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 Â£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
(CA) As expected the Canadian PM dissolved Parliament, Called for snap
elections October 14th
(UK) Nationwide confirms speculation and merges Derbyshire and Cheshire buildng
(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.
Â·*** 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.
G10 Central Bankers meet in Switzerland today and OPEC summit on Tuesday.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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