- Bayer [BAY.GE] Submitted Recombinant Human Thrombin For EU Approval forused
as a topical aid to control surgical bleeding.
- Alcatel-Lucent [ALU.FR] Confirmed press speculation: Names Philippe Camus
Non-Executive Chairman and Ben Verwaayen CEO.
- Deutsche Borse [DB1. GE] was firmer in the session after holders TCI and
Atticus noted that they will cooperate to explore options on company, which may
include board changes
- Glaxo [GSK.UK] stated that Darapladib failed to improve the quality of plaque
in mid-stage clinical trial
- BOJ's Shirkawa noted that the rise in core CPI likely to slow in 2009. Noted
that he still sees uncertainty in Japanese economy and added that US economy
likely to remain subdued in H2 of 2008
- German Fin Min Steinbrueck stated that China is concerned about US economic
slowdown and financial market turmoil; German official noted that China remains
keen on diversifying its FX reserves with the US Dollar remaining a key focus
- UK Treasury raised stamp duty threshold on house purchases to Â£175K from
Â£125K, effective Sept 3rd.
- OECD stated that the Fed and BoJ interest rate policies are appropriate, sees
possible BoE interest rate cut; supports ECB "no bias" policy stance
at this time. The OECD raised its 2008 GDP forecast for the US to 1.8% from 1.2% prior view and lowered
each of the European GDP outlook.
- (PD) Poland Central Banker Filar stated that
Polish Inflation should slow down to 4.7% in October. He added that the central
bank should raise interest rates laterthis month
- Thai Central Bank confirmed FX market intervention to support Thai Baht
- Australian Central Bank lowered interest rates for the first time in 7 years
by 25bps to 7.00%.
- In energy: Hurricane Hanna becomes a Category 1 storm, little change in strength
seen over the next 24 hours. NYMEX front month crude continues to fall as
Gustav failed to inflict severe damage to oil operation in the Gulf of Mexico. IEA stated that early signs point US
Gulf Oil facilities have avoided big damage. An OPEC Delegate stated that oil
prices remain high even at $109 per barrel level. The unnamed delegate noted
that members are considering a rollover at next week OPEC meeting. The National
Hurricane Center (NHC) noted that Tropical depression #10 formed in the
Â·*** NOTES ***
The USD continued to benefit from the lower oil prices as Hurrican Gustav
failed to severely damage the Gulf oil facilities. Front month crude tested
below the $106 level before retracing. The front month futures contract opened
above $117 on Sunday night. Gold following energy prices lower but lagging in
terms of descent. Spot gold holding above the $800 per oz level. EUR/USD
dropped below its former synthetic highs of 1.4577 made back in Sept 1992.
Dealers taking notice of developments on the Asian front. The Japanese PM
resigned on Monday. Thai govt announced a state of emergency. Various regional
Central banks (Thailand, Malaysia, Indonesia) are performing currency interventions.
In Europe the Spain unemployment was up 10% since July is
highlighting the concern on the economic front. Number of unemployed increased
by 103k workers. labor ministry follows up by saying they see registered
jobless continuing to rise going forward, economic stagnation is intensifying,
and Spain faces very negative scenario.
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Mon 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
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