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Frontrunning: September 9

Submitted by Tyler Durden on 09/09/2011 08:43 -0400

Obama in $450bn push for growth (FT)
Strains rise in short-term eurozone lending (FT)
Republicans Ask Geithner for Report on U.S. Rules Reductions (bloomberg)
ECB Stark: Ready to step in if transmission mechanism impaired (Reuters)
Sea radiation from Fukushima seen triple Tepco estimate (Reuters)
Ghost of Lehman Haunts G-7 Amid Debt Crisis (Bloomberg)
G7 faces grim outlook with resignation (FT)
Bank of America Structured Notes Sales Drop as Buyers ‘Shy Away’ (Bloomberg)
Swiss Cap Move Riles Officials in Norway, Canada (WSJ)
China central bank may launch RMB QFII trials soon (China Daily)
China Sold Japanese Debt in July for Ninth Month, Japan’s Government Says (Bloomberg)
As China premier Wen visits India, tension over oil markets not far from surface (WaPo)
U.S. Sees 'Credible' 9/11 Terror Threat (WSJ)

European Economic Update:

Germany CPI for August 0.0% m/m 2.4% y/y - higher than expected. Consensus -0.1% m/m 2.3% y/y. Previous -0.1% m/m 2.3% y/y.
France Industrial Production for July 1.5% m/m 3.7% y/y - higher than expected. Consensus 0.5% m/m 2.1% y/y. Previous -1.6% m/m 2.3% y/y. Revised -1.5% m/m 2.5% y/y.
Italy GDP for Q2 0.3% q/q 0.8% y/y – in line with expectations. Consensus 0.3% q/q 0.8% y/y. Previous 0.3% q/q 0.8% y/y.

Global economic highlights courtesy of Egan Jones:

Aon Corp: Insured Irene losses could hit $6.6 billion.
China’s consumer prices rose 6.2% in August from a year earlier.
ECB keeps rates on hold as worsening crisis damps growth outlook.
Japan revises April-June GDP lower to 0.5% drop.
Obama offers $447B spending, tax-cut plan to spur jobs.
Rate on 30-year fixed mortgage hits 4.12 pct., 15-year falls to 3.33 pct.; both records.
World cereals output to rise less than expected in 2011, UN says.
ABM Industries beats by $0.04, misses on revs; guides FY11 EPS below consensus.
Broadridge Financial acquires Paladyne Systems for $76.5M.
Colgate authorizes new 50M share repurchase program; to be bought over 2-3 years.
Corning Inc. said Q3 volume in its LCD business will be lower than expected.
Cummins to sell its light duty filtration operations; Terms of the deal were not disclosed.
Hess buys Marquette Exploration & other leases in Ohio's Utica Shale, for ~$750M
IntercontinentalExchange announces new $300M share repurchase authorization.
IRS recommended that Applied Materials receive a cash refund of ~$240M plus interest.
Jingdong Mall said eyes US IPO up to $5B.
Korn/Ferry reports Q1 EPS of $0.33 (cons $0.33); revs rose 17.1% to $214.6M.
Penn Millers Hldg to be acquired by ACE for $20.50/share in cash.
ProLogis sells Korea Portfolio & 20% interest in Korea property funds; $65.6M in proceeds.
Sinclair Broadcast to purchase Four Points Media from Cerberus for $200M.
Smithfield Foods beats by $0.02, posts Q1 EPS of $0.69. Revs rose 6.6% to $3.09B.
Tesoro Corp. to buy or lease 290 more gas stations.
Texas Instruments issues Q3 mid-qtr update; narrows EPS (more so to the downside).
Titan Machinery beats by $0.04, beats on revs; raises FY12 revs, below cons est.
Toys "R" Us Inc.'s Q2 loss widened to $34M on higher expenses, lower same-store sales.
United Natural Foods' Q4 net fell 3% to $17.2M, despite 17% rise in revs, at $1.16B.
Verint Systems' Q2 net falls 15% on higher costs. Revs rose 7.9% to $195M.
Warnaco Group announces new $200M share repurchase authorization.