Frontrunning: May 27

  • Former ECB chief economist Otmar Issing: Greece "Cheated" to join Euro (Bloomberg)
  • Fitch cuts Japan credit rating outlook to negative (Reuters)
  • Japan ends 25 months of deflation (Bloomberg)
  • Basel III break for banks in EU (FT)
  • China holds eight percent of US debt (China Daily)
  • Obama, GOP unveil competing plans for job growth (WaPo)
  • Ebay and PayPal sue Google over trade secrets (Reuters)
  • Greek leaders meet to resolve crisis (WSJ)
  • Lagarde offers bigger voice to emerging nations (FT)
  • G-8: Faster growth to spur faster debt cutting (Bloomberg)
  • Weak dollar, Greek debt boost gold's appeal (Reuters)
  • India weighs opening a door to foreign banks (WSJ)
  • The case for higher taxes (NYT)
  • Nothing new here: The Audacity of Chinese Frauds (NYT)

European economic summary:

  • UK Nationwide House Price All Houses 0.3% m/m -1.2% y/y higher than expected Consensus 0.1% m/m -1.7% y/y Previous -0.2% -1.3% y/y
  • Euro-Zone M3 s.a. 3 mth ave. for April 2.1% lower than expected Consensus 2.3% Previous 2.0%
  • Euro-Zone M3 s.a. for April 2.0% yoy lower than expected Consensus 2.4% yoy Previous 2.3% yoy
  • Euro-Zone Business Climate Indicator for May 0.99 lower than expected Consensus 1.20 Previous 1.28
  • Euro-Zone Consumer Confidence for May -9.8 Previous -9.7
  • Euro-Zone Economic Confidence for May 105.5 slightly lower than expected Consensus 105.7 Previous 106.1 (Revised from 106.2)
  • Euro-Zone Indust. Confidence for May 3.9 lower than expected Consensus 5.3 Previous 5.6 (Revised from 5.8)
  • Euro-Zone Services Confidence for May 9.2 lower than expected Consensus 10.0 Previous 10.4
  • ECB M3 Annual Growth Rate SA 2.0% lower than expected Consensus 2.4% Previous 2.3%
  • Germany Consumer Price Index for May Consensus 0.0% mom 2.3% yoy Previous 0.2% mom 2.4% yoy
  • Germany CPI - EU Harmonised for May Consensus 0.1% mom 2.7% yoy Previous 0.3% mom 2.7% yoy
  • Italy Hourly Wages for April 0.1% mom 1.8% yoy lower than expected Consensus 0.2% mom 2.0% yoy Previous 0.2% mom 2.0% yoy
  • Norway Manufacturing Wage Index for Q10.2% Previous 1.0%
  • Switzerland KOF Swiss Leading Indicator for May2.3 higher than expectedConsensus 2.22 Previous 2.30
  • Sweden GDP s.a. for Q10.8% q/q 6.4% y/y lower than expectedConsensus 0.9% m/m 6.4% y/y Previous 1.6% q/q 7.7% y/y

Global Highlights from Egan Jones

  • U.S. Jobless Claims unexpectedly climbed last week to 424,000.
  • IMF needs 12-month refinancing guarantee on Greece, Juncker says.
  • Basel III break for banks in EU; Shift on counting insurance arms and on hybrid capital.
  • U.S. Q1 GDP up 1.8%, unchanged vs. prev. est.; Q1 corporate profits before-tax up 6.3%.
  • Japan April core consumer prices rise 0.6% from year earlier.
  • Michaels Stores Q1 profit surges to $37M. Revenue increased 5.7% to $953M.
  • Toronto-Dominion Bank's Q2 net rises 13%, helped by strong retail earnings.
  • GM to invest $331 mln in Arlington, Texas plant.
  • Bill Ackman disclosed a new, 4.7% stake in discount-store chain Family Dollar Stores.
  • Caterpillar scraps plans to issue up to $2B worth of stock to pay for Bucyrus purchase.
  • Skyworks Solns to buy Advanced Analogic Technologies for ~$262.5M in cash, stock.
  • Marvell misses by $0.01, reports Q1 EPS of $0.29. Revs fell 6.3% to $802M.
  • OmniVision beats by $0.01, beats on revs; guides Q1 EPS, revs in-line.
  • America's Car-Mart beats by $0.10, posts Q4 EPS of $0.78. Revs rose 16.4% to $103.4M.

Economic Calendar: Data on Personal Income & Spending, Michigan Sentiment, Pending Home Sales to be released.
Earnings Calendar: ATC, ELC, GHM, MENT, VSNT, WAYN, WH, ZANE.


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