- In equities news overnight: DSM [DSM.NV] Guided FY08 EBITDA â‚¬1.03B-â‚¬1.08B v
â‚¬970M prior guidance, Reaffirms FY10 targets. The company continued to benefit
from favorable market conditions, particularly in Nutrition and Fertilizers and
that its Materials Sciences activities are showing sufficient resilience to the
more difficult macro-economic environment || Renewable Energy Corp [REC.NO]
Signs contract with Neo Solar Power worth NOK2.6B || Glaxo [GSK.UK] UK press
article cited that a Cornell Medical Center study on SEROXAT stated that some
antidepressant drugs could damage sperm quality and harm fertility. || Lonza
[LONN.SZ: Entered into a global sale, manufacturing and distribution agreement
of Permexcis with Crucell. Under this agreement, Lonza would manufacture the
medium, and in addition will market and sell it on a global basis. || Repol
[REP.SP] REP.SP: Reportedly the French press noted tha both Total and Shell are
mulling potential acquisition of company.
Sacyr reiterated its stance on repol that it was considering options regarding
its stakes in Repsol. || Veolia [VIE.FR Eiffage confirmed that it was in
advanced discussions to acquire Veolia's Clemessy, Crystal units. || Solvay
[SOLB.BE] entered into a joint development pact with Strategic Polymer Sciences
|| DELL: CEO Michael Dell stated that he saw some impact from financial market crisis
on its business; but expected contract manufacturing to grow. He added that the
company wouldl maintain its own factories. Lastly had no plans to introduce
phone device this year. || Scania [SCVA.SW] SCVB.SW: Reportedly Volkswagon and
Man may be preparing takeover for remainder of co. for SEK135/shr offer.
- Speakers: BoJ Noda stated that he saw more economic downside risks then
upside risks. The Tensions in the financial markets are likely to remain for
some time. The Japanese economic recovery would likely start sometime in late
2009. The official note that the global financial crisis was deeper than
previously expected. || ECB's Nowotny bluntly stated that there was no room for
ECB to cut interest rates and reiterated that the central bank's mandate
remains price stability. The ECB is prepared to inject massive liquidity. ||
Japan Econ Min Yosano stated that Japan's economic slowdown would end once its
export sector recovered. He noted that interest rate would do little to
stimulate economy. The official added that any sales tax increase should be
implemented gradually and that corporate taxes should be cut. ||Polish Central
Bank member reiterated that recent data points to economic slowdown but that
that inflation remains a main concern. The member noted that the Polish economy
may need one more interest rate increase. || EU Almunia stated that he Looks
forward to a resolution of financial market crisis from US. He added the he see
no EU growth for the next two years following Slovakia entry in 2009. The EU
would face difficult times ahead, but economy should start a gradual economy in
- In Currencies: USD is trading lower against the EUR, CHF, JPY and GBP with
the weaknes due to the Because of the dysfunctional interbank deposit markets.
Dealers indicate that three-month USD Libor seen around 3.7%-4.7% range
compared to Wed fixing of 3.48%
- TED Spread early indication seen in the 370-420 bps range v 300 bps in NY on
Russian Energy Ministry announced that it planned to work with OPEC on
influencing global oil prices. Russia would unveil new plan at the December
OPEC meeting. Russia stated that its sought to ensure stability in
'rollercoaster' oil market and could create 'reserve' fields for swing
production. || (UK) MET Office forecasted a milder winter for UK, but
temparture would be 'somewhat' colder compared to 2007 levels. || UBS Analyst
Forecasted 2009 NYMEX oil price at $125/barrel . Shell [RDS.A] Confirmed
halting a gasoline cracker at Pernis refinery (416K bpd) citing a mechanical
- In Fixed Income Supply: (IT) Italy sold â‚¬3.5B in zero coupon 2010 bonds with
avg yield of 4.298%; bid-to-cover 1.56x. || UK sold Â£2.5B 4.50% 2019 Gilts with
avg yield 4.733% and a bid-to-cover of 2.19 times. || (NE) Dutch DSTA noted that
it would reopen its 4.0% 2011 DSL in the amount of â‚¬1.5B-â‚¬2.5B on Nov 11th.
*** NOTES ***
The slower global growth scenario weighed upon the oil markets highlighted by a
Russian bank analyst downgrading its forecast for 2008 GDP. The HK trade
balance improved for all the wrong reasons as both imports and exports came in
below expectations. NYMEX Nov crude futures fell from session highs of 106.50
to probe below $104 before rebounding.
Looking ahead: Traders will again closely watched the US weekly jobless claims,
Durable goods orders and New homes sales. There are a a number of Fed officials
to appear. The sawp markets continue to suggest elevated concerns over the US
financial market bailout package. The situation is having a global impact in
more ways than imagined. the Chinese regulator warned Chinese banks over credit
and liquidity risks -and need to monitor changes in global markets and to be
cautions due to international risks.
- 8:30 (US) Aug Durable Goods Orders: Consensus expectations are -1.9%; The
prior number is 1.3%. Durables Ex Transportation: Consensus expectations are
-0.5%; The prior number is 0.7%.
- 8:30 (US) Sept 20 Initial Jobless Claims: Consensus expectations are 450K;
The prior number is 455K. Sept 13 Continuing Claims: Consensus expectations are
3510K; The prior number is 3478K.
- 8:30 (CZ) Czech Central Bank holds rate-setting meeting
- 10:00 (US) August New Home Sales: Consensus expectations are 510K; The prior
number is 515K. New Home Sales M/M: Consensus expectations are -1.0; The prior
number is 2.4%.
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POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
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