Frontrunning: September 26

  • Yuan ‘Fully Convertible’ in 5 Years: Adviser (Bloomberg)
  • ‘Barrier’ Around Greece Needed: Merkel (Bloomberg)
  • US banks face losses on loan commitments (FT)
  • Pentagon may cap executive pay reimbursement at $694,000 (WaPo)
  • Debt talks fail to agree solution (FT)
  • Europe Split Threatens Rescue Plan (WSJ)
  • US tax authorities target bank deals (FT)
  • Under fire, Europe works to bolster debt crisis fund (Reuters)
  • Asia wooing Japanese companies (WaPo)
  • Credible India’ drive to woo investors (FT)

European economic update:

  • Germany IFO - Business Climate for September 107.5 – higher than expected. Consensus 107.0. Previous 108.7.
  • Italy Consumer Confidence Ind. s.a. for September 98.5 – in line with expectations. Consensus 98.5. Previous 100.3.
  • Sweden Trade Balance (Kronor) for August 5.3B – lower than expected. Consensus 6.0B. Previous 12.2B.

Global headlines courtesy of Egan-Jones:

  • German business confidence down in September.
  • Greek transport workers strike against new austerity measures.
  • Obama sells jobs plan in Silicon Valley.
  • Oil falls to near $79 in Asia as markets still clueless in Europe debt crisis response.
  • PIMCO foresees Europe recession next year.
  • World markets rattled by Europe debt crisis; could worsen global recession.
  • Zloty down 16.3% against the dollar and 9.8% versus the euro this quarter.
  • Apple cuts orders to vendors in the supply chain for its iPad tablet.
  • Boeing delivers its 787 Dreamliner to its first Japanese customer.
  • Chevron gives investment approval to $29B liquefied natural gas project in Australia.
  • Firings and discipline over Facebook posts lead to rise in labor disputes.
  • Ford CEO says growth in China auto market is sustainable.
  • Lockheed Martin, Boeing and Eurofighter submit bids to supply Japan with fighter jets.
  • Reed Elsevier to buy Accuity Holdings from Investcorp for $530M in cash.
  • Samsung seeks iPhone, iPad sale ban in Dutch court due to 3G license infringements.
  • Toyota adds first tiny 'minicar' in Japan.
  • UBS investors on high hopes as they welcomes Sergio Ermotti as new CEO.


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