Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
- World Must ’Get House in Order,’ Not Rely on China: Wen Jiabao (Bloomberg)
- Merkel bids to quash Greece default talk (FT)
- Moody’s cuts two French banks’ ratings (FT)
- Geithner Takes Tougher Tone on Europe (Bloomberg)
- Obama to propose Medicare and Medicaid cuts (FT)
- Biggest Brokers Consider Banning Market Orders (Traders Mag)
- Grifters of ‘Al Saud, Inc.’: How Saudi royals get their wealth (Wikileaks)
- Emerging Giants Look at Europe Aid (WSJ)
- ADB Reduces China Growth Estimate, Highlighting Need to Rebalance Economy (Bloomberg)
- ECB Will Lend Dollars to Two Euro-Region Banks as Market Funding Tightens (Bloomberg)
- Insurers Dumping Foreign Bonds Bolsters Government Auctions: Japan Credit (Bloomberg)
European economic highlights:
- Eurozone Ind. Prod. w.d.a. July 4.2% y/y – lower than expected. Consensus 4.6%. Previous 2.6%.
- Eurozone Ind. Prod s.a. July 1.0% m/m – lower than expected. Consensus 1.5%. Previous -0.8%.
- Switzerland Producer & Import Prices for August -1.2% m/m -1.9% y/y – lower than expected. Consensus -0.4% m/m -1.1% y/y. Previous -0.7% m/m -0.6% y/y.
- UK Claimant Count Rate for August 4.9% – lower than expected. Consensus 5.0%. Previous 4.9%.
- UK Jobless Claims Change for August 20.3K – lower than expected. Consensus 35.0K. Previous 33.7K.
- UK Average Weekly Earnings 3M for July 2.8% – higher than expected. Consensus 2.7%. Previous 2.6%.
- UK Weekly Earnings exBonus 3M for July 2.1% – in line with expectations. Consensus 2.1%. Previous 2.3%.
- UK ILO Unemployment Rate 3M for July 7.9% – in line with expectations. Consensus 7.9%. Previous 7.9%.
Global news highlights courtesy of Egan-Jones:
- ADB trims Asia 2011 growth forecast to 7.5%.
- Chairman of Swiss regional bank regrets taking US clients -report
- ECB’s credit quality is a concern.
- ECB providing liquidity to two large EU banks.
- Italy’s parliament to vote on austerity measure.
- Obama asked lawmakers to again consider increasing taxes for high earners.
- Oil fell from the highest in six weeks.
- US gov’t prepares to release BP oil spill report.
- BNP Paribas plans $96 billion of asset sales.
- Dell has added $5 billion to its stock- buyback program.
- GE would buy back Berkshire Hathaway’s preferred stake in the largest US conglomerate.
- Google raised its offer for Motorola Mobility Holdings by 33% to $12.5 billion.
- HSBC is seeking buyers for its non-life insurance unit – report
- Honda to launch Five Hybrids in China.
- HP extended the deadline for its $11.2 billion takeover of British software company.
- News Corp shareholders file new allegations.
Pfizer is delaying a sale of its infant-nutrition business – report
Wal-Mart launches initiatives to support women.
Yahoo’s board will meet to discuss a wide range of options facing the Internet firm according to reports.