zh<>Frontrunning: June 28
Submitted by Tyler Durden on 06/28/2011 08:21 -0400
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Greek Unions Strike as Papandreou Seeks Support (Bloomberg)
Massive Strike Set for U.K. (WSJ)
U.S. Money Funds Risk Losses From Europe Crisis (Bloomberg) - Mainstream media finally wakes up
Dubai Denies Emirate Neighbors Fuel in Struggle to Pay Debt (Bloomberg) The untold story
Europe looks for contingency plan B (FT)
Plan B Budget Emerges in California (WSJ)
Greek woes may eclipse Lehman: Ackermann (Reuters)
Italian, Spanish Bonds Advance Before Sale on Greek Optimism (Bloomberg)
China, U.K. Forge New Trade Deals (WSJ)
Confidence in Canada Economy at Two-Year Low, Nanos Poll Shows (Bloomberg)
Negotiators Wrangle on Taxes (WSJ)
South China Sea disputes could lead to Asian war: think tank (Reuters)
Japan Considers $2.8bn for Tepco, Radiation Tracking in Draft Budget (Bloomberg)
ICC issues arrest warrant for Gaddafi (FT)
European economic Highlights:
Germany Import Price Index for May -0.6% m/m 8.1% y/y - lower than expected. Consensus -0.3% m/m 8.6% y/y. Previous 0.3% m/m 9.4% y/y.
Germany GfK Consumer Confidence Survey for July 5.7 - higher than expected. Consensus 5.3. Previous 5.6.
Germany Consumer Price Index for June.Consensus 0.1% m/m. 2.3% y/y. Previous 0.0% m/m 2.3% y/y .
Germany CPI - EU Harmonised for June.Consensus 0.1% m/m. 2.5% y/y. Previous -0.2% m/m 2.4% y/y.
Germany CPI - Brandenburg for June 0.1% m/m 1.9% y/y.Previous -0.1% m/m 1.9% y/y
Germany CPI - Bavaria for June.Previous -0.2% m/m 2.1% y/y
Germany CPI - Baden Wuerttemberg for June.Previous -0.2% m/m 2.2% y/y.
Germany CPI - Hesse for June 0.1% m/m 2.1% y/y. Previous -0.2% m/m 2.0% y/y.
Germany CPI - North Rhine-West for June 0.2% m/m 2.5% y/y.Previous -0.1% m/m 2.3% y/y.
France Jobseekers- Net Change for MayConsensus -10.0. Previous -10.9
France Total Jobseekers for MayPrevious 2669.1
Italy PPI for May -0.2% m/m 4.8% y/y lower than expectedConsensus 0.1% m/m 4.9% y/y. Previous 0.7% m/m 5.6% y/y (Revised from 0.6% m/m 5.5% y/y).
Italy Business Confidence for June 100.5 lower than expectedConsensus 101.0. Previous 101.1 (Revised from 101.3).
Switzerland UBS Consumption Indicator for May 1.91 Previous 1.57 (Revised from 1.58)
Sweden Retail Sales s.a. for May -2.3% m/m lower than expectedConsensus 0.3% m/m Previous 1.9% m/m (Revised from 1.6%)
Sweden Retail Sales n.s.a. for May -1.1% y/y lower than expectedConsensus 2.0% y/y Previous 5.6% y/y (Revised from 5.2% y/y)
UK Total Business Investment for Q1 -3.2% qoq 2.7% y/y higher than expectedConsensus -7.1% qoq -3.2% y/y Previous -7.1% qoq -3.2% y/y
UK Current Account (BP) for Q1 -9.4B lower than expected Consensus -4.7B Previous -13.0B (Revised from -10.5B)
UK GDP for Q1qoq in line with expectations 1.6% y/y slightly lower than expected Consensus 0.5% qoq 1.8% y/y Previous 0.5% qoq 1.8% y/y
Global economic summary courtesy of Egan-Jones
Asian stocks advance as commodities rebound from five-month low.
Fed’s Dudley says stress tests should 'be severe to be credible'.
OPEC ready to call emergency meeting if needed if market situation requires it.
US Consumer spending was unchanged in May, below a 0.3% increase in April.
Accenture to replace Marshall & Ilsley in S&P 500.
Cable & Wireless warns on 2012 profits, sees EBITDA lower by 5-10% vs. cons est.
Clayton Dubilier said to discuss takeover of Hartford Financial Fund unit.
Delta Air Lines predicts 2Q profit despite fuel bill that will be $1B higher.
Google to be sued by French rival over claims it blocked web advertising.
Hertz Equipment Rental acquires WGI Rentals; terms not disclosed.
Johnson Controls automotive M&A on hiatus for now, Finance Chief says.
Macy's launches international shipping on its e-commerce site to 91 countries.
Marsh & McLennan launches cash tender offer for up to $500M in notes due 2014 & 2015.
Microsoft signed a patent deal with General Dynamics Itronix that will pay it royalties.
Nike beats by $0.08, posts Q4 EPS of $1.24. Revs rose 13.6% to $5.77B.
Nordson to acquire Constructiewerkhuizen G. Verbruggen; terms were not disclosed.
Pep Boys acquires 7 Houston-area stores, financial terms not disclosed.
SMSC reports Q1 EPS of $0.47 (cons $0.29); revs rose 6.5% to $103.5M.
Tower Group Inc. said Q2 EPS will be cut by $0.13/sh, cites natural disasters in April, May.
Tribune Co. seeks approval of bankruptcy plan.
Valassis Comm completes refinancing of $462.2M loans, costs to trim Q2 earnings.
Washington Federal announces addln share repurchase authorization of up to 10M shares.
Economic Calendar: Data on Case-Shiller 20-city Index, Consumer Confidence to be released.
Earnings Calendar: BHO, CAVO, KAD, LPHI, OMN, PRGS, SHAW, ZZ.
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