- Fed Officials Discuss Explicit Inflation Target (Bloomberg)
- No Fed Shift Seen at June Gathering (Jon Hilsenrath)
- China Developers’ Outlook Lowered to ‘Negative’ by S&P as Credit Tightens (Bloomberg)
- SEC probes Merrill CDO sale (FT), Is Andrew Ross Sorkin already drafting the explanation how Merrill was not, repeat NOT short anything? Or is Bank of America just not a Dealbook sponsor?
- The Economy Is Now Immune to Keynesian Crack (Peter Schiff)
- Rosenberg '99%' sure of U.S. recession (Forbes)
- China Inflation Heading for 6% Shows Danger for Wen Extending Rate Pause (Bloomberg)
- White House wants business to aid in debt cap fight (Reuters)
- Moody’s to Review French Banks (Bloomberg)
- Sharpest fall in UK jobless for a decade (FT)
- Zimbabwe Military Said to Plan Own Ruler Should Mugabe Be Too Ill to Lead (Bloomberg)
- Banks battle over US tax law (FT)
- How China could yet fail like Japan (FT)
- Greece, Ireland Can’t Default Like Iceland (Bloomberg)
- Inflation in U.S. Likely Rose More Slowly (Bloomberg)
- Aussie Dollar Rallies as RBA’s Stevens Says Rate Rise Needed; Kiwi Drops (Bloomberg)
Global news highlights courtesy of Egan-Jones:
- Bernanke urges White House, Congress to solve the budget crisis and raise the debt ceiling.
- Fed officials said to discuss adopting inflation target backed by Bernanke.
- Greek rescue package may be delayed by EU disagreements on investors' role.
- Most Asian stocks advance after US retail sales boost exporters’ outlook.
- SKorea’s unemployment rate unexpectedly fell to a 6-mt low on economic expansion.
- US airlines' average fuel price up 31% in April: Dept of Transport.
- Aecom Tech in talks with two or three Indian companies for a possible acquisition.
- Best Buy Co. Q1 profit fell 12% to $136M, revs up 1.4% at $10.9B - tops est.
- Capgemini acquires Prosodie, that manages B2B client transactions, for $550.6M.
- CLARCOR beats by $0.08, reports Q2 EPS of $0.64. Revs up 11.9% at $288.5M.
- Ericsson to buy telecom-software company Telcordia Technologies Inc. for $1.15B.
- General Dynamics to buy secure networking company Fortress Tech. Terms undisclosed.
- Glencore not in active consideration of an offer for Eurasian Natural Resources Corp.
- Joint bid for Foster's by Grupo Modelo and Molson Coors Brewing looks unlikely.
- Lockheed's space system unit to lay off 1,200 workers - 7.5% of work force.
- Moody's is considering downgrades for Credit Agricole, BNP Paribas, SocGen.
- Pandora raises $234.9M in IPO, above range.
- RailAmerica May 2011 monthly carloads at 69,776, down 1.7% YoY.
- Sainsbury: Market environment still 'challenging"; Q1 comp sales up 4.8%.
- Sara Lee to spin out coffee and tea business.
- Scotts Miracle-Gro lowers FY11 EPS view to $3.10-3.20 vs. $3.67 cons (prior $3.60-3.70) on unfavourable weather.
- State Auto expects pre-tax loss of $45-50M from Joplin tornado, other May storms.
Economic Calendar: Data on MBA Mortgage Index, CPI, Industrial Prodn, Capacity Util to be released.
Earnings Calendar: CWST, FNSR, KFY, VIMC, WH.
