Frontrunning: July 28

  • Fed under Fire over Default Talks (FT)
  • Debt-Crisis Vote Goes Down to Wire in House (WSJ)
  • U.S. Rating Rests On S&P’s View of Washington (Bloomberg)
  • Why the Debt Crisis Is Even Worse Than You Think (BusinessWeek)
  • Japan's Industry Set for Rebound (WSJ)
  • Warren Buffett Is Wrong On Taxes (WSJ)
  • After the debt-ceiling standoff is resolved (blogger extraordinarie Maddy El-Erian)
  • Banks Bracing for Downgrade See Little Panic (Bloomberg)
  • China Regulator Targets Nonbank Entities (WSJ)
  • How to Cut Taxes, Boost Revenue (RCM)
  • Bets on Greece Default Sure to Lose Money – Trichet (Reuters)... as long as bets on European default make money
  • Bumper FDI in Pipeline Again (Shanghai Daily)
  • Emerging Markets Warn IMF over Fresh Greek Loan Plan (FT)
  • Cable Plans to Move on High Pay (FT)

European economic update:

  • Euro-Zone Business Climate Indicator for July 0.45 - lower than expected.Consensus 0.83. Previous 0.95 (revised from 0.92)
  • Euro-Zone Consumer Confidence for July -11.2 - in line with expectations.Consensus -11.4. Previous -11.4
  • Euro-Zone Economic Confidence for July 103.2 - lower than expected.Consensus 104.0. Previous 105.4 (revised from 105.1)
  • Euro-Zone Indust. Confidence for July 1.1 - lower than expected.Consensus 1.6. Previous 3.5 (revised from 3.2)
  • Euro-zone Services Confidence for July 7.9 - lower than expected.Consensus 9.2. Previous 10.1 (revised from 9.9)
  • Italy Hourly Wages (MoM) for June 0.1% m/m 1.8% y/y.Previous 0.0% m/m 1.8% y/y
  • Sweden Manufacturing Confidence s.a. for Q2 0 - lower than expected.Consensus 7. Previous 6 (revised from 7)
  • Sweden Consumer Confidence for July 12 - lower than expected.Consensus 15.5. Previous 16.7
  • Sweden Economic Tendency Survey for July 104.4 - lower than expected.Consensus 109.2. Previous 109.9 (revised from 110.6)
  • Sweden Retail Sales s.a. for June 3.1% - higher than expected.Consensus 0.7%. Previous -2.4% (revised from -2.3%)
  • Sweden Retail Sales n.s.a. for June 3.4% - higher than expected.Consensus 0.9%. Previous -0.9% (revised from -1.1%)
  • Sweden Unemployment Rate for June 8.8% - higher than expected.Consensus 8.6%. Previous 7.9%
  • Germany Unemployment Change for July -11k - higher than expected.Consensus -15k. Previous -8k
  • Germany Unemployment Rate (s.a) for July 7.0% - as expected.Previous 7.0%
  • UK CBI Reported Sales for July -5 - lower than expected.Consensus 2. Previous 2

Global highlights courtesy of Egan-Jones

  • Asia stocks, Oil drop on US debt talks.
  • Nikkei drops below 10,000 as US debt deadline looms.
  • Oil hovers above $97 amid US crude supply jump.
  • Nikkei drops below 10,000 as US debt deadline looms.
  • Orders for durable goods drop 2.1% in June with weakness led by fall in aircraft demand.
  • US sovereign credit rating cut would threaten trade in Asia: ADB.
  • Akamai Technologies sees Q3 revs at not more than $283M (Cons $288.7M).
  • Alcatel-Lucent swung to a Q2 net profit, confirm its full-year targets.
  • BASF posts 23% jump in Q2 profits, warned that growth could slow in the second half.
  • BBVA Q2 profit falls 7.6% to $1.71B, beating estimates.
  • BMC Software reported Q1 sales of $502.4M, missing cons est. of $508.3M.
  • Credit Suisse plans to cut about 2,000 jobs after Q2 fell 52% on lower earnings.
  • Diamond Foods receives clearance on Pringles acquisition from U.K. Regulator.
  • Healthsouth misses by $0.07, reports revs in-line; guides FY11 EPS below cons.
  • Hyundai Motor Q2 profit rises 37%($2.2B).
  • Juniper Networks offered some new clues that the U.S. economy is stalling.
  • Kirby Corp beats by $0.10, beats on revs; guides Q3, FY11 EPS above consensus.
  • Legg Mason's June net income rose from $45M last year to $60M this year.
  • Panasonic reports a $389M loss for quarter on quake, tsunami.
  • Royal Dutch Shell Plc's Q2 net more than doubles to $8.66B on higher oil prices.
  • Shell Q2 profit doubles to $8.7B.
  • Sony Corp. cuts its annual profit forecast amid slump in demand for televisions.
  • Telefonica SA Q2 net falls 27%, missing est., amid rising intensifying competition.
  • Teradyne posts Q2 EPS of $0.50 (cons $0.41); revs fell 7.8% to $410.5M.
  • Time Warner Cable Q2 net income rose to $420M.
  • Universal Health beats by a cent; reports Q2 EPS of $1.04. Revs rose 42.2% to $1.9B.
  • Visa posts 40% jump in Q3 net to $1B; Revs rose 14% to $2.32B.


Economic Calendar: Initial & Continuing Claims, Pending Home Sales to be released.


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