- In equities news overnight, the Belgian and French governments committed to
taking equity stakes in Dexia [DEXB.BE] worth a total of ‚ā¨6.4B, at ‚ā¨9.9/shr. ||
Tesco [TSCO.UK] reported H1 revenues of ¬£25.6B compared to ¬£25.8B y/y, UK
same-store sales +4.0% (ex gas) and a loss at the US unit. The CEO noted he
expects a full year loss at the firm's US unit to be around ¬£100M and 1H
profits before tax of ¬£1.45B || Unicredit [UCG.IT] said it doesn't require
additional funding, noting it has sufficient liquidity including short-term
funding 10 times higher than requirements. || Volvo [VOLVB.SW] said its truck
unit would lower capacity in Europe and cut 1,400 jobs.
The company cited slowing demand and rising raw material costs for the move. ||
Novartis [NOVN.SZ] announced its bone drug Aclast has obtained EU approval for
use in men. || Hypo Real Estate [HRX.GE] said it would not wind down operations
but would reduce assets by ‚ā¨50B with orderly disposition (without any time
limits). The company also insisted that government statements have been
misinterpreted by the media. || CGG Vertias [GA.FR] announced an extension of
High Channel Count contract by Petroleum Development Oman (PDO)
the company would undertake a high-productivity high-density onshore seismic acquisition
project in Oman.
Fresenius [FRE.GE] Increased its syndicated credit facilities by $500M for its
APP acquisition. || Ipsen [IPN.FR] FDA's first-cycle review of Dysport to be
completed by year-end || Babcock Intl Group
[BAB.UK] stated that Trading remained inline with prior expectations, sees
pipeline remaining strong || Intertek [ITRK.UK] Purchased HP White from its
management shareholders for $36.9M || Enterprise inns [ETI.UK] stated that its
trading conditions remained difficult. It Guided H2 EBITDA inline with H1,
like-for-like sales -5% y/y, FY like-for-like sales -3% y/y. Trading conditions
have, as expected, remained difficult during the second half of the year, with
on-trade beer volumes reflecting the adverse impact of the smoking ban, a poor
summer and, above all, continuing weakness in consumer spending. || Chloride
[CHLD.UK] Stated that its H1 was in line with prior expectations. sales and
operating profit were significantly ahead of last year, with strong growth in
service revenues demonstrating the value of our total solutions approach to our
customers. Order intake was ahead of sales, resulting in a record order book at
the period end. The Company continues to experience positive momentum both in
its core European market and in emerging economies. || Quintain [QED.UK] Stated
that its exposure to housing market is limited and made progress with regards
to capital preservations, to repatriate ¬£100M by the end of FY08 || Qinetiq
[QQ.UK] Provided atrading statement noting that trading is inline with
forecasts and its restructuring program is completed ahead of budget and
deadline || Antisoma [ASM.UK] began its phase II trial of AS1402 in breast
cancer. || Game Group [GMG.UK] Reported H1 Pretax profit ¬£33.4M compared to
¬£1.3M year ago levels.; Op Profit ¬£39M v ¬£6.2M y/y; Revenues were ¬£743.4M
versus ¬£482.4M y/y and its gross margin 27% compared to 25.8% y/y. the company
cited that due to a strong performance to date and positive outlook, it has
raised guidance for the Group's full year LFL sales performance from 5-10% to
- Speakers: ECB's Noyer stated that Monday' rejection of the US
bailout plan was "bad news" but he expressed confident that solution
will be found. || ECB's Gonzalez-Paramo: Financial market turmoil has
intensified and noted that interbank market remains ‚Äúfrozen‚ÄĚ. The member noted
that Authorities will act as necessary and its top priority remains bringing
liquidity back to the markets. Central Bank liquidity operations have lowered
markets volatility and would continue. Present financial market crisis showed
that global liquidity flows could become seriously impaired. However. He
believed that markets would calm down in 2009. Lastly the ECB flexibility
stance has been well implemented || Korean Central Bank stated that its main
objective is to maintain price stability and added that it would take action to
stabilize its financial markets. The central bank added that it would consider
economic risks and inflationary pressures when setting its monetary policy. It
does see inflation and economic slowdown more pronounced in H2 but that the
global slowdown would have a negative risks on export growth. || India Fin Min
noted that despite the current global turmoil within the financial markets, India
remained more or less insulated at this time. The official added that economic
fundamentals remained strong. || Taiwan President Ma -Ying-Jeou: Economic
fundamentals remain strong and can withstand global financial crisis || Spain
Econ Min Solbes forecasted GDP growth in H2 likely to remain flat and stated
that 2009 GDP growth is seen around 1.6%
- In Currencies: The JPY and CHF retraced some of their gains achieved from
Monday's session when equity markets encountered some turbulence following the
failure of the US House of Representative to pas the financial bailout package.
However, some confidence was 'restored' when the Irish Government noted that it
would guarantee arrangement to safeguard bank deposits in which the scheme
would cover all deposits, covered bonds, senior debt and dated subordinated
debt. EUR/JPY back above the 151 handle after testing the 149.00 level in Asia.
EUR/CHF firmer by 75 pips at the 1.5800 area. EUR/USD is little changed at
1.4370. A Citigroup Analyst stated that perhaps European central banks could
enact emergency rate if Fed lowered its interest rates this week.
- In Energy: Nov NYMEX crude rebounded by $2.50/barrel during the European
morning to approach the 99 level after testing $93.30 area on the open. ||
Japan Aug oil product domestic sales -11.8% y/y. Overall product output fell
2.8% on year to 18.60Mkiloliters during August
- There was no Fixed Income Supply in today's European session
- Credit Crisis: Russian watchdog announced a new ban unsecured short selling.
|| India Central Bank noted that ICICI bank [ICICIBC.IN] has enough liquidity
to meet deposit requirements and added that its main bank and subsidiaries are
well capitalized. || Irish Government announced that it would guarantee all
deposits held at Irish banks and also guaranteed dated subordinated debt. || in
the UK, PM
Brown, Chancellor Darling and BoE Governor have met and discussed the current
financial situation, but noting it was a ‚Äúscheduled meeting‚ÄĚ. || Hong Kong Fin
Min stated that the HK Central Bank planned measures to provide additional
liquidity to HK Banks.
*** NOTES ***
In the wake of the defeat of the US
financial bailout bill, European politicians are planning to meet to discuss
its game plan and possible actions to try to avert a similar crisis in the
Euro-zone. French President Sarkozy has called for an EU summit on the
financial crisis today. UK
PM Brown noted that its Government would work its central bank. And act as
necessary. The European equity market regained a sense of composure after Irish
officials announced a guarantee arrangement to safeguard bank deposits. Dealers
also noting that perhaps US lawmakers intend to salvage to $700B bank-rescue
package. Yesterdays' US
equity market plunge showed the potential dangers of the implications of
political inaction. The Hang Seng managed to end its session in positive
territory. Some constructive data out of Europe also
brought a sense that it is not all gloom and doom. Swedish retail sales for
August was above market expectations and the UK GDP YoY was a touch better.
Quarter end liquidity needs continue to surface. The ECB allotted $30 in its
1-day auction at a rate if 11.0%.
- 8:30 (CA) Aug Industrial Product Price Index: MoM expected at -0.3% v 0.4%
prior; Raw Material Price index MoM expected at -4.0% v 1.4% prior
- 8:30 (CA) Jul GDP MoM expected at 0.2% v 0.1% prior
- 9:00 (US) S&P case Shller Home price Index expected at 166.9 v 167.7
prior; Composite-20 YoY expected at -16.0% v -15.9% prior
- 9:45 (US) Sept Chicago Purchasing Manager expected 53.0 v 57.9 prior
- 10:00 (US) Sept Consumer Confidence expected at 55.0 v 56.9 prior
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