Frontrunning: April 18

  • Debt Ceiling Increase Is Expected, Geithner Says (NYT)
  • Zhou Pledges More Tightening as China Raises Reserve Ratios (Bloomberg)
  • Fed to Signal End of Monetary Easing (FT)
  • Finnish Populist Party Surge Clouds EU Bailout (Reuters)
  • Glencore worth up to $69 billion (Reuters)
  • Libyan Rebels Gain Ground in Fierce Fight (WSJ)
  • Capitalism is failing the middle class (Reuters)
  • Inflation in China Poses Big Threat to Global Trade (NYT)
  • IMF Cautions in Africa Vote-Heavy Year (Reuters)
  • Europe’s Long Road of Tears to Fiscal Union (FT)
  • For Greece, the Path to Restructuring Holds Pitfalls (WSJ)
  • Loophole Fears Over Vickers Bank Rules (FT)

Daily Highlights courtesy of Egan Jones:

  • ECB officials signal further rate increases as growth, inflation pick up.
  • Euro falls on Greek debt concerns; Oil snaps three-day gain.
  • Geithner: GOP won’t block debt ceiling rise.
  • Gold climbs to record on concern global inflation accelerating.
  • New Home price growth slows in China on government curbs.
  • Saudi Arabia reportedly cuts oil output in March, claiming oversupply.
  • World Bank, IMF call for support for Mideast, warns of dangers of higher oil prices and a jobless economic recovery.
  • Zhou pledges more tightening as China raises reserve ratios.
  • ALFA to acquire AT&T equity in Mexican telecom operator Alestra. Amount undisclosed.
  • America Movil unit hit with $1B antitrust fine for alleged monopoly practices.
  • BoA misses by $0.10, reports revs in-line. Q1 EPS at $0.17, revs down 15.9% to $26.88B.
  • Bronco Drilling to be acquired by Chesapeake Energy for $11/sh cash (~$315M).
  • CitiGroup's March net income declines from $4.2B to $3.0B.
  • Ford missing market-share goal adds pressure to cut prices.
  • Genuine Parts beats by $0.05, posts Q1 EPS of $0.80. Revs rose 14.3% to $2.97B.
  • GM: Chevy sales up 15% in first quarter.
  • Huawei to keep pursuing acquisitions in US.
  • Knoll reports in-line, Q1 EPS at $0.20 as revs rose 26.0% to $220.9M.
  • RIM said weighing bid to top Google offer for Nortel patents.
  • Royal Philips' Q1 net fell by the third to €137M, dragged down by the television unit.
  • Samsung considers sale of hard-drive unit: report.
  • Synthes confirms it’s in talks with J&J; No certainty on outcome. Deal size est. $20B.
  • Tepco plans to end Fukushima nuclear crisis by October.
  • Toyota resumes production at all Japan plants.
  • Virgin Active is closing on a deal to buy Esporta for an undisclosed sum.
  • Walmart's Asda Supermarkets has overhauled its management.

Economic Calendar: Data on NAHB Housing Market Index to be released.


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