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Frontrunning: September 10

Tyler Durden's picture





 
  • China Output Growth Slows as Leadership Handover Looms (Bloomberg); Weak China trade data raises Beijing spending stakes (Reuters)
  • Italy Q2 GDP revised down to -0.8% year-on-year on weak domestic demand (Economic Times)
  • Troika disagrees with €2 billion in Greek "cuts" (Reuters)
  • No Greek bottom in sight yet: Greek IP, Manufacturing Output plunge compared to year earlier (WSJ)
  • Spaniards see European rescue as inevitable – poll (Reuters)
  • France's Hollande sees 2013 growth forecast about 0.8 pct (Reuters), France plots tax hikes of up to 20 bln euros (Reuters)
  • Euro Crisis Faces Tests in German Court, Greek Infighting (Bloomberg)
  • Romney blasts debt-ceiling deal that Ryan backed (Reuters)
  • Geithner sells more AIG stock (FT)
  • Japan infuriates China by agreeing to buy disputed isles (Reuters)
  • Euro crisis to worsen, Greece could exit euro: Swedish FinMin Anders Borg (Economic Times)
  • ‘Lead or leave euro’, Soros tells Germany (FT)
  • German MP makes new court complaint against euro plans (Reuters)
  • Obama super-Pac in push to raise $150m (FT)
  • Korea Plans $5 Billion of Growth Measures as Export Cool (BusinessWeek)
  • Facebook Investors Know Exactly Whom to Blame (Bloomberg)
  • Obama maintains post-convention lead over Romney (Reuters)
  • The Brazilian Ego Falters Along With Country’s Economy (Bloomberg)
  • U.S. ‘Not Setting Deadlines’ for Iran, Clinton Says (Bloomberg)

European front page headlines :

Overnight Media Digest:

WSJ

* The Treasury Department said it would sell $18 billion of American International Group Inc stock in a public offering, slashing its stake by more than half and making the government a minority shareholder for the first time since the financial crisis was roaring in September 2008.

* BP Plc is close to a deal to sell some of its Gulf of Mexico offshore oil fields for around $7 billion to Plains Exploration & Production Co, people familiar with the matter said, as BP continues to divest itself of assets to pay for the 2010 oil spill in the region.

* With two months to Election Day, Republican presidential candidate Mitt Romney faces the disconcerting reality that he isn't winning most of the states he would need to beat President Barack Obama. A new Public Policy Polling survey released Sunday, taken after both parties' conventions, found Obama leading Romney 50 percent to 45 percent in Ohio, an improvement on the president's earlier advantage.

* In a bid to battle the "showrooming" phenomenon that is hurting big-box retailers, Toys "R" Us Inc is expected to disclose Monday that it plans to sell a proprietary tablet designed for children.

* French President François Hollande on Sunday sought to brace the nation for its toughest budgetary effort of the past six decades, as he outlined a raft of austerity measures-including a controversial tax on the rich-to shore up public finances.

 

FT

GLENCORE SOFTENS XSTRATA PROPOSALS

Glencore is set to detail its new offer for miner Xstrata to the market as early as Monday.

EU BANKS FACE RINGFENCE ON TRADING ASSETS

Europe's big banks could be forced to ringfence trading assets under a plan emerging as the consensus recommendation of the Liikanen review.

OBAMA SUPER-PAC IN PUSH TO RAISE $150 MLN

A campaign group backing Barack Obama is pushing to raise up to $150 million in coming weeks.

US COMPANIES GLOOMY ABOUT EARNING GROWTH

Corporate America is more pessimistic about the prospects for short-term earnings growth than at any time since the start of the financial crisis.

BNP'S ITALIAN ARM TO FUND ITS OWN DEBT

BNP Paribas is to start issuing bonds through its Italian subsidiary rather than fund it from parent-company resources.

JAGUAR LAND ROVER UNION SEEKS UK PLEDGE

Jaguar Land Rover's trades union wants the carmaker to guarantee to keep all three of its UK plants open.

DOWNTURN IN CHINA SPREADS TO KEY SECTORS

China's downturn is spreading to the sectors and companies that were expected to withstand the slowdown and drive growth in the region.

'LEAD OR LEAVE EURO', SOROS TELLS GERMANY

Germany should leave the euro zone if it is not prepared to take a more decisive lead in helping the euro zone's weaker nations George Soros said.

APPROVAL FOR NEW HOMES RECORDS SHARP FALL

Planning permission for new homes in Britain has fallen sharply to its lowest level in three years.

 

NYT

* With a few choice words last week, the European Central Bank and its president, Mario Draghi, managed to tame bond markets and inspire a market rally. But the coming week may reveal whether the rescue plan for Spain and Italy was a turning point in the euro zone crisis or just a short-lived spell of relief.

* The Treasury Department said on Sunday that it was planning its biggest sale of shares in the American International Group to date, making the federal government a minority shareholder in the bailed-out insurer for the first time since it took control of the company four years ago.

* Lawmakers in the United States are pushing a bill that could curb the influence of the Securities and Exchange Commission, the Commodity Futures Trading Commission and other regulators, according to Congressional staff members and government watchdog groups.

* Amazon.com, in an apparent switch in its pricing policy, said over the weekend that it would allow buyers of its new Kindle Fire tablet to pay $15 extra to turn off advertisements that are built into the devices.

 

Canada

THE GLOBE AND MAIL

* The federal government is being urged to reach back in history for a made-in-Canada solution to its fighter jet woes by resurrecting the legendary but aborted Avro Arrow interceptor to serve as Canada's next war plane.

* The likelihood of tropical storm Leslie's centre making landfall in Newfoundland this week is high and its effects will be far-reaching, the Canadian Hurricane Centre said Sunday.

Reports in the business section:

* Detour Gold is closing in on the opening of Canada's largest gold mine in January, just as rallying gold prices set the stage for fat profits.

NATIONAL POST

* A widening federal crackdown has identified a record number of people suspected of acquiring their Canadian citizenship and immigration status through fraud, according to a government source.

* Canada will keep trying to aid its citizens in Iran - including three on death-row - with the help of its partners and allies, Prime Minister Stephen Harper said Sunday, in the wake of Ottawa's decision last week to sever ties with the Islamic Republic.

FINANCIAL POST

* There are signs Canadians are listening to the urging of government and regulators to get household debt under control, and the Bank of Canada could respond by raising interest rates "well before the end of 2013," according to a report released Friday by Moody's Analytics.

* With oil and gas companies in the process of firming up capital spending plans for the next year, Bank of Canada governor Mark Carney urged them to open their wallets and invest in the "massive opportunities" offered by Asia's growing demand for commodities rather squirrel away cash to protect themselves against a decelerating global economy.

 


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Mon, 09/10/2012 - 07:40 | Link to Comment Temporalist
Temporalist's picture

Here are some extra headlines:

This one is for Obama and Rahm:

Chicago teachers strike leaves 400,000 students out of school

http://www.cnn.com/2012/09/10/us/illinois-chicago-teachers-strike/index....

 

UK business optimism his (sic) 20-year low - BDO

http://www.telegraph.co.uk/finance/economics/9532329/UK-business-optimis...

 

Strike Spreads at Gold Fields

http://www.foxbusiness.com/news/2012/09/10/strike-spreads-at-gold-fields...

 

Unpleasant surprise for Australian home-loan approvals

"Australian home-loan approvals unexpectedly fell in July by the most in five months"

http://gulfnews.com/business/economy/unpleasant-surprise-for-australian-...

 

China Slowdown also Affects Indian Iron Ore Exports

http://au.ibtimes.com/articles/382282/20120910/china-slowdown-affects-in...

Mon, 09/10/2012 - 07:41 | Link to Comment CPL
Mon, 09/10/2012 - 07:46 | Link to Comment Temporalist
Temporalist's picture
Japan Q2 GDP revised down, builds case for stimulus

"Japan's economy grew less than initially estimated in the second quarter as companies cut capital spending due to growing signs that Europe's sovereign debt crisis and a slowdown in China's economy are denting global demand."

http://in.reuters.com/article/2012/09/10/japan-economy-gdp-idINL4E8K626G...

 

Japan service sector sentiment edges down in August

"Japan's service sector sentiment index fell to 43.6 in August, a Cabinet Office survey showed on Monday, in a sign a slowdown in the global economy kept the business mood subdued."

http://in.reuters.com/article/2012/09/10/japan-economy-sentiment-idINT9E...

Mon, 09/10/2012 - 07:40 | Link to Comment LongSoupLine
LongSoupLine's picture

D.C. radio news is crowing how the AIG "sale" is profitable for the US taxpayers.

Horseshoe!

Mon, 09/10/2012 - 07:43 | Link to Comment CPL
CPL's picture

Time to divest of all insurance products offered by AIG.

 

aka run away

Mon, 09/10/2012 - 08:04 | Link to Comment Catullus
Catullus's picture

Profitable because they had to print the money into existence to pay themselves back.

Mon, 09/10/2012 - 08:02 | Link to Comment No Euros please...
No Euros please we're British's picture

"No Greek bottom in sight yet"

I guess they all heard the troika was in town.

Mon, 09/10/2012 - 08:03 | Link to Comment Catullus
Catullus's picture

http://www.csmonitor.com/USA/DC-Decoder/2012/0908/Did-the-CIA-just-mess-...

CIA still trying the "intelligence failure" story on Iraq.

Writing in the online publication Foreign Policy Journal, Jeremy Hammond argues that “far from acknowledging the CIA’s true role, the document does not present any kind of serious analysis, but only politicized statements rehashing well-worn official claims designed to further the myth that there was an ‘intelligence failure’ leading up to the US invasion of Iraq in March of 2003.”

“On the contrary,” he writes, “there was an extremely successful disinformation campaign coordinated by the CIA in furtherance of the government’s policy of seeking regime change in Iraq.”

“The narrative of ‘intelligence failure’ attempts to obfuscate the truth of the matter, which is that senior government officials repeatedly lied and willfully deceived the public by making claims unsupported by evidence and by deliberately withholding any information that contradicted their allegations,” Mr. Hammond concludes. “Seen in this light, it becomes evident that the recently released CIA document is anything but a ‘mea culpa.’ It is, on the contrary, just more of the same.”

Refused to consider that the Iraqi government would allow people to believe they might have WMDs to prevent from being invaded by their neighbors.

 

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