- In equities news overnight: Roche [ROG.SZ] Invested CHF215M into a German
research & development facility. The new building will house laboratories
and production facilities for the Roche Applied Science and Roche Professional
Diagnostics business areas. || Lonmin [LMI.UK] Xstrata stated that it had no
intention to make offer for company; citing the current financial market
uncertainty. Xstrata added that the lack of clarity on future availability of
credit was behind its decision. Xstrata added that they reserve the right to
purchase Lonmin shares, subject to the requirements of the code and other London
regulations. || Ciba [CIBN.SZ] Germany's
BASF expected to finalize its buyout of CIBA transaction by Q1 2009 at the
latest. BASF added that it expected that the transaction will make a positive
contribution to its earnings per share in the second year after the
acquisition. || Cadbury [CBRY.UK] CFO Ken Hanna will step down effective April
2009 to join Inchscape || Qiagen [QIA.GE] Acquired Biosystems business from Sweden's
Biotage for $60M in cash and payments. The transaction is valued at approximately
$53M in cash and performance milestone payments of up to approximately $7M over
the next four years. || [KGP.UK] Agreed new â‚¬330M syndicated credit line in
which the funding to facilitate company's organic and acquisition growth plans
over the next 5 years. It Replaced the previous facility which was due to run
until December 2009. || Thus Group [THUS.UK] Cable Wireless stated that
itsoffer for company was unconditional. The Offer remains open until further
notice and at least 14 days' notice will be given if C&W Holdco decides to
close the Offer. || Domino's Pizza UK
[DOM.UK] Reported 13 week Revenues in amount of ÂŁ83.3M compared to ÂŁ70.7M year
ago. Its 39-week like-for-like sales growth was 10.5% and stated that store
openings progressed well with 9 new openings during this period. || Spectris
[SXS.UK: Acquired LDS Test & Measurement unit from SPX Corporation for
$102M . Porsche [POR3.GE] Guided FY08 sales up 1.3% y/y at â‚¬7.46B compared to
analyst estimates of â‚¬7.55Be. Company forecasted vehicle sales at 98.6K, +1.2%
y/y. It noted that it was difficult to provide 2009 forecasts under the current
environment. Ford [F] Ford Europe CEO stated that he expected the auto industry
to feel the effects of the economic downturn in H2, but added that the unit
remained profitable. The difficult environment would impact the premium
automakers the most. He noted slowdown in some of the emerging markets. Sovay
[SOLB.BE] CEO noted that its pharma division results are in line with
expectations. He Believed the market remained in good condition, but cited some
tight conditions in chemicals The company would see an impact to its Vinyls
business in third quarter as a result of turnaround in Brazil || Daimler
[DAI.GE] denied market speculation of a potential profit warning and added that
it would provide comment on its outlook and markets with its Q3 release. It did
note that the market had becoming more difficult since late July.
- Speakers: (EU) EuroGroup Juncker stated that the ECB should consider all of
the elements at its monetary policy meetings as the economic growth showed a
definite downward trend. He added that G7 cannot solve banking problems on its
own; Notes that EU is ready to act on banks if. He reaffirmed G7 view that
excessive FX volatility is undesirable. ECB remained confident in French
banking system and reiterated that Europe does need a US
style bailout as the European banking system is more robust than that in US. He
stated that the US
must utilize Treasury Sec Paulson bailout plan. || Polish Central Banker noted
in a newspaper interview that he expected the economy to slow significantly
adding that the Government's 2009 GDP forecast of 4.8% was 'optimistic'. The
banker noted that the global financial crisis would likely have little or no
impact on Poland.
Lastly he stated that the central bank needs a more restrictive monetary policy
ahead of its planned entry into the Euro. || WTO's Lamy: There is risk of
recession || Russian Fin Min Kudrin noted that the Russian Government has yet
to start any purchases of shares in order to support markets added that it may
not need to do so. || Czech Central Bank Official Tuma noted that its banking
system remained healthy and solvent. He added that th Central bank is able to
defend the banking sector's stability. Central Bank is monitoring liquidity
conditions. || France's
Jouyet stated that the ECB would draw consequences of financial markets crisis
on its interest rate policy and added that the leaders summit on October 15
will greatly impact crisis, regulation.
- In Currencies: Dealers were awaiting to see if the quarter-end appetite for
USD would continued into October. Yesterday's sessions saw the EUR/USD
encounter its largest one day decline since its January 1999 launch. Dealers
were noting that early indications suggest some waning in the demand for
dollars, citing the Bank of England USD repo operations in which the
bid-to-cover fell back below the 1.0 level.
- In Energy: NYMEX Nov crude climbed over $2 per barrel in the session, fueled
by hope that the US
would approve the financial market bailout package.
- In Fixed Income: The yield curve for the US
steepened as the European morning progressed. Dealers attributed to flow into
the short-end on speculation that France
and the UK
could follow Ireland's
to guarantee deposits. The Irish Fin Min was meeting with European counterparts
over its pledge. || Belgian Debt Chief noted that the recent Fortis, Dexia
rescue would have no funding impact as it foresees only EUR1B in funding for
the remaining of 2008. It noted that November auctions would be the last for
this calendar year. || The UK
2049 Gilt auction had a strong bid-to-cover of 2.1 times above the expected
range of 1.6 to 1.7 times. || Commerzbank noted that credit is becoming more
expensive as refi costs continue to climb. The company stated that a European
credit crunch is a possibility
- In the papers: WSJ â€śHeard On The Streetâ€ť column looks at the trillions of
dollars in debt that needs to be refinanced by European banks. The article
noted that some of Europe's largest banks face the
problem of how to refinance debt that is coming due in the short and medium
term and adding that the refinancing efforts could become even more challenging
if the interbank market remains frozen. || The Irish Times noted that talks in
Paris between the Taoiseach and French president Nicolas Sarkozy would be
dominated by the global financial crisis, and, in particular, the Irish
Government's bank guarantee. The article noted that French spokesman stated
that Sarkozy "has followed and discussed" with Mr Cowen the
Government's move. and that a similar guarantee could be offered by the French
government, with measures announced at the end of the week
*** NOTES ***
- The start of October will determine if the recent stress experienced credit
markets were structural or just quarter-end related. The central banks vow to
continue with their generous liquidity provisions. The Russian Central Bank
would begin making loans to rated banks with out collateral, and will help refinance
foreign debts. The global growth environment showed its fragile structure as
the Japanese Tankan and Capex data came in below expectations. European
Manufacturing PMIs were consistently below consensus as well. The Italian PMI
Manufacturing registered its lowest since 2001 while the UK PMI data tested a
16 year low. Moody's Corporate credit outlook have deteriorated in recent
- October will get off to a fast start as the US Senate will vote on Tarp
bailout package later today, the ECB monetary policy decision on Thursday and
the US Nonfarm payroll data set for Friday.
- European stocks opened in positive territory but saw gains erode as softer
European data weighed upon sentiment and comments from Daimler [DAI.GE] who
noted tougher market conditions since mid summer. BHP was firmer after
receiving Australian regulatory approval to proceed with its planned
acquisition of Rio Tinto.
- 07:00 (US) MBA Mortgage Applications w/e Sept 26th: No estimate v -10.6%
- 07:30 (US) Sept Challenger Job Cuts Y/Y: No estimate v 11.7% prior
- 10:00 (US) Sept ISM Manufacturing: Expectations 49.5 v 49.9 prior
- 10:00 (US) Aug Construction Spending M/M: expected at -0.5% v -0.6% prior
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