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Monday September 8, 2008 - 10:56:54 GMT
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Forex Blog - European market Update: Equities soar helped by US bailout of GSEs; UK PPI sees its larget MoM fall since 1986


- (SZ) Swiss August Unemployment Rate: 2.4% v 2. 4%e; Unemployment Rate (sa): 2.5% v 2.5%e

- (CZ) Czech August CPI: M/M -0.1%% v 0.0%e; Y/Y: 6.5% v 6.6%e

- (CZ) Czech August Unemployment Rate: 5.3% v 5.4%e

- (TU) Turkey July Industrial Production (YoY): 3.4% v 2.0%e

- (DE) Denmark July Current Account: DKK4.0B v DKK 3.5Be; Trade balance X Ship: 3.9BDKK v DKK2. 5Be

- (CZ) Czech Q2 Current Account (EUR): -2.46B -1.7Me

- (UK) August PPI Input: M/M -2.0% v -1.2%e ; Y/Y 26.0% v 29.0%e (Note: largest MoM fall since series began in 1986)

- (UK) August PPI Output: M/M -0.6% v 0.1%e; Y/Y 9.7% v 10.2%e

- (UK) August PPI Output Core M/M: -0.1% v 0.3%e; Y/Y 6.4% v 6.6%e

- (EU) September Sentix Investor Confidence: -20.2 v -18.3e; lowest reading since May 2003

- (CH) China's August Car Sales were down 5.4% y/y - Industry Group


Sasol [SOL.SA] Reported FY EPS ZAR38.09 (ex item) v ZAR38.51e, Net ZAR22.42B v ZAR17.03B y/y, Rev ZAR 129.94B v ZAR98.13B y/y; will raise production at Arya, Oryx and Syunfuels operations. And noted it will maintain its dividend policy 2.5-3.5 times earning cover. ||Eni [ETI.IT} Agrees to acquire First Calgary Petroleum for CAD3.60/share || Commerzbank [CBK.GE] To Issue 65.4M new shares for Dresdner acquisition. || AB Foods [ABF.UK] stated that it sees trading inline with prior expectations with Sales, profits ahead of last year. AB Foods noted it sees charges of about £87M from item in FY

With net debt higher than last year || Friends Provident [FP.UK} Resolution stated that no particular course of action has been determined nor ruled out at this time. || Epigenomics [ECX.GE] Reported positive interim results in Prostate Cancer Clinical Study || Swiss Re [RUKN.SZ] stated that the industry is facing a challenging environment but noted it will continue its underwriting business. Swiss Re added that inflation posses a risk to its capital base. Renault [RNO.FR] reportedly lowered its 2009 annual sales target, which was later denied by its CFO. Volkswagon [VOW.GE} maintains its 2008 earnings and sales targets.

(CA) As expected the Canadian PM dissolved Parliament, Called for snap elections October 14th

(UK) Nationwide confirms speculation and merges Derbyshire and Cheshire buildng societies

(CH) China Central Banker Zhou: Chinese investors have exposure to GSE's FNM & FRE; Noted that the steps taken by the US Govt. are positive. Simlar comments made from a variet of Asian central bank and

In Energy: Iranian Oil Min Nozari says oil market is oversupplied ahead of this week's OPEC summit. Over the weekend
Ecuador's Oil Min stated that he no possibility for OPEC to reduce its production output; Hurricane Ike weakened to a category 2 storm and may weaken further according to the NHC. || An unnamed US official stated that Russia has made a valiant attempt to corner the energy market and added that Russia is working to foreclose options for transit energy products. This official added that the U.S. encourages supply diversity in the Caspian Sea.

In Currencies, the USD recovered from its initial bout of weakness following the US Gov't bailout of the GSEs. EUR/USD fell from its 1.44 handle to retest the pre-US payroll lows seen on Friday of 1.42 area. The JPY was initially softer as risk aversion trades have been unwound, sending EUR/JPY towards the 157 handle before retracing.

·*** NOTES ***

The market focus was all about the weekend bailout of the GSEs by the US Government. Equity markets surged higher on sort covering with the exception of the Chinese equity markets. Not all the news was positive on the financial as Korea FSC noted that it "May not be good time for KDB to seek LEH purchase. Also the
UK's FSA orchestrated a Nationwides takeover of two building societies due to commercial loan problems. UK PPI encountered a drop. The UK did see its PPI fall across the board since record began in 1986, aided by lower fuel prices.

Looking ahead

G10 Central Bankers meet in
Switzerland today and OPEC summit on Tuesday.


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