- Novartis [NOVN.SZ] Awarded FDA priority review for kidney cancer drug RAD001
|| Hermes [RMS.FR] Seeks to open 3 to 4 new stores in China annually during the
next three years - Exec || Tullow Oil [TLW.UK] Announced oil discovery at
Kigogole-1 exploration well in the Butiaba region of Block 2, Uganda ||
Vendanta resources [VED.UK] Confirmed press speculation that it would simplify
group structure into three commodity focused group; Company also announced that
it would invest $9.8B to boost fully integrated aluminum smelting capacity to
approx 2.6 mtpa by 2016 || Qinetiq [QQ.UK] UK govt will sell 18.9% stake in
company || Origin Energy [ORG.AU] BG Group [BG.UK] stated it would not extend its takeover bid
for Origin Energy nor raise the offer price || Oxford Biomedical [OXB.UK]
Announced promising interim results from the Phase I/II trial of its novel gene
therapy, ProSavin, for the treatment of Parkinson's disease. || Conergy
[CGY.GE] solds its Wind unit to Warburg Pincus, noting Sale would result in a one time gain of
approximately â‚¬35M from discontinued operations. || Siemens [SIE.GE] awarded
contract to supply 500 wind turbines for E.On. Turbines to be installed in
2010-2011 will have an output of 1,150 MW. || Bayer [BAY. GE] Session strength
attributed to chatter of a possible takeover bid with Pfizer mentioned as a
- In speakers : EU's Almunia reiterated that signs of second round effects of
inflation are surfacing, but added that perhaps inflation peaked at 3.8% in
August. He Added that the recent inflation spike has lowered GDP outlook.
Almunia noted that calls for wage-inflation linked deals to end. Almunia noted
that ECB was doing a good job despite difficult conditions, but saw little
signs of improvement in financial market turmoil.
- IMF's Lipsky stated in a German speech that the Global economic slowdown
would likely deepen in H2 of the year, which could help to contain inflation.
He noted that the situation is the most difficult in years. Given the current
environment, the FED, ECB and BOJ can afford to hold interest rates steady.
Interms of growth, consumption in the US faced strong headwinds and strong but
slowing economic momentum in the emerging market economies.
- India Chief Gov Statistician stated that it
saw double digit inflation by the end of 2008 but added that it expected
inflation to decline during 2009.
- Spanish Finance Minister commented that the Spanish economy could worsen
further in coming quarters and the risk of recession remains. However he saw
potential that the economy could bottom out in 2009 and back head back towards
its potential growth in 2010. He noted that inflation continues to remain at
high levels but would likely decline in 2009
- (TH) Thailand court rules PM Samak violated the constitution and must resign
- Energy: Saudi Arabia Oil Min Naimi noted that his country has been working
hard since June to raise its production output to help bring prices to current
levels. Saudi reiterated that the market remains adequately well balanced. OPEC
President Khelil stated that there was no need for production cuts at this time
and noted that prices would continue to decline even if OPEC cut supply. The
Iranian OPEC Gov says some OPEC Members see the need for quota adherence. A Libya says general mood in OPEC focuses
towards enforcing compliance, not a cut in output ceiling. Libya stated that the world could cope with
oil at $100 per barrel. The NationalHurricaneCenter noted that Hurricane Ike was weakening
and currently a category 1 storm. Ike was Expected to be in the South-Eastern
Gulf of Mexico on Wednesday.
- In fixed-income: (BE) Belgium Debt Chief stated that the remaining 2008
financial needs seen around â‚¬3.4B || German set a 4% coupon on new 2-year issue
to be sold on Wed and sought ; seeks bids on â‚¬8.0B || (UK) Jul Mortgage lending
dropped 54% y/y according to the Commission Mortgage Lenders || (NE) the Dutch
sold â‚¬2.1B in 4% 2018 bonds; with an avg yield 4.313%; (UK) BoE stated that UK
Mortgage interest rates fell during the month of August. || ECB alloted â‚¬176.B
in 7-Day Main Refi Operations v â‚¬156.5B benchmark; marginal rate at 4.39%
- In currencies, the USD saw its earlier gains achieved in Asia erode throughout the European morning.
Chatter of Asian central banks returning to divest some USD holdings and
European M&A rumors prompted the greenback to encounter a bit of
profit-taking. Firmer equity market helped the carry- related pairs move off
their Asian session lows.
Â·*** NOTES ***
- European equities continued their post GSE bailout rally aided by lower oil
prices following remarks from a Saudi official ahead of the opening September
OPEC policy meeting. The OPEC President Khelil also stressed that there was no
need for production cuts and that prices will continue to decline even if OPEC
cut supply. The economic releases continued to suggest the clouds on the
economic horizon as UK production data was below expectations
and comments from the IMF, EU's Alumia and the Spanish finance minister Solbes
throughout the morning. The financial market turmoil remains on the front
burner evident by recent high profile analyst comments which ebbed away at EPS
estimates as highlighted by Oppenheimer's Whitney and Ladenburg's Bove. Lastly,
potential EUR 60B M&A chatter of Germany's BAY.GE from a potential US
acquirer was an excuse for the EUR/USD to move off fresh 11 month lows
Looking ahead for the NY session
8:15 (CA) Aug Housing Starts: K v 191.0Ke
10:00 (US) Jul Wholesale Inventories: % v 0.7%e
10:00 (US) Jul M/M: % v -1. 5%ePending Home sales
(US) Sept IBD/TIPP Economic Optimisim: v 44.0e
(MX) Aug Consumer Prices M/M: % v 0.56%e; Y/Y: % v 5. 55%e; CPI Core M/M: % v
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