Equity News: Barclays [BARC.uk] BARC.UK: Spokesperson stated that the
company had 'not categorically' requested any capital from UK govt. The
bank's CEO stated that there was no reason to request capital from UK
Government. (Note the WSJ reported that UK Banks were in talks to raise
capital and the London Times reported that the UK gov't was mulling
injecting Â£40B-Â£50B (about 26% of the combined market caps of Barclays,
Lloyds, HSBC and RBS) of capital into retail banks by buying shares).
|| Wavecom [WVCM] Company Commented on Gemalto's Unsolicited Offer in
amount of EUR7/shr; Management believes that the price offered does not
reflect the intrinsic value and prospects of the company . Contrary to
information in the press, Wavecom emphasized that this offer was
neither encouraged, endorsed nor discussed with Wavecom and therefore
considers the offer hostile. Wavecom's board of directors will meet
shortly to consider the terms and conditions of the offer. || Novartis
[NOVN.SZ] NVA237 Phase II Results Presented at the European Respiratory
Society Annual Meeting Showed Efficacy and Tolerability With
Potentially Faster Onset Than Tiotropium. The new data show that NVA237
provides sustained 24-hour bronchodilation in patients with
moderate-to-severe chronic obstructive pulmonary disease. || CGG
Veritas [GA.FR] Provides Q3 vessel utilization update. The company's
Vessel availability rate was 98% compared to 86% q/q sequentially, and
versusv 90% y/y. the Vessel production rate was 90% versus 80% q/q
sequentially and 85% y/y. || Bull Technologies [BULL.FR] To acquire S+C
in Germany (terms not disclosed). The acquisition was expected to be
completed in the Q4 of 2008. S+C recorded revenue of â‚¬26M in fiscal
year 2007-2008, ended June 2008. || Erste Bank [EBS.AS] Guided FY net
lowers to flat or 'slightly above year-ago levels compared to a prior
view of a 20% increase. | Yell Group [YELL.UK] Amended credit agreement
which revised leverage and interest cover covenants have been set to
give Yell 20% headroom against its forecasts. In consideration of this,
the interest rate on the facilities will rise by 1% and a one-off
amendment fee of 0.5% will be paid to consenting lenders. || Air france
[AF.FR] Reported Sept Load Factor 80.9% v 82.3% y/y and noted its
passenger traffic + 0.5% || British energy [BGY.UK] Reported H1 output
in amount of 22.7Twh compared with 30.7Twh y/y. || Northern Foods
[NFDS.UK] Reported H1 Underlying Revenues up 3.9% y/y and total
Revenues up 6.5% y/y. Growth was impacted by strength in commodity
prices and the Euro FX levels. Group trading performance in the first
half year showed consistent progress in a challenging external
environment || Munich Re [MUV2.GE] Reaffirmed mid-term EPS target of
â‚¬18/shr in 2010 and forecasted a return of capital at 15% . A
re-evaluation of risks will be reflected in greater demand for cover
from financially strong insurers and reinsurers like US, and is in
higher overall price level for reinsurance protection. || J. Baer
[BAER.SZ] confirmed its financial targets through 2010. Targeting
Private Bank Gross Margin over 100bps and saw new deposit growth of 8%.
Speakers: Iceland Financial Services Authority (FSA) Confirmed it was
taking Control of Landsbanki to ensure continued commercial bank
operations in Iceland || ECB's Noyer stated that he had no comment on
market rumors of coordinated interest rate cuts. He added that he saw
an extraordinary level of volatility in financial markets. Noyer added
that He did not believe markets would crash and that no French bank was
close to failure. Thus he reiterated that the French govt would not
allow any bank to fail. Noyer noted that the upcoming G8 should meet
and discuss the financial crisis
- Does not see signs of people
withdrawing funds from banks. Noyer added that French economic growth
was flat at this time but expected it to recover next year. || Polish
Central Banker Noga noted that an Interest rate increase remained
necessary regardless of financial market crisis. He added that he
Expected mild economic slowdown. || Czech Central Bank Vice Gov Singer
stated that he does not see the need to increase liquidity at this time
but added that the central bank would act when necessary. He noted that
a debate over raising the bank deposits insurance is possible. ||Dutch
Fin Min Bos stated that the Ecofin would discuss harmonizing bank
guarantees. || Swedish Finance Minster stated that there needs to be a
coordinated solution on banks adding that one country's solution could
pose problems to other members. || BoJ's Shirakawa stated that the
Japanese economic recovery was delayed and that downside risks have
increased. No board member called for an interest rate cut at today's
policy meeting Lombard rate cut is possible without cutting key bank
rates. The BoJ is cooperating closely with other Central Banks and is
observing any crisis impact on its equities and stocks and economy.
Lastly he noted that banks remained the best provider of liquidity ||
China Foreign Ministry stated that there are no plans for financial
meeting with other regional powers || Thai Deputy PM Chavalit resigned
following antigovernment clashes
- In Currencies: The USD and
JPY were choppy throughout the session as the market digested the
impact of the aggressive Australian interest arte cut just ahead of the
European open and the speculation that several UK banks would seek
government help in raising capital. EUR/USD climbed above the 1.3620
level on hopes that the RBA rate decision would be the catalyst of
coordinated rate moves by G7 central banks. However, euphoria began to
wane after the BOJ Governor Shirakawa stated that no Board member
called for any interest rate cut to today's policy meeting in which the
BOJ left its key rate at 0.50%. The rumors that Barclays, RBS and
Lloyds would seek Gov'rt assistance in raising capital turned
terminated the initial strong European equity open and sent the bourses
into negative territory. European equity market. The Icelandic
Government receivership of landsbanki brought back the risk aversion
plays as the US morning approached. EUR/JPY at 137.45 after testing
140.40 in late Asia. Iceland Central Bank stated that the ISK basket
would be fixed at 175 and that this fixing corresponded to EUR/ISK rate
- In Energy: Qatar Oil Min Al Attiyah stated that the
country would lower oil supply to return to back to its OPEC quota
amount. The minister added that he cannot predict where the oil price
is heading but that demand has not changed for Qatari crude. || Iran
OPEC Gov noted that it is still too early to say whether OPEC should
reduce oil output again in December || Goldman Sachs analyst noted that
the risk to $120 oil forecast for Q4 is to the downside. The analyst
cited technical selling pressure for downside risks to their forecasts.
Noted that fundamentals supports oil above $90 per barrel but any oil
rally unlikely until economy expectations settle. || Gazprom [GAZP.RU]
Expected OPEC to stop decline in oil prices. The company stated it saw
gas prices declining over 2009 due to a lag relationship with oil
prices. Lastly the company expected strong FY08 revenue due to high gas
- In Fixed Income: There was no sovereign supply, but
central banks continued with the generous liquidity operations in
dollar overnight operations. ECB allotted $50B in one day dollar
operation with total bids received in amount of $109.23B. SNB allocated
$10B in overnight repos with $12.1B in total bids. BoE allocated $8.4B
in its o/n liquidity operation. To bring its target rate back to 4.25%,
the ECB would hold a reverse repo draining up to â‚¬231.5B from money
markets. || UK alloted 1.2B of 1.875%2022 inflation linked Gilts with a
bid-to-cover of 1.2 x.
- Credit Crisis: Iceland regulator takes
receivership of Landsbanki. The Russia Government to lend Iceland â‚¬4.0B
in which the proceeds would be used to prop up Iceland's currency
reserves. The Russian loan would have 3-4 year maturity (Russia Finance
ministry did not confirm this loan). Iceland to peg its currency (the
Krona) at 175 against the trade-weighted basket.
*** NOTES ***
Overall traders and dealers were wondering which market was the
'sideshow' as the currents continued to wreak their wrath this morning,
but in a manner that was 'calmer' then Monday's price action. The UK
banking sector was the focus as opening level euphoria dwindled into
concerns over potential capital increases. RBS was off 30% at one
point. Iceland announced a peg for its currency after the Government
brought Landsbanki into receivership. Thus The market is digesting the
price action over the last 24 hours. De-leveraging remains the theme
today The immediate focus will look forward to the Bank of England
policy decision on Thursday, especially after the RBA cut its cash rate
target by 100bps earlier to 6.0% (was expected to cut by 50 bps).
The markets continue to look for some sort of pan-European plan to
support the European banking system. The G7 has a regularly scheduled
meeting at the end of this week in Washington D.C.
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