Frontrunning: October 12

  • Senate Passes Measure on China’s Weak Yuan (Bloomberg)
  • Meet the next "axis of evil" - Beijing and Moscow to put $1bn each in fund (FT)
  • Berlusconi’s future in balance (FT)
  • Juncker lists 10 steps to stem euro zone crisis (Reuters)
  • Paulson & Co warns of asset redemptions (FT)
  • Pimco’s Balls Says Merkel-Sarkozy Plan Isn’t Signal to Buy European Debt (Bloomberg)
  • EU banks face higher capital thresholds (FT)
  • Europe Must Do More to Resolve Crisis: Geithner (Bloomberg)
  • Asia Girds for Europe Fallout With Indonesia Rate Cut, Philippine Stimulus (Bloomberg)
  • Policy about-turn in Foshan home limits (China Daily)
  • Obama loses first round of jobs bill battle (FT)

European economic update:

  • Euroland Industrial Production 1.2% m/m 5.3% y/y – higher than expected. Consensus -0.8% m/m.  Previous 0.9%m/m 4.2% y/y.
  • Russia Trade Balance +$12bn – lower than expected. Consensus +$14.3bn. Previous +$15.2bn.
  • UK Claimant Unemployment 4.9% m/m. Previous 4.9% m/m.
  • UK ILO Unemployment Rate 7.9%. Previous 7.9% m/m.

Global economic highlights courtesy of Egan-Jones

  • Asian stocks fall following disappointing results from Alcoa and after Slovakia fails to approve an expansion of Europe’s bailout fund.
  • China says Ericsson, Huawei paid bribes to procure government orders.
  • Japanese core machinery orders leaped 11% in August.
  • Senate passes bill pressuring China on currency.
  • September US employment-trends gauge ticks lower.
  • Alcoa Q3 EPS at $0.15 (cons $0.22); Sales rose to $6.42B, up 21.3%.
  • Chevron sees 3Q profit in line with 2Q results, after favorable fx movements.
  • Cincinnati Fincl sees Q3 pre-tax catastrophe loss of $88-98M.
  • Delta, U.S. Air get swap OK; antitrust probe stays.
  • Dole Food announces acquisition of SunnyRidge Farm; terms not disclosed.
  • Dollar Thrifty Automotive Group says no acceptable buyout offers received.
  • Healthcare Srvcs Grp posts Q3 EPS of $0.15. Revs up 12.2% at $218.9M.
  • H-P may re-consider PC spin-off plan - report.
  • Levi Strauss' Q3 net jumps 14% helped by ]double-digit sales growth in Apac region.
  • Neustar beats by $0.07, beats on revs; raises FY11 EPS, below consensus.
  • Neustar Inc. agreed to pay $650 million for closely held Targus Information Corp.
  • Power-One lowered its third-quarter sales outlook, cites macroeconomic uncertainty.
  • RIM's BlackBerry service suffered a second-consecutive day of interruptions.

Economic Calendar: MBA Mortgage Index, FOMC Minutes to be released today.
Earnings Calendar: ADTN, HEV, HST, OZRK, PEP, PRXI, UFPI.


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