Frontrunning: May 24

  • French government says China backs Lagarde for IMF (Reuters)
  • ...but, China has actually not backed Lagarde (WSJ)
  • “You Americans Are Funny” — You Start an IMF (Forbes)
  • Norquist Emerges as Barrier to U.S. Debt Deal (Bloomberg)
  • Scarcity, Usefulness, and Getting an Edge (Hussman)
  • Bullard Says Fed May Keep Rates, Balance-Sheet Steady to Assess Economy (Bloomberg)
  • For Global Steel Industry, China Poses Guessing Game (WSJ)
  • Goldman Finding Third Time a Charm in Russia (Bloomberg)
  • Greece Will Accelerate State Asset Sales to Stem Debt Crisis as Bonds Drop (Bloomberg)
  • It can go wrong? It will go wrong (WaPo)
  • Italy prepares new deficit-cutting package (FT)
  • Yemen Deaths Follow Collapse of Plan to Oust Saleh (Bloomberg)
  • NATO Intensifies Attacks on Qaddafi Loyalists (Bloomberg)
  • Mexico pushes Carstens for IMF; Brazil reacts coolly (Reuters)
  • Low Treasury Yields Don't Necessarily Signal Inflation Calm (RCM)
  • Bank of England: Bank under fire again – from its own veterans (Independent)
  • Europe on alert over ash cloud (FT)
  • Moody’s Lists 14 U.K. Banks for Downgrade Review (Bloomberg)
  • U.K. Press Gag Orders Spark Political Battle (Bloomberg)

European economic data:

  • Germany GDP nsa (YoY) for Q1 5.2% as expected Consensus 5.2% Previous 5.2%
  • Germany GDP s.a. for Q1 1.5% q/q 4.9% y/y as expectedConsensus 1.5% q/q 4.9% y/y Previous 1.5% q/q 4.9% y/y
  • Germany IFO - Business Climate for May 114.2 Higher than expected GS forecast 113.8 Consensus 113.7 Previous 114.2
  • Germany IFO - Current Assessment for May 121.4 Higher than expectedConsensus 120.7 Previous 121
  • Germany IFO - Expectations for May 107.4 Higher than expectedConsensus 107 Previous 107.7
  • France Own-Company Production Outlook for May 11 Lower than expectedConsensus 19 Previous 13 (revised from 19)
  • France Production Outlook Indicator for May 15Previous 20
  • France Business Confidence Indicator for May 107 Lower than expected GS forecast 108 Consensus 109 Previous 109 (Revised from 110)
  • Norway GDP s.a. for Q1 -0.4% q/q Lower than expected GS forecast 1.0% q/q Consensus 0.5% q/q Previous 2.3% q/q (revised from 2.4% q/q)
  • Norway GDP Mainland Norway s.a for Q1 0.6% Lower than expectedConsensus 0.8% q/q Previous 0.3% q/q
  • UK Public Finances (PSNCR) for April 3.3B Slightly higher than expected Consensus 2.5B Previous 24.8B
  • UK PSNB ex Interventions for April 10B Higher than expected GS forecast -8.0B Consensus 6.5B Previous 17.9B (revised from 18.6B)
  • UK Public Sector Net Borrowing for April 7.7B Higher than expected GS forecast 4.0B Consensus 4.4B Previous 15.6B (revised from 16.4B)

Daily global highlights courtesy of Egan-Jones

  • Big US banks making progress in terms of quality and amount of capital: Fed's Rosengren.
  • Euro weakens for third day, Asian exporter stocks fall amid debt concerns.
  • Greece will accelerate state asset sales to stem debt crisis as bonds drop.
  • St. Louis Fed chief says central bank is likely to keep policy rates on hold after QE2.
  • UK financial institutions placed on review for cut by Moody’s.
  • AIG, Treasury to price share sale Tuesday. The big offering is “fully subscribed.”
  • AK Steel announces $50-60 per ton of price increase for carbon steel products.
  • Campbell Soup Q3 net rises 11% to $187M on flat revs (at $1.81B).
  • Charming Shoppes Inc. is looking into selling its Fashion Bug chain.
  • China's April oil demand up 8.3%: Platts.
  • Chow Tai Fook said to hire banks for $4B jewelry IPO in Hong Kong.
  • Chrysler to repay $7.5B in govt loans on Tuesday; to save $300M in interest payments.
  • DoJ is trying to halt H&R Block's plans to acquire the creator of TaxACT software.
  • EBay CEO still seeks acquisitions; could use some of the $2.4B it will receive from the sale of its remaining 30% stake in Skype.
  • GT Solar Intlsees 2012 EPS at $1.55 a share, more than cons estimate of $1.48/sh.
  • Hanover Insurance estimates April storm losses at $70-85M.
  • J&J AIDS pill approval heralds $9B in new sales from drug pipeline.
  • J&J to buy Russian OTC products of J B Chemicals, will pay $260M.
  • Kodiak Oil & Gas buying leases, properties in Williston Basin for $85.5M.
  • Motorola commences cash tender offer to buy up to $400M of certain outstanding debt.
  • Nestle said its Health Science unit bought US-based Prometheus Lab. Sum undisclosed.
  • Owens-Illinois lines up $2B in credit; aims to refinance older debt.
  • Russia’s Yandex offered at double Google’s value to earnings in US IPO.
  • Sony expects a $3.2B net loss for 2011, blaming a $4.4B write-off on a certain portion of deferred tax assets in Japan.
  • Tenneco Inc. said it will buy back as many as 400,000 shares.
  • TNK-BP says Board approves $2.13B quarterly dividend.
  • Verigy misses by $0.07, posts Q2 loss of $0.06/sh. Revs fell 6.7% to $112M.

Economic Calendar: Data on New Home Sales to be released today.
Earnings Calendar: AMAT, AZO, DY, HEI, MDT, PSS, PSUN, SAFM, TIVO, TTWO.


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