Frontrunning: September 1

Tyler Durden's picture
  • Obama to address Congress on September 8 (Reuters)
  • China Says Fighting Inflation Is Priority (WSJ)
  • Katia a hurricane; another storm likely in Gulf (Reuters)
  • IMF and eurozone clash over estimates (FT)
  • Japan’s New Leader Oversaw Biggest Intervention Since 2004 (WaPo)
  • Asia feels impact of global slowdown (FT)
  • Germany's Resiliency Buoys Europe (WSJ)
  • EU Reaches Deal to Expand Syria Sanctions (WSJ)
  • Goldman Takes Dark View in Private Note (WSJ) or is the European bailout really $1 trillion?

European Economic Recap:

  • Eurozone PMI Manufacturing for August 49 - lower than expected. Consensus 49.7. Previous 49.7.
  • Germany GDP s.a. for Q2 0.1% q/q 2.7% y/y – in line with expectations. Consensus 0.1% q/q 2.7% y/y. Previous 0.1% q/q 2.7% y/y.
  • Germany PMI Manufacturing for August 50.9 - lower than expected.Consensus 52.0. Previous 52.0.
  • France PMI Manufacturing for August 49.1 - lower than expected. Consensus 49.3. Previous 49.3.
  • Italy PMI Manufacturing for August 47.0 - lower than expected. Consensus 49.0. Previous 50.1.
  • UK Nationwide House prices for August -0.6% m/m -0.4% y/y - lower than expected. Consensus 0.0% m/m 0.4% y/y. Previous 0.2% m/m -0.4% y/y.
  • UK PMI Manufacturing for August 49 – in line with expectations. Consensus 49. Previous 49.1.

 

Global economic highlights courtesy of Egan-Jones

  • Asian stocks climbed, with regional indices set for its longest streak of gains since Jan.
  • China PMI at 50.9 in August vs. July's 50.7 which is a 29-month low.
  • China’s top priority is stabilizing prices - Premier Wen Jiabao said.
  • Oil trades near two-day low as crude stockpiles rise; Brent premium widens.
  • Tropical storm Katia, moving west- northwest across Atlantic to grow into a Hurricane. 
  • Bank of NY Mellon said its CEO stepped down because of differences with the board.
  • BofA may sell or shut correspondent mortgage-lending operations.
  • Brown-Forman Corp.'s Q1 net rose 6% to $118.1M. Revs jumped 13% to $840.3M.
  • CIT announces plans to redeem an additional $1B of Series A notes.
  • Clorox dismisses Icahn's revised proposal; says proposal is not credible.
  • Coldwater Creek Inc. posts Q2 loss of $27.7M as revs slipped 40% to $181.4M.
  • Cooper Cos reported Q3 EPS of $1.15 (cons $1.09); revenues rose 17.8% to $351.4M.
  • CSC wins contract worth up to $291M from US Citizenship and Immigration Services.
  • Greek bank, Piraeus Bank, to take a $1.44B impairment on its bond holding.
  • Greif misses by $0.15, beats on revs; lowered FY11 EPS below consensus.
  • IBM buys security analysts software co., i2 from PE seller, terms not disclosed.
  • Jos. A. Bank Clothiers' Q2 net rose 25% to $20.6M. Revs up 22% at $230.7M.
  • Joy Global's Q3 net jumps 49% to $163.5M helped by 28.6% higher sales of $1.09B.
  • Marsh & McLennan subsidiary buys Africa brokerage for $160M.
  • Medtronic completes acquisitions of Peak Surgical and Salient Surgical for $585M.
  • NGL Energy Partners will buy natural gas liquids assets from SemStream L.P. for $283M.
  • OneBeacon Insurance to sell AutoOne biz; expects $18M charge in Q3, reflecting loss.
  • Oxford Industries beats by $0.04, posts Q2 EPS of $0.57. Revs rose 26.3% to $180.6M. 
  • Saab Auto forecast substantial loss for 2011 and withdrew its sales, profit targets.
  • SAIC Inc. cuts its 2012 rev view to not more than $11B from prev view of $11.5B.
  • Stryker Corp. to buy Concentric Medical for $135M cash.
  • Timken to acquire Drives LLC for $92M in cash, expects addition to boost earnings.
  • Zale Corp.'s Q4 loss widened to $32.6M, absent a large tax benefit. Revs up 9.4%.
  • Zumiez Inc. swings to Q2 profit as revs rose 15% to $112.2M. Guides Q3 below f'cast.
  • Economic Calendar: Initial & Continuing Claims, Productivity-Rev. Q2, ISM Index, Construction Spending, Auto Sales to be released.
    Earnings Calendar: CASC, CIEN, FLOW, FNSR, HRB, MOV, ZQK.