- In equities news overnight, Vestas Wind System [VWS.DC] received a 28MW order
from Brazil's Gargau Energetica. || Sanofi-Aventis [SAN.FR] received FDA
approval for Nasacort AQ nasal spray for children aged two to five. || Tate
& Lyle [TATE.UK] provided an update on its ITC case, stating that the judge
did not agree with its claims. The judge's initial determination concerning the
infringement ruling follows the trial earlier this year. A binding final
determination by the full six-person commission is expected by January 2009. ||
Severn tavern [SVT.UK] reported H1 trading in line with expectations, despite
continued volatility in chemical and other commodity prices. || Mitchells &
Butlers [MAB.UK] provided a trading update for nine weeks to September 20. The
company sees resilient same-store sales over the coming weeks. Company is
continuing discussions on REIT conversion, although market conditions remain
challenging. || JDSports Fashion [JD.UK] reported H1 EPS 12.45p v 7.29p y/y,
revenues came in at ¬£298.9M compared to ¬£250.5M a year ago. Net profit at ¬£6M
versus ¬£3.5M year ago. Gross margins improved from 48.0% from year-ago levels
of to 48.2%. || Escada [ESC.GE] reported nine-month revenue ‚ā¨438.4M v ‚ā¨501.3M
y/y. The Company guided FY08 net loss at least as large as 2007 and EBITA in
range of ‚ā¨23-26M. It forecasted that full-year sales would fall in line with
trends from the first nine months. || Daimler [DAI.GE] reported YTD truck sales
of 311K units compared to 309.7K a year ago. Its Mercedes-Benz transporter
sales were up 6% to 196K vehicles through August. The company stated that it
had no plans to separate car and truck business as it continues to see
synergies in the operations. || Lanxess [LXS.GE] increased prices at three
business units, effective Oct 1, citing increased transport, energy and raw
material costs. || The South Korean Central Bank released the minutes from its
August rate decision, noting that it voted five to one to raise interest rates
and believes inflation will stay high for a significant period. Dissenter Kang
noted that slower growth is a larger threat than inflation, adding that higher
interest rates would further slow the economy. The Italian government lowered
its 2008 GDP forecast to 0.1% from 0.5% prior view. || German union IG Metall
reiterated its demands for an 8% wage increase.
- In speakers, the ECB's Trichet reiterated standard ECB concerns about
inflation in a newspaper interview, stating that price stability remains the
central bank's top priority and cautioned that the bank must be alert for any
second-round inflationary effects. Tricet confirmed again that inflation must
be brought down to the 2.0% target. || Spain's Solbes said that it was logical
for the ECB to lower interest rates as economic growth slows. || The ECB's
Paramo reiterated that medium-term price stability in remains the ECB's
priority. || The ECB's Kranjec stated that there is an obvious slowdown in Euro
Zone economic activity, noting that the US bailout plan will calm nerves in
financial markets. || The IMF's Strauss-Kahn stated that the global financial
crisis demands a systemic response, adding that the roles of credit rating must
- In currencies, the greenback firmed throughout the European session as the
economic front heightened concerns over slower Euro-Zone growth. USD also aided
by a retracement in commodity prices following steep gains in both oil and gold
prices on Monday. The USD suffered its largets 1-day decline against the Euro
as the Oct NYMEX crude surged $30 per barrel to trade at $130. EUR/USD probed
back below the 1.47 level before consolidating its session gains. .
In Energy: Statoil [STL.NO] Denied its is planning to develop Iran's Araran oil
field and added that it was reducing operation in that country. || Goldman
sachs commented about the record rise in oil prices on Monday. Analyst stated
that oil price rally on Monday shows that supplies remain tight. Stated that
traders squeezed when Oct NYMEX contract expired. Analyst reiterated that it
expects oil to move towards $115/barrel level
- In Fixed Income Supply
- The UK sold ¬£450M 1.25% 2055 I/L Gilts with an average yield of 0.614% and a
bid-to-cover of 2.28 times.
- Credit crisis: China is reportedly considering a US-style bank bailout
proposal. Some in government t remained concerned that China's bank exposure is
understated. The source noted that the Chinese Ministry of Finance (MOF) has
met to discussed a potential bond issue to finance any bailout, but these
discussions have not progressed to state council. || Kuwait Investment
Authority stated that it is not responsible for saving foreign banks or
economies. || ECB stated that ‚ā¨2.1B was used in its marginal lending facility
- In the papers: WSJ reported that the BOE may have to raise interest rates to
offset prior miscall on rates. The article cite a BOE paper as its source.
*** NOTES ***
- The Euro-Zone PMI exhibited the softness that is enveloping the European
growth scenario. The overall EU PMI data showed multi-year lows with the
Manufacturing PMI at its lowest reading since Dec 2001 and the PMI Services
registering its lowest reading since Jun 2003. The UK BBA loans for House
prices registered that lowest reading on record. Dealer chatter still reeling
over the commodity and USD price movements seen yesterday. Dealings citing a
series of ‚Äúspecial factors‚ÄĚ had a strong influence on trade Monday highlighting
with the short squeeze on the maturing October crude oil contract. Central
banks continue with their generous amount of USD liquidity into local markets.
Looking ahead: The market will continue to focus of the details of the US
financial market bailout. Testimonies from Fed Chairman Bernanke and US Tsy Sec
Paulson will begin later this morning.
- 7:00 (CA) Aug Consumer price Index M/M: -0.2%e v 0.3% prior; Y/Y 3.5%e v 3.4%
- 7:00 (CA) Aug Core CPI M/M: 0.1%e 0.1% prior; Y/Y: 1.5%e v 1.55 prior
- 9:00 (BE) Sept Business Confidence -6.9e v -5.9 prior
- 10:00 (US) Jul House Price index M/M: -0.2%e v 0.0% prior
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