20 US cities dropped more than forecast in August.
- Japan, Australian shares fall after Europe Summit canceled.
- Merkel puts rescue fund to German vote.
- US consumer confidence unexpectedly drops to two-year low.
- 3M lowers FY EPS outlook to $5.85-5.95 (prev $6.10-6.25) on slowing global growth.
- ACE Limited posts Q3 EPS of $2.22 (cons $1.77); revs rose 31.8% to $4.34B.
- Amazon Q3 net drops 73% on heavy spending on warehouses, data centers.
- Amazon sees Q4 operating loss $200M to operating income $250M vs. est. $512.7M.
- American Fincl beats by $0.08; reaffirms FY11 EPS above consensus.
- ArcelorMittal backs out of MacArthur coal purchase.
- Boston Properties beats by $0.05, beats on revs; guides Q4 FFO below cons.
- Broadcom Q3 profit falls 18% on rising costs; outlook falls short of estimates.
- Cardinal Health to acquire Futuremed Healthcare Products Corp. for about C$124.5M cash.
- Coach Inc.'s Q1 profit rises by 14% to $215M as revs rose 15% to $1.05B.
- CR Bard Inc. to acquire Medivance Inc. for $250M.
- Cummins slashed its profit, sales outlook for 2011, cites macroeconomic uncertainty.
- Delta Q3 results falls short on higher costs, weaker traffic.
- DreamWorks Animation's Q3 earnings dropped 51%, hurt by soft sales of DVDs.
- DuPont's Q3 net jumps 23% to $452M as revs grew by 32% to $9.2B, on higher prices.
- KKR & Co. is seeking as much as $6B or its second Asian buyout fund.
- Manitowoc beats by a cent; Q3 EPS at $0.18. Revs rose 15.9% to $935.4M.
- McKesson's Q2 net falls 9.4% to $296M undercut by legal settlement, results beat est.
- MetLife says Fed rejects plan for dividend increase, buybacks.
- MF Global shares plunge after posting biggest-ever quarterly loss of $38.8M.
- PolyOne's Q3 net comes in at $21.6M, misses forecasts. Revs rose 8% to $735.8M.
- RailAmerica beats by $0.02, posts Q3 EPS of $0.24. Revs rose 8.9% to $139.7M.
- Rayonier Inc. Q3 profit grew 67%, buoyed by higher revenue and a tax benefit.
- Reynolds American's Q3 net falls 4% to $367M on legal charges, other costs.
- TD Ameritrade posts 44% jump in Q4 profit as market turmoil drives heavy trading.
Economic Calendar: Data on Durable Orders, New Home Sales, Crude Inventories to be released.
Earnings Calendar: AEP, AFL, AGN, ATI, BA, CA, COP, EXC, F, GD, HES, ISIL, LMT, MHS, NOC, OI, PX, SYMC, TUP, V, WCAA, WLP.
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You forgot weather forecast: shitstorm at the horizon
"Bankers fear political moves will kill off CDS"
Yeah, that would be tragic... Bankers will have to locate their old bookies and start betting the horses again.
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Poor MF Global
The firm, run by former New Jersey governor and one-time Goldman Sachs chief Jon Corzine, lost 9 cents per share in the fiscal second quarter ended Sept. 30, far worse than the nickel per share profit the Street expected. Revenue dove to $205.9 million from $240.3 a year ago, a reflection of market volatility that led the firm to sharply decrease its exposure during the period.
welcome to the pinks
anyone know the timetable for today's euro summit?
Some time next week....BUT wwe promise... There is a plan, just working on the final FINAL touches.
Keep bidding risk up though, we PROMISE to be one helluva deal.
A possible small correction continues today, but the ES, DX, GC, and CL all are pointing towards more "risk on" is likely ahead. http://bit.ly/sPGyGW
Na. CNBC says that people are so risk off right now that banks are flushed with cash and they don't want your money and may have to charge you more to store it there. And bank of america arresting people for closing accounts is just a mistake. They were actually arresting people for trying to open accounts.