Frontrunning: July 14

  • European Leaders Delay Summit Meeting Over Greece (NYT)
  • Tensions Escalate as Stakes Grow in Fiscal Clash (NYT)
  • China Growth Suggests Tightening Ahead (WSJ)
  • Banks, Regulators Still Jostling Over EU Stress Tests (WSJ)
  • Obama and lawmakers face fresh doubts on debt deal (Reuters)
  • Italy money supply plunge flashes red warning signals (Telegraph)
  • ECB: Greek Debt Outcome Depends Mainly On Greek Government (Market News)
  • Helaba pulls out of European stress tests (FT)
  • India Says All ‘Hostile’ Groups Are Suspects After Mumbai Blasts Kill 17 (Bloomberg)
  • Greece PM says second bailout needed urgently (Reuters)
  • Fitch Says Italy Can Cope With Yield Jump, Debt Crisis (Bloomberg)
  • Afghan civilian war deaths hit record level: U.N. report (Reuters)
  • Libya rebels continue push to Tripoli (FT)

Eurpean economic data:

  • ECB Publishes July Monthly Report
  • Euro-Zone CPI - Core (YoY) for June 1.6% yoy higher than expected Consensus 1.5% yoy Previous 1.5% yoy
  • Euro-Zone CPI (MoM) for June 0.0% mom in line with expectationsConsensus 0.0% mom Previous 0.0% mom
  • Euro-Zone CPI (YoY) for June 2.7% yoy in line with expectationsConsensus 2.7% yoy
  • Italy CPI (NIC incl. tobacco) (MoM) for June 0.1% mom in line with expectationsConsensus 0.1% mom Previous 0.1% mom
  • Italy CPI (NIC incl. tobacco) (YoY) for June 2.7% yoy in line with expectationsConsensus 2.7% yoy Previous 2.7% yoy
  • Italy CPI - EU Harmonized (MoM) for June 0.1% mom in line with expectationsConsensus 0.1% mom Previous 0.1% mom
  • Italy CPI - EU Harmonized (YoY) for June 3.0% yoy in line with expectationsConsensus 3.0% yoy Previous 3.0% yoy

Global headlines from Egan-Jones

  • Bank of Korea keeps interest rate unchanged at 3.25%.
  • Bernanke says Fed 'prepared to respond' if additional stimulus is needed.
  • Foreclosures jump 4% in June vs May; but down 29% YoY: RealtyTrac.
  • Italian yields surge to three-year high for Europe’s 2nd-largest debt burden.
  • Oil prices hovered above $98 a barrel in Asia as traders eye possible US stimulus.
  • QE3 talk pushes gold to nominal record; Bullion reaches $1,578.46 a troy ounce.
  • US corporate credit risk declines as Bernanke raises possibility of QE3.
  • US debt rating placed on review for downgrade by Moody’s as talks stall.
  • US government ran a budget deficit of $43B in June: Treasury Department.
  • Worldwide PC shipments grew slower than expected in the second quarter.
  • Allscripts expects its Q2 profit and revenue to surpass Wall Street estimates.
  • Capital One announces pricing of $2B common stock offering at $50.00.
  • Chrysler recalls nearly 250,000 Ram pickups because a bad part in the steering system.
  • ConocoPhillips to split into 2 firms.
  • CSX boosts capital spending $200M to $2.2B for railcars; 12-cent dividend set.
  • Hartford profit falls 68% to $24M on natural disasters, asbestos costs.
  • Investment Technology Grp to post Q2 loss, cites weak trading vols, to cut jobs
  • JP Morgan's June net income rose from $4.8B to $5.4B.
  • Kinetic Concepts agrees to be acquired by Apax-led group for $4.98B.
  • Liberty Global on lookout for acquisitions: CEO.
  • Marriott Intl sais Q3 EPS won’t be higher than $0.29, falling short of the $0.30 cons view.
  • New York Times Co. to repay $250M Slim loan early due to improving cash position.
  • News Corp., BSkyB advisers may lose $90M after offer to buy pulled.
  • Northgate Minerals Corp. to buy Primero Mining Corp. in a share swap worth $383M.
  • PE groups said to vie for Anglo Irish US real estate loans.
  • Saieh, Mexico’s Grupo Bal in talks to buy ING Groep’s LatAm pension business, for $3B.
  • Texas Industries reports narrowed Q4 loss of $9.1M, no recovery in construction.
  • Universal Forest beats by $0.18, posts Q2 EPS of $0.33. Revs fell 14.8% to $544.1M.
  • Walgreen raised its dividend, by 29% to 22.5 cents; sets a new $2B stock buyback plan.
  • Yum! Brands said Q2 profit gained 10% and boosted its earnings forecast for the year.

Economic Calendar: Data on Initial & Continuing Claims, Retail Sales, PPI to be released.


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