- In Corporate news: Infosys [INFY] stated that the recent USD gains vs GBP could impact
its earnings (The company gets between 30% and 35% of its total revenue in GBP
terms) || Statoil [STL.NO] Reported gas discovery in Njord field located in
Norwegian Sea. || Deutsche Post [DPW.GE] WSJ reported that co. expected to sell
a close to 30% stake in Postbank unit to Deutsche Bank for as much as â‚¬3B.
Other sources narrowed the price tag to 2. 7B-2.8B or EUR57/shr for Post Bank
[DPB.GE]. || Natisix [KN.FR] acquired a 25% of Dorval Finance; terms not
disclosed. LDK Solar [LDK] signed a 11- year agreement with Germany's Q-Cells AG [QCE.GE]. LDK is due to
provide Q- Cells with wafers in the amount of up to 5 GWp. || Repsol [REP.SP]
traded firmer in the session following press reports that Sacyr [SYV.SP] might
sell its 20% stake in company to reduce debt. Sacyr stated that it was
exploring asset sales, but no decisions have been made at this time || Photo-Me
[PHTM.UK] issued an interim management report and noted that trading was
encouraging back in May and June period, but disappointing in July. || Alitalia
[AZA.it] Italian Investor Group led by Piaggio [PIA.IT] says conditions not
right for rescue talks and threatened to pull out of bid.
- Speakers: (BE) Belgium Reynders made comments in a French newspaper interview
on ECB policy. He stated that the ECB should measure policy impact on economic
growth and did not exclude possibility of an interest rate cut from the central
bank. Reynders added that Trichet's policies are correct for the economy at
this time but further dialog between Ecofin and the ECB would bolster the
relationship. ||(FR) French Econ Min Lagarde stated that French inflation may
have peaked, however remains vigilant on curbing inflationary expectations.
Finally noted that the economic forecast indicates future growth. || EU's
Juncker noted that the Euro-Zone economic downturn could be much worse tan
expected. Remarks were given during a radio interview. He added that it
remained imperative to get inflation under control. He stated that he is
cuurently neutral on any position regarding a US style stimulus package for the EuroZone
adding that the EuroZone wouldl most likely avoid protracted recession. ||
(GE)German Finance Minister Steinbrueck also commented on the growth outlook.
He stated that Germany was not in recession and reaffirmed the
2008 GDP view of 1.7%. However, Steinbrueck also noted that he did not imply
that financial market crisis was near an end. Lastly he did not see a large
impact of US GSE's on Europe. || (NO) Norway Central Bank Chief stated that its monetary
policy stance needed to be on a tight stance for the time period, but sees
inflation stabilizing around 2.5%||Asia Development Bank (ADB) Chief Kuroda
lowered his outlook on the 2008 GDP forecast for developing Asian countries to
7.0% from prior estimate of 7.6%. He also did not expect currency crisis in South Korea and was not concerned about FX reserves.
Japan's GDP was seen growing during the H2 of
2008.. Lastly noted that the political instability in Thailand would most likely will not impact Thai
economy and markets.|| (IN) India Secretary Rastogi stated that India was considering raising export tax on
iron ore to 20% from 15%. Added that he expected local steel prices to drop on
falling global price
- In energy: Hurricane Ike moving West-NorthWest toward the Northwestern Gulf
Coast of Texas as a Category 2 storm with Maximum sustained winds of 105 mph
and minimum central pressure of 957 mb. The soterm was expected to strengthen
- In currencies: The USD encountered a bit of retracement following the
advances seen earlier in the week. EUR/USD moved back above the 1.41 handle
while GBP/USD regained a foothold above 1.77. As slowing growth number continue
to trickle out of the Euro Zone BNP analyst revised their ECB interest rate
forecast and see a cut in March 2009 from a prior view of holding rates steady
throughout the year.
Â·*** NOTES ***
- The session was marked by the 'relief' that perhaps Lehman Brothers [LEH]
would be 'saved' as the US Government is to arrange of the company through a
consortium of private firms. European equities took their cue from the strong
close exhibited by the US equities on Thursday as LEH sale rumors
circulated. The markets saw 'profit-taking' or at least a retracement of the
weekly trend in equities, fixed-income, and commodities and in currencies.
Overall some key psychology and technical levels remain intact despite the
price action throughout the week. EUR/USD holding its 6-year uptrend line at
the 1.38 level; EUR/JPY regaining a foothold above the 150.22 200 week moving
avg. Oil holding the $100 per barrel and reformulated gasoline up 2% to 280.25
as Hurricane Ike makes its way towards the Texas gulf with the potential to
become a powerful storm before landfall. With energy firmer in the session the
fixed-income futures encountered a steady on decent volume ahead of the US PPI
data and potential concerns over energy supplies post hurricane.
8:30 (US) Aug PPI MoM expected at -0.5% v 1.2% prior; YoY expected at 10.2% v
8:30 (US) Aug PPI Ex Food- Energy MoM expected at 0.2% v 0.7% prior; YoY
expected at 3.7% v 3.5% prior
8:30 (US) Aug Advanced Retail Sales MoM expected at 0.2% v -0. 1% prior;
Ex-Autos expected at -0.2% v 0.4% prior
(CA) Q2 Capacity Utilization rate expected at 78.8% v 79.8% prior
(US) Sept Preliminary Univ of Michigan: expected at 64.0 v 63.0 prior
(US) Jul Business Inventories expected at
0.5% v 0.7% prior
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