zh<>Frontrunning
IASB criticises Greek debt writedowns (FT)
ECB to reassess inflation risks (FT)
Pimco's Gross rues US debt 'mistake' (FT)
Trichet and Rehn defend Europe’s banks (FT)
Japan Parliament Confirms Noda as Prime Minister (WSJ)
Sino-Forest is Second Time Chan Loses Company (Bloomberg)
US authorities assess hurricane’s aftermath (FT)
Solar Purge Drives Weakest Into Buyouts (Bloomberg)
Republicans to Unveil Bill to Force Major Changes at the UN (Bloomberg)
Japan Jobless Rate Rises, Retail Sales Drop (Bloomberg)
UAW Wants Higher Wages for New Auto Workers (Bloomberg)
Brazil Puts Aside Cash in Bid to Curb Prices (WSJ)
RBI Proposes Tougher Capital, Sale Rules for New Banks (Bloobmerg)
European economic update:
Eurozone Business Climate Indicator for August 0.07 - lower than expected. Consensus 0.10. Previous 0.45. Revised 0.44.
Eurozone Consumer Confidence for August -16.5 - higher than expected. Consensus -16.6. Previous -16.6.
Eurozone Economic Confidence for August 98.3 - lower than expected.Consensus 100.2. Previous 103.2. Revised 103.0.
Spain CPI for August 2.9% y/y - higher than expected. Consensus 2.8% y/y. Previous 3.1% y/y.
Italy Retail Sales for June -0.2% m/m -1.2% y/y - lower than expected.Consensus 0.1% m/m -0.8% y/y. Previous -0.1% m/m -0.6% y/y. Revised -0.2% m/m -0.4% y/y.
US Consumer Confidence for August. Consensus 52.0. Previous 59.5.
Global headlines courtesy of Egan-Jones
Asia stocks gain, Bond risk drops on growth outlook.
Euro-zone Aug. economic sentiment indicator falls to 98.3 in Aug from 103.0 in July.
IASB encourages larger Greek bank writedowns.
Italy scraps tax on high earners and scales back cuts to local authority funding.
Japan's retail sales rose 0.7% in July, slowing from a revised 1.2% gain in June.
US Consumer spending grew by 0.8% in July, the largest increase in five months.
ANZ in 'embryonic' talks to buy Aozora Bank.
BofA said it plans to sell 13.1B shares of China Construction Bank, to raise $8.3B from the sale.
CACI reaches deal with Bank of America to buy back 4M shares.
Casella Waste beats by $0.03, posts Q1 loss of $0.12/sh. Revs rose 4.3% to $127.2M.
Donaldson Co.'s Q4 net jumped 29% to $65.8M; revs up 21% to $625.5M. Reiterates 2012 f'cast.
Green Mountain Coffee to sell its office coffee-service unit for $145M in cash.
Imation Corp. acquired assets of data storage technology company ProStor Sys.
Lowe's is shrinking its executive mgmt team as part of a decision to revamp its ailing US ops.
Magna Intl invests $439M in electric vehicle research and development.
Peabody, Arcelor sweeten offer to acquire Macarthur Coal for $5.2B.
Sony, Toshiba and Hitachi Ltd. have reached a basic agreement to set up a small LCD panel JV.
Universal Display Corp. said it entered into a license agreement with Panasonic Idemitsu.
US Army hires General Dynamics for $3.7B in technology work.
Venoco Inc. received a takeover offer valuing it at $770M from its CEO and majority shareholder.
Vodafone, Largo explore possible merger of Vodafone Greece and Wind Hellas.
Winn-Dixie Stores' Q4 net slid 48% amid weaker gross margins and lower sales.
Economic Calendar: Case-Shiller Index, Consumer Confidence, FOMC Minutes to be released today.
Earnings Calendar: BKS, CHINA, DG, LTRX, SCMR, UNIS.
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