Lehman Brother [LEH] KDB stated that its talks with LEH have ended due to
disagreement over terms and financial market conditions. KDB stated it did make
an offer, which the Far East press reported that KDB sought over 25% stake for
around $6B ||HSBC [HSBA.UK] Asia CEO stated that not likely buy an investment
bank || Total [FP.FR] to raise its interim dividend to EUR1.14 from EUR1.0
prior || Bayer [BAY.GE] Signed licensing agreement with Nagasaki University to
intensify research on Alzheimer's || Credit Agricole [ACA.FR] Confirmed press
speculation that it will cut 500 jobs at Calyon || Barrett Development
[BDEV.UK] Reported FY Rev ¬£3.55B v ¬£3.43Be; Pretax ex-items ¬£392.3M v ¬£378e;
Company noted that its Op Margin fell to 15.5% compared to 16.9% year ago. Like
for like completions fall 13.8%, Like for like op margin fell 1.7% Average
selling prices rises 6% and to pay no final dividend || Next [NXT.UK] reported
H1 Net ¬£123.3M v ¬£119.5Me, Rev ¬£1.5B v ¬£1.54B y/y. Company stated that it did
not expect a recovery in consumer spending within next 6 months || Deutsche
Bank's CEO Ackermann stated that the financial markets remain extremely
nervous, but added that the crisis is at the"beginning of end". He
added that a phase of stabilization is seen in credit markets. DB chief added
that he has no interest in buying either a portion or the entire brokerage
operations of LEH. || Philips [PHIA.NV] stated that it would introduce ongoing
price increases ' across many of its businesses. The co. will take further
measures to respond to higher prices
- says price increases not only for consumer prices and it would limit the
impact of 'rapidly deteriorating' economy.
In Speakers: ECB's Trichet testified to the EU Parliament in Brussels where he reiterated many of his views voiced
from the Sept post ECB rate decision. Trichet reiterated that there remains a
very strong concern regarding the potential the second round effects of
inflation and must continue to avoid them. Thus, Inflation is likely to remain
high for some period of time. Trichet stated that he sees persistent tensions
on money markets and that the underlying pace of monetary expansion remained
strong . On the growth front, Trichet stated that the Eurozone suffers from
weak activity, but that the current slowdown to be followed by gradual
recovery, noting that the recent drop in oil prices will help boost disposable
income. ||ECB's Liikanen stated that global growth is slowing and highlighted
by the drop in oil demand. || EU's Juncker stated that one could see a ‚ÄúTechnical
Recession‚ÄĚ in the EuroZone; adding that the slowdown could be longer than
previously thought. Juncker reiterated that wage-price spiral must be avoided;
says recent USD rise and oil price fall are reasons for optimism. ||(SP) Spain
Prime Minister stated that inflation should drop below 4% by the end of 2008.
Lastly the Danish Government announced a cabinet reshuffling
- In Fixed Income: There was a bit of supply issued during the session. (GE)
German sold 6.5B in its 2010 Schatz with an average yield of 3.91% and a
bid-to-cover of 1.45 times.
(SW) Sweden sold SEK2.0 in 4.25% 2019 bonds with an
average yield of 3.87%. the bid-to-cover was 2.6 times.
- In Energy: IEA monthly report for August lowered its demand forecast for both
2008 and 2009, citing weaker OECD deleiveries. IEA noted the impact of slower
growth and that high prices are "more marked". IEA added that it saw
considerable uncertainty over the impact of hurricanes. Lastly, it noted that
oil prices remain very high. || In Nigeria reportedly militants hijacked a vessel
with 13 oil personnel. || OPEC appointed Angola Oil Minister as its next
President, to replace Khelil. || The Iranian Oil Minister Nozari noted OPEC's
output decision was the correct one and will help markets reach sustainable
- In currencies the USD rebounded from session lows following the EU Commission
lowering of its Eurozone GDP outlook. USD also aided by the German press
reports that the IMG would lower Germany's 2009 GDP outlook. EUR/USD remains in a
1.41 to 1.42 range as experienced over the last 24 hours. EUR/JPY cross holding
above the critical support of 150, where dealers noting that some Euro sell
stop order building below. Risk aversion remains relevant as markets
participants await the resolution of the situations surrounding LEH.
. *** NOTES ***
The market is mostly about Lehman Brothers today [LEH] as it will reports its
quarterly earnings one week early to quell market suspicions about its
financial health. Earlier in Europe, Korea's KDB stated that its talks with LEH
have ended due to disagreement over terms and financial market. OPEC announced
a 'surprised' production cut but dealers noting that the suspension of member Indonesia that it might not be a production cut
after all. Europe again highlighted the debate over growth
and inflation as ECB's Trichet reiterated concerns over possible secondary
effects of inflation (note: China Aug cpi much lower than expected. In
Asia), while the EU Commission lowered its 2008 GDP forecast to 1.4% from prior
forecast of 1.7%, added that it saw possible 'significant' reduction to its
2009 growth view.
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