Frontrunning: October 31

• Azumi Pledges More Action After Yen Intervention (Bloomberg)
• Japan to buy more EFSF bonds-Europe fund chief (Reuters)
• Draghi in Battle Mode From Day One at ECB (Bloomberg)
• Berlusconi Stays Defiant as Europe’s Crisis Focuses on Italy Reform Effort (Bloomberg)
• Hu starts key trip to Europe (China Daily)
• Europe will not offer China concessions for aid: Juncker (Reuters)
• Europe Might Have Blown Last Chance to End Its Crisis (Bloomberg)
• Schäuble calls for EU lead on Tobin tax (FT)
• UK faces "economic suicide" if on EU margins – Clegg (Reuters)
• China to properly fine tune macro policy (China Daily)
• UK eyes infrastructure fund to boost growth (Reuters)

Global headlines courtesy of Egan-Jones

• Asian stocks decline as Acer, Tohuku Electric report losses; Qantas jumps.
• China to 'firmly' maintain property curbs: Wen.
• Japanese FM said the govt intervened in the foreign exchange market.
• Treasuries rise on speculation US job growth slowed; monthly loss pared.
• UK Home prices decline as outlook worsens, Hometrack says.
• US consumer spending gain of 0.6% helps economy skirt recession relapse.
• Arch Coal misses by $0.05, misses on revs; reaffirms FY11 EPS guidance.
• B&G Foods Inc. to buy Culver Specialty Brands from Unilever for $325M in cash.
• Beacon Power Corp. files for bankruptcy protection in Delaware.
• Borg Warner beats by $0.11, beats on revs; raises FY11 EPS guidance.
• Charles Schwab to acquire Compliance11; Financial terms undisclosed.
• Chevron reports Q3 EPS of $3.92 (cons $3.42); sales rose 26.2% to $61.26B.
• DuPont Co. is exploring a sale of its auto-paint division that may fetch $3-4B.
• EDF said to extend discussions to gain full control of Edison.
• Enbridge Energy misses by $0.01, Q3 EPS at $0.38. Revs rose 25.6% to $2.37B.
• Egypt's Sawiris seeks partners for $2.8B France Telecom Swiss unit takeover.
• Groupon said to consider raising IPO price range on high demand.
• Honda said its U.S. sales are growing in October, defying analysts’ projections.
• LyondellBasell's Q3 net jumped 91% to $895M, helped by higher margins.
• Plains Exploration receives $450M for 20% stake in its Gulf of Mexico business.
• Precision Castparts' shares drop after Q2 margins came in below expectations.
• RBS gets GBP4B offer for insurance arm.
• Sonesta Hotels in talks with various parties over potential transactions incl a merger.
• Sony may end LCD JV with Samsung.
• Vestas issues profit warning, cites delayed commissioning of new mfg unit.
• Wells Fargo canceled plans to charge a $3 monthly fee for using its debit cards.
• Whirlpool to cut more than 5,000 jobs primarily within North America and Europe.

Economic Calendar: Data on Chicago PMI to be released today.

Earnings Calendar: ALL, CNA, CTB, FMC, HUM, JOE, L, PRE, ROG, ULGX, WINN, Y.

Comments

[prains]

And in other news schauble has found a giant berlusconi on his merkels, film at 6 .

[Broomer]

UK eyes infrastructure fund to boost growth (Reuters)

This worked so well for Japan! Oh wait...

[msmith]

The DX appears to have made a bullish breakout.  If this move is sustained today, then it is likely to have huge implications on the markets with a "risk off" tone.  http://bit.ly/rO5KVH

[Schmuck Raker]

"Market estimates have pegged the size of the intervention at more than $130 billion (¥10.3 trillion), said Simon Derrick, currency strategist at Bank of New York Mellon, compared to around $57.1 billion in the previous bout of Japanese intervention on Aug. 4." -Mktwtch

Mercy, $130B less to fund EFSF bonds.

iWeep for Draghi.