Frontrunning: September 8

• Yuan Convertible By 2015: China to EU Chamber (Bloomberg)
• European Bailout Tensions Threaten German Coalition (WSJ)
• Greek backsliding sparks euro exit talk (Reuters)
• Perry, Romney Clash at Debate (WSJ)
• Fitch warns of downgrades for China (Reuters)
• Mists Clear on China's Policy Outlook (WSJ)
• Dutch PM calls for Europe budget tsar (FT)
• Libor inquiry looks at criminal angle (FT)
• Business Leaders Call for More Central Bank Stimulus to Aid Economy (WSJ)

European economic highlights:

• Switzerland Unemployment Rate for August 2.8% - in line with expectations. Consensus 2.8%. Previous 2.8%.
• France Non-Farm Payrolls for Q2 0.2% - lower than expected. Consensus 0.4%. Previous 0.4%. Revised 0.5%.
• UK BOE announces rates 0.5% - in line with expectations. Consensus 0.50%. Previous 0.50%.

Global headlines courtesy of Egan-Jones

• API shows higher-than-expected oil supply drop for the week ended Sept 2.
• Chile sells $1B Dollar-denominated bonds at record-low 3.35% yield.
• China tells EU business executives that the yuan will achieve “full convertibility” by 2015.
• EU is said to delay bank bondholder write-down plan amid market turbulence.
• Fed says its 12 bank regions grew this summer because consumers spent more.
• Fed's Evans said the central bank should move “aggressively” to reduce unemployment.
• Japan's July imports up 13.6% vs. year earlier; exports down 2.3%.
• Tropical storm Nate forms off Mexico; three storms now churn in Atlantic.
• Casey's General misses by a cent; posts Q1 EPS of $1.03. Revs rose 37.5% to $1.87B.
• Facebook doubles its first-half revenue to $1.6B.
• FedEx is considering whether to buy wide-body freighters from Boeing and Airbus.
• Forest City Enterprises Q2 EPS drops to 2 cents from 62 cents on weak economy.
• G-III Apparel's Q2 profit miss f'casts; halves to $1.6M. Revs rose 22% to $230M.
• Hess will pay $593M for a 50% stake in an oil and gas field owned by Consol Energy.
• Hovnanian’s Q3 loss narrows to $50.9M on lower writedowns. Revs fell 24.9%.
• HSBC to cut 3,000 jobs in Hong Kong.
• Matrix Service reports EPS in-line, misses on revs; guides FY12 EPS, revs below cons.
• Navistar warned it could shift prodn from Mexico; cites escalating political instability.
• Office Max says it expects a bigger profit margin in current quarter than it earlier f'cast.
• Omnicare is taking its $456M Pharmerica bid to shareholders.
• Ryanair won't buy 25% Aer Lingus stake.
• Saab Automobile files for bankruptcy protection.
• Samsung Electronics is said to be exploring acquiring mobile operating-system MeeGo.
• Smith & Wesson Q1 profit falls due to security division; shares down on dimmer outlook.
• Supervalu sells 107 fuel centers in Midwest, Intermountain West & West Coast areas.
• TD Ameritrade CEO denies interest in E-Trade buy; cites issues at E-Trade.
• Time Warner Cable Prices $2.25B in debt securities including debentures and notes.

Comments

[oobrien]

Sometimes I just like to beat my meat while watching Becky and the sexy Chinese chick on CNBC.

I have a lot of problems.

Please pray for me.

http://geraldcelente.proboards.com

[Sequitur]

Enough of your spam.

[thunderchief]

I don't believe in god, but I still think you are sick. 

Her arms are plump, like she's been eating too many NY hotdogs.  Even the asian chicks are getting fat in America.  That is a sin.

[slewie the pi-rat]

he's a fuking T-R-O-L-L you idiot!

[lolmao500]

Perry acting like a thug :

http://l.yimg.com/bt/api/res/1.2/OKFmp_EXHMm0KV8eTtB0Ow--/YXBwaWQ9eW5ld3...

Also, SAAB going bankrupt, BAC breaking down into 2 parts and closing 600 branches.

[thunderchief]

Yuan convertable by 2015?  What a joke.  That should tell you something about the price of gold.

Year 2015:  100RMB=$100/EU100 "Convertable"

5000RMB= 1 ounce of gold.

Why not now Mr. Chinese?

Slavedrivers!

[slewie the pi-rat]

the bloomie article isn't talking about convertibility into GOLD (it already is) but into other currencies

tyler: what;s this about?  Libor inquiry looks at criminal angle (FT)  i couldn't get to it.  maybe an article later?  thxz!