- Lehman Brothers [LEH] declared chapter 11-bankruptcy protection; None of
broker dealer subsidiaries or other subsidiaries will be included in Chapter 11
filing. Exploring sale of broker dealer operations. UK FSA stated that it is
working with US regulators to ensure orderly liquidation of Lehman UK operations. The regulator added that is
working with London Clearing to limit market impact. ||Bank of America [BAC] Acquired Merrill Lynch [MER] for
$50B in a stock transaction (which represented about $29/share compared to
Friday's close of $17.05). || Biovitrum [BVT.SW] announced its intent to
acquire Kepivance and Stemgen and exclusively license Kineret for $130M from
Amgen [AMGN]. || Ciba [CIBN.SZ} Germany's BASF [BAS.GE] made an offer to acquire
company for CHF50/shr in cash, deal valued at CHF6.1B. BASF's CEO stated that
the company will continue stock added that it did not need to sell K+S stake to
help fund its Ciba bid. || Basilea [BSLN.SZ] FDA accepted for review the
Complete Response to Ceftobiprole NDA Approvable Letter. ||NicOx [COX.FR]
Announced 2nd naproxcinod pivotal phase 3 study meets efficacy primary
endpoints and supports non-detrimental blood pressure effect. || UCB [UCB.BE]
Announces Keppra XR was approved in U.S. || Smit [SMIT.NV] Boskalis plans to bid
â‚¬62. 50 per share for company, represents 30% premium from Friday's close. ||
Prostrakan Group [PSK.UK] Announces FDA approval for Sancuso before year end.
In Speakers: Indonesia Central Bank Deputy Governor: Currency decline is due to
global forces and will intervene in FX market to curb Rupiah volatility. || Spain's Solbes noted in a French press
interview that Q3 Spanish economic growth could be around zero. These comment s
were promptly downplayed by the Economic Ministry. || French Fin Min Legarde
noted that the Lehman bankruptcy comes as a shock and global credit crunch
continues. German Fin Min and Bundesbank issued a joint statement noting that Germany's bank exposure to Lehman bankruptcy was
limited, and added that they were closely observing developments in the
financial markets. || ( German Fin Min noted that the financial market crisis
has had little impact on the real economy as of this time and noted that german
banks were not exposed to same degree as US, UK lenders.
- In Central Bank announcements: China's PBoC lowered the key CNY lending rate
by 27bps in a move to ensure fast and stable economic growth. The PBoC left its
Deposit rates unchanged. Swiss National Bank Spokesman: SNB continues to
observe global markets very closely and will maintain liquidity to money
markets. || ECB continues to closely watch EU money markets. || BoE stated that
it was monitoring situation and would take appropriate measures when becomes
necessary to stabilize money markets. The BOE added GBP5M in a 3-day repo
operation and added that it would review reserve target range in due course.
ECB Trichet's reiterated the need for price stability and added the necessity
that the ECB remain on "permanent credible alertness".
- In energy: Oct NYMEX crude fell over $4 per barrel to test below the $97 per
contract (lowest since Feb 2008) following Hurricane Ike. Early indications
show Ike did not inflict as much damage as initially feared. Reportedly,
Nigerian militant group MEND claimed to have destroyed an Alakiri oil flow
station owned by Shell. Over the weekend, MEND threatened to attack on oil
facilities in Nigeria. Other enegy components broadly lower as
well with reformulated Gasoline off 6.55 to 259.08 and Natural Gas lower by
0.75% at 7.31.
- In currencies, the USD overcame its intial bout of weakness following the LEH
and MER news. The EUR/USD traded as high as 1.4480 in Asia but moved back towards the 1.4250 area
as dealers re- evaluated the global risk scenario. Risk aversion sent JOY and
CHF broadly higher against the major pairs. EUR/JPY bacl below its 200-week
moving average as it trades back below the 150 handle. EUR/CHF was off 130+
pips at 1.5890 (aided by M&A flows between BASF and Ciba which was announced
prior to the European equity open).
*** NOTES ***
- Dealers noting that the turmoil is likely to continue in the financial sector
as evident that there were no takers in US broker Lehman Brothers following an
emergency weekend discussions and an examination of the company books. LEH
promptly filed for Chapter 11 bankruptcy protection in the aftermath. However,
the saga did not end there as Bank of America swallowed Merrill Lynch whole in
an all-stock transaction valued around $50B . Dealers noting that more dominoes
could topple with their sights are set on AIG being next in line at the
slaughterhouse. UBS reportedly will use the opportunity to announce another
round of write down in the neighborhood of $5.0B.
- Some acquisition flows taking advantage of the turmoil as BASF announced its
bid to purchase CIBA for CHF3.5 B. This weighing upon the EUR/CHF cross coupled
with risk aversion theme.
- The global financial market turmoil prompted some speculation that the G7
central banks will lower rates, The probability that the FED will lower at its
key rates at its Tuesday FOMC meeting is gaining some momentum. Fed also
expanded its collateral accepted. A $70B fund by a consortium of banks put
together to help liquidity and to facilitate an orderly resolution of
derivatives exposures between LEH and counter parties. China's PBoC used the turmoil to announce a
rate cut in a key lending rate by 27bps and lowering the reserve ratio for all
but the largest of banks.
- Equities are steeply lower with S&P December contract off 40 handle
throughout the European morning. Most Asian markets were closed for public
holiday. Gold is currently firmer by $15 near the $782. However, dealers a bit
puzzled one wonders why its not 882 already. The yield curve steepened
dramatically on risk aversion with the US 2-year falling by its largest amount
since Sept 2001. The US 2-year yield at 1.83%, lower by 17% in the session.,
while the 10-year note was at 3.49%, off by 6%
- 8:30 CA) Jul New Motor Vehicle Sales MoM: 0.0% v -1.0% prior
- 8:30 (US) Sept Empire Manufacturing: 1.0e v 2.8 prior
- 9:00 (BE) Jun Trade Balance: No estimate v -1.65B prior
- 9:15 (US) Aug Industrial Production: -0.3%e v 0.2% prior
- 9:15 (US) Aug Capacity Utilization: 79.6%e v 79.9% prior
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