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Frontrunning: September 7

Tyler Durden's picture





 
  • Jobs Gauge Carries Election Clout (WSJ)
  • Draghi Lured by Fractious EU Leaders to Build Euro 2.0 (Blooomberg)
  • Rajoy stance sets stage for EU stand-off (FT)
  • China Approves Plan to Build New Roads to Boost Economy (Bloomberg)
  • Hollande faces questions on tax pledge (FT)
  • Putin Looks East for Growth as Debt-Ridden Europe Loses Sheen (Bloomberg)
  • Strike Grounds Half of Lufthansa's Flights (Spiegel)
  • The weakest will win in the euro battle (FT)
  • Hilsenrath: Fed Economic, Interest Rate Forecasts Will Include 2015 Outlook (WSJ) - because he just figured that out
  • Obama Presses Plan for U.S. Resurgence (WSJ)
  • Hong Kong to Restrict Sales of Homes at Two Sites to Locals (Bloomberg)
  • Drought Curbs Midwest Farm-Income Outlook, St. Louis Fed Says (Bloomberg)
  • Meet Apple's Favorite Blogger (Bloomberg)

Overnight Media Digest

WSJ

* President Barack Obama portrayed himself as a stout defender of the middle class and a leader with a plan to create jobs across the U.S. economy in a speech Thursday accepting the Democratic nomination for re-election.

* The investor standoff that is threatening the proposed merger of Glencore International Plc and Anglo-Swiss mining giant Xstrata Plc showed no signs late Thursday of being broken ahead of a crucial vote on the $34 billion deal Friday.

* Apple Inc has recently shifted some memory chip orders for its coming iPhone from Samsung Electronics Co to other Asian chip makers, people familiar with the matter said, suggesting that the U.S. company is diversifying its component suppliers as patent disputes between the two technology giants escalate.

* Amazon.com Inc kindled a price war in the tablet-computer market, unveiling a new slate of the devices that pack in more features at lower prices than Apple Inc dominant iPad.

* JPMorgan Chase & Co appointed a new executive to lead the unit that suffered at least $5.8 billion in trading losses tied to credit derivatives earlier this year, as it refocuses the division on "its core mandate of conservative investing," according to a memo announcing the appointment.

FT

DRAGHI OUTLINES BOND BUYING PLAN

The European Central Bank agreed on Thursday to launch a new and potentially unlimited bond-buying programme to solve the euro zone crisis.

HOLLANDE FACES QUESTIONS ON TAX PLEDGE

French President Francois Hollande is under pressure over a controversial 75 percent marginal tax rate for the rich.

INVESTMENT BANKS FOCUS ON CORE STRENGTHS

In the past two years, investment banks have tried to counter a slump in business by attempting to cut jobs and capacity.

GLENCORE SETBACK JEOPARDISES MEGA-DEALS

The potential collapse of the planned merger between Glencore and Xstrata would lift the value of failed mergers in the natural resources sector.

MAN HIRES EX-PIMCO BOND CHIEF

Man Group, the world's second-largest hedge fund, has hired former Pimco international bond chief Sudesh Mariappa.

UK ECONOMY PREDICTED TO CONTRACT

The OECD has predicted that Britain's economy will contract by 0.7 percent in 2012.

RAJOY SHOWS BRAVADO IN FACE OF ECB RULES

Spain's Prime Minister Mariano Rajoy showed no rush on Thursday to seek a bailout that would come with bitter conditions.

TWITTER BEATS FACEBOOK ON MOBILE ADS

Twitter has taken an early lead over Facebook in the mobile advertising market, analysts say.

JP MORGAN FACES FRESH PROBE

JPMorgan Chase is facing a new probe from the U.S. Senate into the trading losses at its chief investment office.

NYT

* Ford Motor Co said it would introduce several new or refreshed models to bolster its struggling European division, including stalwarts from its American lineup like the Edge sport utility vehicle and the Mustang sports car.

* The European Central Bank on Thursday took its most ambitious step yet toward easing the euro zone crisis, throwing its unlimited financial clout behind an effort to protect Spain and Italy from financial collapse.

* In a move that could shake up the growing field of Internet radio, Apple Inc plans to develop a service that would compete with Pandora Media by sending streams of music customized to users' tastes, three people briefed on the plans said late Thursday.

* Amazon.Com Inc announced a barrage of new tablets and e-readers on Thursday that makes its challenge to Apple's iPad a little more serious.

* JPMorgan Chase & Co announced on Thursday that Craig Delany, who was most recently the chief operating officer of JPMorgan's mortgage banking unit, would take the helm of the chief investment office.

 

Canada

THE GLOBE AND MAIL

* Canada and the United States will sign an amended Great Lakes Water Quality Agreement on Friday, the first time the landmark bi-national accord will be altered in 25 years. Details of the changes have not yet been made public, but they are expected to include new commitments to curbing invasive species, adaptation to climate change for coastal communities and added emphasis on protecting habitats and species in the Great Lakes.

* The federal Conservative Party, already in the spotlight over an Elections Canada investigation into fraudulent robocalls, has come under scrutiny by the country's telecom regulator for dialing people who don't want to hear from them. The Canadian Radio-television and Telecommunications Commission announced Thursday it has been investigating the Harper Conservatives over what it says was the party's failure to stop telephoning people who'd asked the Tories to stop calling.

Reports in the business section:

* A wave of Alberta crude oil is washing up on British Columbia shores, destined for export. But the sole refinery on Canada's West Coast is finding it so difficult to secure domestic oil that it is considering, instead, buying it from as far away as Saudi Arabia.

* There is more than a 20 per cent risk of Canada falling into a second recession - and though much of that risk comes from outside our borders, Canadians' sky-high debt loads could push the economy over the edge, warns a new report from Moody's Analytics.

NATIONAL POST

* The Liberals said Thursday they will elect their new leader next April. But the result is a foregone conclusion: Justin Trudeau will enter the race and he will win.

* The man accused in the deadly shooting at a Parti Quebecois gathering has appeared at the Montreal courthouse and been slapped with 16 criminal charges. The charges against Richard Henry Bain include first-degree murder, three counts of attempted murder and arson.

FINANCIAL POST

* TransCanada Corp, which is planning to build the Keystone XL oil sands pipeline from Canada to Texas, said on Wednesday it has submitted a new route for the project that will avoid sensitive ecological areas in Nebraska.

* Transcontinental's profits plummeted to C$8.1 million in the third quarter as soft national advertising outside Quebec, lower educational book sales and costs related to its acquisition of Quad/

European Economic Summary

  • German Exports 0.5% m/m – higher than expected. Consensus -0.5%. Previous -1.5%.
  • German Imports 0.9% m/m – higher than expected. Consensus -0.3%. Previous -3.0%.
  • Switzerland Foreign Currency Reserves 418.4B. Previous 406.5B. Revised 408.6B.
  • Switzerland Unemployment rate 2.8% - in line with expectations. Consensus 2.8%. Previous 2.8%.
  • UK Industrial Production 2.9% m/m -0.8% y/y – higher than expected. Consensus 1.5% m/m -2.7% y/y. Previous -2.5% m/m -4.3% y/y.
  • UK Manufacturing Production 3.2% m/m -0.5% y/y – higher than expected. Consensus 1.8% m/m -2.4% y/y. Previous -2.9% m/m -4.3% y/y.
  • UK PPI 0.1% m/m 1.2% y/y – higher than expected. Consensus 0.0% m/m 1.2% y/y. Previous 0.0% m/m 1.3% y/y.
  • Iceland GDP -6.5% q/q 0.5% y/y. Previous 2.4% q/q 4.5% y/y
  • Greece GDP -6.3% y/y – lower than expected. Consensus -6.2% y/y. Previous -6.2% y/y.
  • Poland GDP -1.2% q/q -3.3% y/y – in line with expectations. Consensus -1.2% m/m -3.3% y/y. Previous -1.2% m/m -3.3% y/y.
 


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Fri, 09/07/2012 - 07:31 | Link to Comment govttrader
govttrader's picture

Front run this bitchez!!!

http://govttrader.blogspot.com/

Fri, 09/07/2012 - 07:51 | Link to Comment pasco35
Fri, 09/07/2012 - 07:38 | Link to Comment Meesohaawnee
Meesohaawnee's picture

looking at futures,, isnt it obvious were gonna get just what obama wants? in the history of markets has there ever been anything so blatantly manipulated??

Fri, 09/07/2012 - 08:14 | Link to Comment youngman
youngman's picture

I want another pricture of a pretty woman in a fairy tale costume.....it goes well with all the Political speeches....fairy tales...Octoberfest comes to mind..lots of hot waitresses for octoberfest

Fri, 09/07/2012 - 08:15 | Link to Comment LongSoupLine
LongSoupLine's picture
  • Jobs Gauge Carries Election Clout (WSJ) - especially when the data is completely false!
  • Draghi Lured by Fractious EU Leaders to Build Euro 2.0 (Blooomberg) - Draghi is lured by his master ONLY...Goldman.
  • Rajoy stance sets stage for EU stand-off (FT) - He can still stand?!?
  • China Approves Plan to Build New Roads to Boost Economy (Bloomberg) - Because all those empty cities need a way for non-people in their non-cars to get to them
  • Hollande faces questions on tax pledge (FT) - Please submit your questions with the hundreds of others
  • Putin Looks East for Growth as Debt-Ridden Europe Loses Sheen (Bloomberg) - looking east with an itchy trigger finger.
  • Strike Grounds Half of Lufthansa's Flights (Spiegel) - not what Germany needs right now.
  • The weakest will win in the euro battle (FT) - who's the weakest today?  tomorrow?
  • Hilsenrath: Fed Economic, Interest Rate Forecasts Will Include 2015 Outlook (WSJ) - because he just figured that out (epic ZH comment!)
  • Obama Presses Plan for U.S. Resurgence (WSJ) - and after 4 fucking years he just now has a plan?!?
  • Hong Kong to Restrict Sales of Homes at Two Sites to Locals (Bloomberg) - with beautiful views of the landfill
  • Drought Curbs Midwest Farm-Income Outlook, St. Louis Fed Says (Bloomberg) - wow, how many 18 year old Fed PhD analysts did that take to figure out?
  • Meet Apple's Favorite Blogger (Bloomberg) - (Insert Hedge Fund name here)
  • Fri, 09/07/2012 - 08:43 | Link to Comment Arnold Ziffel
    Arnold Ziffel's picture

    +1,000 soupy

    Fri, 09/07/2012 - 08:58 | Link to Comment d edwards
    d edwards's picture

    China to build new roads! To the ghost cities! Excellent central planning, Comrade!

    Fri, 09/07/2012 - 10:03 | Link to Comment Judge Arrow
    Judge Arrow's picture

    dis here frontunning reads like backsliding deese days. seems like the jerk that invented work done got hisself sensible an done sold out.  looks like we won'ts be seeing that stuff agin  be time to go get me a chek  now which way wazzat i go?

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