Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
- Global stocks rebound after Fed move (FT)
- Bernanke’s Interest-Rate Timeframe Draws Most Negative Votes in 18 Years (Bloomberg)
- Pass the Granade: BofA Sells Part of Mortgage Portfolio to Fannie Mae (WSJ)
- France Asserts Plans to Keep Triple-A (WSJ)
- S&P balks at SEC proposal to reveal rating errors (Reuters)
- Senate’s Baucus In Deficit Super Committee Trio (Reuters)
- SNB’s Franc Dilemma May Force Intervention Even After $36 Billion Losses (Bloomberg)
- Kan Moves Step Closer to Resignation After Japan agrees on Budget Funding (Bloomberg)
- Cracks in China Housing Push (WSJ)
- Australian Consumer Confidence Slumps to Lowest Since 2009 on Market Slump (Bloomberg)
- No exposure at all: none. Commerzbank Profit Drops 93% on Greek Debt (Bloomberg)
- Sarkozy Calls Economic Meeting (WSJ)
- BOE Says U.K. Inflation to Fall Below Target (Bloomberg)
- Growing Confidence of Asian Inflation Peak (FT)
- Korea Bans Shorting as State Funds Aim to Buy (Bloomberg)
- Singapore Cuts 2011 Export Growth Forecast as Risks to Global Economy Rise (Bloomberg)
European economic update:
- Germany Consumer Price Index for July 0.4% m/m 2.4% y/y in line Consensus 0.4% m/m 2.4% y/y Previous 0.4% m/m 2.4% y/y
- Germany CPI – EU Harmonised for July 0.5% m/m 2.6% y/y in line Consensus 0.5% m/m 2.6% y/y Previous 0.5% m/m 2.6% y/y
- France Industrial Production for June -1.6% m/m 2.3% y/y lower than expected Consensus -0.7%m/m 3.9% y/y Previous 1.9% m/m 1.9% y/y
- France Current Account (EURO) for June -3.4B Previous -5.5B
- France Manufacturing Production for June -1.9% m/m 3.3% y/y Consensus -0.1% m/m 6.8% y/y Previous 1.4% m/m 4.5% y/y
- Norway CPI for July -0.2% m/m 1.6% y/y higher than expected Consensus -0.4% m/m 1.5% y/y Previous -0.4% m/m 1.3% y/y
- Norway CPI Underlying for July -0.1% m/m 1.2% y/y higher than expected Consensus -0.3% m/m 1.0% y/y Previous -0.2% m/m 0.7% y/y
- Norway Producer Prices incl.Oil for July 1.6% m/m 16.1% y/y Consensus 14.9% y/y Previous -0.9% m/m 14.4% y/y
- Norway Deposit Rates Consensus 2.50% Previous 2.25%
- UK Nationwide Consumer Confidence for July Prior 51
Global highlights courtesy of Egan-Jones
- Asian stocks, commodities gain on Fed’s pledge to keep interest rates low.
- Australia consumer confidence deteriorates as banking chief sees no relief.
- China’s exports rose 20.4% in July, imports climbed 22.9%- leaving a trade surplus $31.5B.
- Crude-oil supplies declined 5.2 million barrels on the week ending Aug. 5: API.
- Fed to keep key rates at record lows through mid-2013 amid weaker economy.
- Productivity in US falls for second straight quarter as labor costs rise.
- AMR to proceed with planned American Eagle spinoff amid market’s turmoil.
- AOL misses est., posts a loss of $11.8M as revs fell 8.4% to $542.2M.
- Apollo Global narrows Q2 loss to $51M as interest income, fees boost revs – meets expectations.
- Capital One Financial Corp. to purchase HSBC’s US credit card business for about $2.6B.
- Cargill Q4 earnings from continuing operations off 7% at $404M amid market volatility.
- Cathay Pacific Airways Ltd.’s H1 net profit fell 59% as a result of rising fuel costs.
- Commerzbank AG Q2 net profit sank 93%; cites €760M in impairment charges on Greek bonds.
- Cree beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs in-line.
- Dish Network’s net rose 30%; Co to freeze prices until Jan-2013 as subscriber numbers fell.
- Disney Q3 earnings rose 11.3% to $1.48B – beat expectations on growth at ESPN, theme parks.
- E.W. Scripps Co. posts a loss of $2.2M in Q2 as revs slips 3% to $183M.
- EON cuts target dividend, plans to eliminate up to 11,000 jobs.
- GM uncertain that US auto sales will hit forecast.
- Goldman Sachs faces a growing list of potential mortgage-related lawsuits.
- J&J reaches agreement with US on Risperdal criminal charge.
- Jarden announces $500M stock repurchase program.
- Lions Gate swings to Q1 profit of $12.2M as higher TV revenue offsets movie losses.
- MBIA beats by $0.83, posts Q2 EPS at $0.68. Adj book value as of June’11 at $37.22 per share.
- Nestle SA H1 profit fell 14% to $6.48B, due to a strong Swiss franc, higher raw material prices.
- Singapore Airlines orders 8 Boeing 777-300ER planes for $2.3B.
- Southern Union Q2 net fell 14% to $59.8M on higher expenses, lower volume. Revs up 10%.
- Sunoco announced $500M share repurchase authorization.
- SunPower Corp. said Q3 EPS, revs will be lower than the average analyst estimate.
- Wal-Mart is ending its digital music sales this month after seeing increased competition.
- Acquisitions boost URS Q2 results; net income up almost 8% at $66.8M, but short of expectations.
Economic Calendar: Wholesale Inventories, Crude Inventories & Treasury Budget to be released today.
Earnings Calendar: ABH, CSCO, IOC, JOUT, KELYA, M, NWSA, RL.