Tuesday, May 25, 2010

Catalysts to Watch; European bank stress tests?Portugal – publishing its May Financial Stability report on May 27

Catalysts to Watch

· Treasury auctions – Tues May 25 ($42B of 2s), Wed May 26 ($40B of 5s), Thurs May 27 ($31B of 7s).  http://www.ustreas.gov/offices/domestic-finance/debt-management/auctions/auctions.pdf

· Banks - In the coming days, Moody's will publish an update to its March 2010 report "Dodd Bill May Reduce Systemic Support for Bank Debt." 

· Geithner to travel through Europe this week following the Beijing strategic talks; he will meet on Wed in the UK w/officials and then travel for a meeting w/Trichet; on Thurs he is due to meet w/German officials – WSJ

· European bank stress tests?  Geithner travels to Europe starting Wed.....CNBC says that Geithner will urge Europeans to conduct stress tests of their banks to help market confidence    Geithner thinks the US tests helped end the market downturn

· Greek banks - big week of earnings - NBG (National Bank Greece) 5/26; EFG Eurobank 5/27; Alpha Bank 5/27; Piraeus Bank 5/28 

· Portugal – publishing its May Financial Stability report on May 27

· Spanish parliament will vote Thursday on government budget cuts worth EUR15 billion this year and next (DJ)

· The week of 5/24 should be a relative non-event as far as scheduled events go but investors are looking forward to the calendar starting Mon 5/31 as it will give a bunch of important data points for the month of May (in the US, we get both ISMs and then the May labor report on Fri 6/4; we will also get May auto sales as well as updates from the country’s major retailers; in China, we get the May PMI on 5/31).  Also – on June 3-5 there will be a G20 finance ministers meeting. 

Corporate Events Calendar to watch coming up

· Tues May 25: earnings after the close (TIVO); analyst meeting (MFE, FLEX)   

· Wed May 26: earnings before the open (Cable & Wireless, Burberry, SCMR, LTXC, ZLC, TOL, NBG, BMO); earnings after the close (NTAP, PAY, AINV); analyst meetings (NWL, FSR, ARW, TMO, SFG, NTRS, YHOO, EW, PLT) 

· Thurs May 27: earnings before the open (Lenovo, Seadrill, TD, RY, CM, GCO, HNZ, BIG, MAN Group, COST); earnings after the close (BCSI, JCG, JTX); analyst meetings (NEM, DNR, SYMC, BRS, ES).  Mid-Q updates (NVLS)

· Fri May 28: earnings before the open (MENT); analyst meetings (F) 

· Tues June 1: earnings (LGF, BNS, PSS); analyst meetings (NICE, Aixtron). 

· Wed June 2: earnings (MDCI, DSGX, DAKT, SCVL, CSIQ, HOV).  Sales (the auto companies will be reporting their May sales).  Analyst meetings (MDR, CNC, ACXM, DNR) 

· Thurs June 3: earnings (STP, JOYG, SNIC, SAI, COO).  sales (retailers will be reporting their May sales).  Analyst meetings (Cap Gemini, NBL, ASH, JNJ, CCMP) 

Economics Calendar – Daily  View

· Wednesday, May 26th: US (MBA Mortgage Applications, Durable Goods, New Home Sales); Eurozone (German GfK Consumer Confidence); Other (New Zealand Trade Balance, Japan Merchandise Trade Balance).

· Thursday, May 27th: US (Q1 GDP, PCE, Jobless Claims); Eurozone (German CPI, UK GfK Consumer Confidence); Other (Australia Conference Board Leading Index, Swiss Employment, Japan CPI, Retail Sales, Household Spending).

· Friday, May 28th: US (Personal Spending, Chicago PMI, U. of Michigan Confidence, NAPM-Milwaukee); Eurozone (n/a); Other (Swiss Leading Indicator, Canada Current Account). 

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