In equities news overnight: Valora [VALN.SW] Reaffirmed its FY08 guidance and
noted that its; CFO would leave the company at the end of the month. It now
targeted EBIT margin of 3-4% by 2012 with sales growth of 3-5% annually. ||
British Energy [BGY.UK] EDF confirmed its acquisition for the company
at774p/shr in cash, valuing deal at ¬£12.5B. British Energy's boards recommend
the offer to shareholders. || Morphosys [MOR.GE] excercised its option to
pre-develop therapeutic antibody with Novartis. Novartis will fund the
companies' joint efforts until the program reaches formal pre-clinical
development. MorphoSys would recognize its share of the funding as additional
revenues. || Imperial Tobacco [IMT.UK] Issued a trading statement in which
performance remained in line with prior expectations. The company added that it
did not require additional financing after raising the ¬£1.2B in two bond sales
earlier this month. || SAP [SAP.GE] reaffirmed its 2008 guidance and targeted
Adj. Op Margin at 28.5-29% range. || Topps Tile [TPT.UK] reported 8-week SSS
-13.1%. It Guided FY08 Revenue around ¬£208M compared to ¬£207.9M in 2007. It
sees like-for-like sales around -0.5% versus +4.7% a year ago. || Smiths Group
[SMIN.UK] was awarded a US
communications contracts valued at ¬£225M. Company also reports FY Net of
¬£268.5M along with Pretax ¬£380M (ex-item) compared to ¬£362.5Me. The revenue of
¬£2.32B was just above analyst estimates of ¬£2.28Be. || BASF [BAS.GE] Announced
price increases for Isophorone Diamine by ‚ā¨0.20/kilogram || Deutsche Post bank
[DPB.GE] Stated that it saw further impact in Q3 due to market volatility.
Also, reportedly the German Cabinet has agreed to remove Deutsche Post's tax
privilege from 2010 onwards.
- Speakers: (JP) Japan Bank Lobby Chairman Sugiyama stated that Japan
was most likely in recession. He added that the impact of Lehman bankruptcy on
Japanese banks was small. || Finnish PM: Economy cannot sustain the level of
prior wage increases. He added that the global economic outlook remained
uncertain, but remains confident in Finnish economy. || IFO's Nerb stated that
he expected Q3 GDP to be 'relatively weak' and that Q4 would not be any silver
lining. The ECB should lower rates adding that the recent decline in oil prices
should facilitate ECB rate cut and help improved German sentiment. On the
economy he noted that manufacturers are more reserved about export outlook and
would not hire much in terms of any additional staff.
The sentiment has been weighed down both the Retail and Industry sectors, but
that the services sector was a positive. || IFO's Abberger commented that the
German economy was losing speed 'significantly' but added that no recession
seen at this time. He also noted that the ECB should act now to lower the
interest rates. Abberger noted that there was no need for any banking rescue
package in Germany.
He also stated that there were no improvements in retail sector and a slowdown
taking place in the export sector. Lastly he noted that 60% of survey responses
came prior to the renewed concerns over the financial market sector intensified
( before LEH and AIG situation). || Swisscom[SCMN.SZ] SCMN.SZ: Swiss R
Regulator says company must lower unbundling rates it charges competitors for
the ‚Äúlast mile‚ÄĚ to CHF18.18 from the current level of CHF23.5. The regulator
also stated that the company must also lower interconnection fees.
- In Currencies: The USD was mildly mixed during the lackluster European
morning as the market participants focused on the German IFO data release. The
EUR/USD stayed below the 1.47 handle for the most part as dealers expected a
weaker IFO reading (citing the weaker Belgium
business sentiment data on Tuesday). The IFO did not fail to disappint with a
92.9 reading in the Business Climate Index, which was below the 94.3 consensus
estimate. The carry-related pairs were firmer as risk aversion eased somewhat
due the warren Buffett's backing of Goldman Sachs. EUR/JPY up 70 pips at 155.80
and EUR/CHF up 25 pips at 1.5960. Commodity related currencies were a tiuch
firmer with USD/CAD trading at 1.0344 and AUD/USD at 0.8380. The GBP was firmer
despite calls from BOE ultra dov for stated that the time for inaction is over
and that interest rate need to be cut now.
- In Energy: Nov NYMEX futures wer up over a $1.30 in the electronic session to
trade above $108 per contract. Kinder Morgan [KMP] reported an oil tank
explosion at its facility near Houston, TX.
Stating that a fire hits a manifold where two pipeline met.|| China
to double joint investment to $12B || Malaysia To Cut Gasoline Pump Price By 10
Sen/Liter || Kuwait Oil Min Al-Olaim stated that Kuwait
plans to build 615K bpd oil refinery in Al-Zour.
- In Fixed Income Supply: Germany
sold EUR5.62B in the Oct 2013 BOBL auction. The average rate was 3.99% and a
bid-to-cover of 1.20 times.
- In the papers: The FT reported that the Council of Mortgage Lenders, whose
house price forecasts have been among the UK's most optimistic, on Tuesday
threw in the towel, saying conditions were too difficult to make predictions,
and that no improvement was likely until 2010.
Credit Crisis: Fed Set up additional swap lines with four additional central
bank. The Fed added lines with Australia,
The Fed cited that additional the currency swaps were created to address the
`elevated pressures' in USD funding in markets. The new lines were in the
amount of $5B for Norway
and Denmark and
in the amount of $10B for Australia
Recall that last week the Fed expanded its temporary swap lines with the
European Central Bank and Swiss National Bank by $70B, and created $110B in new
facilities with central banks in Japan,
England and Canada.
*** NOTES ***
The FED continues to add tem members in the global liquidity scheme. The weaker
German IFO data continues to show the uncertain path that central banks face
with slower growth and creeping inflationary expectations. || US equity futures
firmer aided by Goldman Sachs [GS] in which Warren
Buffet announced that he would invest $5B in perpetual preferred stock with a
10%dividend. This help offset the erosion set off following Fed's Bernanke and
Treasury's Paulson testimony to Congress in persuading swift action on the
financial market bailout package. They will again give testimony about the U.S.
bailout || The end of September is the fiscal half-year end for Japan
and dealer noting that ‚Äúsignificant amount of money positioned for repatriation
flows in the JPY related pairs.
- (US) Sept 19 MBA Mortgage Applications: There are no consensus expectations;
The prior number is 33.4%.
- (NO) Norwegian Central bank decision on interest rates: Consensus
expectations are for deposit rates to remain at 5.75%.
- (US) Aug
Existing Home Sales: Consensus expectations are 4.94M; The prior number is
5.00M. Existing Home Sales M/M: Consensus expectations are -1.2%; The prior
number is 3.1%.
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Tue 19 June 2018 A 12:30 US- House Permits/Starts Wed 20 June 2018 A 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude Thu 21 June 2018 AA 11:00 GB- Bank of England Decision A 12:30 US- Weekly Jobless Fri 22 June 2018 AFlash PMIs
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