Frontrunning: July 25

  • Spain Will Require Regions to Curb Deficits, Its Finance Minister Says (WSJ)
  • Obama cancels fundraising appearances amid stalled debt talks (CNN)
  • Toying With Default: The President isn't serious about real spending cuts (WSJ Editorial)
  • QE2 is coming to the UK: Cable Appeals for New Dose of Easing (FT)
  • Lawmakers Still Divided as Debt Deadline Looms (Reuters)
  • Rail Stocks Tumble in China, Hong Kong (Bloomberg)
  • Clinton Assures China on U.S. Debt-Ceiling (Bloomberg)
  • Messing With Medicare (Paul Krugman)
  • Europe on Alert after Norway Attacks (FT)
  • Debt-fight doomsayers (Gasbag)
  • That Tweet Just Doomed Your Wall Street Career (Bill Cohan)
  • Must. bash. Meredith: Meredith Whitney Wins If We Lose Meaning of Default (Bloomberg)
  • The anti-Taibbi: NYMag in serious need of GS advertising “It’s Too Bad. And I Don’t Mean It’s Too Bad Like ‘Screw ’Em.’” (NYMag)

European economic update:

  • France Business Survey Overall Demand for July 16. Previous 21
  • Italy Consumer Confidence Ind. sa for July 103.7 – weaker than expected.Consensus 104.5. Previous 105.8      
  • UK BBA Loans for House Purchase for June 31,747 – higher than expected.Consensus 31,000. Previous 30,803 (revised from 30,509)
  • UK Hometrack Housing Survey for July -0.1% m/m -3.9% y/y.Previous -0.1% m/m -3.9% y/y

Global economic headlines from Egan-Jones:

  • Boeing Co. expects its 787 Dreamliner certification by September.
  • Franc and Yen gain on U.S. debt impasse.
  • Japanese lawmakers approve nearly 2T yen ($25.5B) in extra funds for reconstruction.
  • Oil falls to near $99 in Asia as stalled US debt talks worry investors.
  • Oil at $120 becomes biggest energy bet as global growth drives demand for raw materials.
  • Caterpillar net jumps 44% on strong sales of machinery, power-systems equipments.
  • CR Bard posts Q2 loss of $47.8M amid legal charges. Revs rose 8% to $725M.
  • DreamWorks Animation in talks to offer Netflix Inc. exclusive streaming rights to its films.
  • E*TRADE retains Morgan Stanley to conduct another broad review of strategic alternatives.
  • GE boosts earnings 21% in Q2, led by recovery in lending business.
  • India panel said to pave way for Wal-Mart, Carrefour to open retail stores.
  • ING Groep sells Latin American insurance business to Gruposura for around $3.81B.
  • Kimberly-Clark's June net income seclines from $498M to $408M.
  • Loews Corp. CEO doesn’t see any M&A opportunities ‘right now'.
  • McDonald's posts Q2 EPS of $1.35 (cons $1.28); revs rose 16.1% to $6.91B.
  • Oracle’s $6.1B damage estimate thrown out by Judge in its Java case against Google.
  • Portugal Telecom operating revenue dropped 6.5% in the Q2.
  • RBS launched the sale of its airplane-leasing subsidiary, deal could fetch up to $8B.
  • Reynolds American Q2 net falls 11% to $304M on charges; revs (excl excise) rose 1%.
  • Ruby Tuesday 2012 EPS view fell short of analyst est. Co is spending more on advt.
  • Schlumberger Q2 profit jumps 64% to $1.34B as revs rose 62% to $9.62B.
  • Syngenta posts 14% rise to $1.43B in H1 as it benefited from soaring food prices.
  • USG misses by $0.12, posts Q2 loss of $0.69 per share. Revs dip 1% to $761M.
  • YRC Worldwide beats by $0.09, posts Q2 loss of $0.81/sh. Revs rose 12.3% to $1.26B.



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