In equities: Sony Ericsson reported its Q3 results with the net loss of
ÔéČ25M which was better than estimates of a loss of ÔéČ141M. The revenue
came in at ÔéČ2.81B compared to year ago level of ÔéČ3.11B. Its market
share remained flat at 8%. Its gross margin came in at 22% v 31% y/y
and its operating Margin was-1% v 13% y/y. The venture shipped 25.7M
units in Q3 v 25.9M units last year. Its average selling price (ASP)
was ÔéČ109 compared to ÔéČ120 y/y. It added that it saw 2008 Global Handset
ASP declining and it it experienced a "challenging" Q3 || ING Weakness
in shares being attributed to chatter of a possible government
injection of funds needed || Safran [SAF.FR] Reported 9 month Revenues
of ÔéČ7.44B, up 14% from year ago levels. The company maintained its 2008
targets of ÔéČ10B in revenues (ex mobile phones) and ÔéČ750 in net profit
9ex mobile phones). || Alcoa [AA] Spokesperson: Australian CAPEX is
under review due to the recent market turbulence || Tecnip [TEC.FR]
Awarded order to assist in development of E-18, P-9 gas fields by
Wintershall Noordzee. Offshore operations are scheduled to commence in
the first quarter of 2009. || Ipsen [IPN.FR] Completed acquisition of
Tercica in North America [TRCA] || Edison [EDN.IT] Guided The company
confirmed its FY08 financial targets and investment with EBITDA seen
around ÔéČ1.55B. The CEO: stated that it might purchase assets of rivals
impacted in current credit crisis. The company stated that it has cash
to pay for investments and further exploration || Bunzl [BNZL.UK]
Provided an interim report that its Q3 Rev was up +15% y/y and saw its
trading in line with prior expectations. The growth in group revenue
due to a combination of organic growth, the positive impact of
acquisitions and the weakening of sterling, principally against the
euro and US dollar. || Inchcape [INCH.UK: Reported 9-months
Like-for-Like sales -1% y/y, and its Group sales up 6.7% (incl FX). The
company noted that following deterioration in trading conditions and
assuming this may continue for the foreseeable future, it implemented
prompt actions to reduce cost. || Yara [YAR.NO] Reported Q3 Net profit
NOK3.36B compared to estimates of NOK3.88B and Revenues of NOK25.06B
just below estimates of NOK27.46B. The company noted that recent
financial turmoil has created interesting investment opportunities. It
saw Q4 energy costs NOK1.1B higher y/y || Kazakhmys [KAZ.UK] Noted that
discussions over possible combination with third party have ended ||
Solvay [SOLB.BE] Acquired Egypt's Alexandria Sodium Carbonate Co. for
ÔéČ100M || Unicredit [UCG.IT] Surges following confirmed investment from
Libyan State Bank in its attempts to raise ÔéČ6.6B in new capital. Had
its opening delayed after futures pointed to an open higher than 10%.
|| Rio Tinto [RIO.UK] Shares rebound following yesterdays slide on news
that Alcoa and Chinalco's stake in the firm, purchased through Lehman
is secure. || Savills [SVS.UK] stated that it now saw its FY pretax ex
items under its consensus forecasts in light of weaker economic
- Speakers: ECB's Gonzalez Paramo stated that the
euro-zone inflation to fall below target in H2 of 2009 and that the ECB
must look beyond short term inflation rate. However added that
inflation is highly dependent on commodity prices. Paramo stated that
continue to see constant coordination among global central banks but
that coordinated interest rate cuts are generally not justified.
Spanish reaction to financial crisis has been better than in other
Eurozone countries. || BoJ Governor Shirakawa noted that the Japanese
financial system remained stable despite extreme global volatility. The
BOJ continued to observe any impact of possible deterioration in the
global economy upon Japan. He added that Japanese economic growth would
remain subdued and that Japan's economy was facing downside risks,
which would unlikely; see any moderate growth for some time. Need to
watch for second round effects following rise in commodity prices.
Lastly he noted that domestic demand could weaken further. || Japan's
Fin Min Nagakawa also noted that tensions within global financial
markets were increasing but that Japanese financial system were in good
shape compared with that of Europe and the United States. He also
stressed that govts need to stay alert for further developments. ||
German Econ Min Gloss reiterates it is still difficult to say how
current financial crisis will impact industries
- Notes several companies are amazingly resilient to financial crisis
- Says there is no need for panic but we must use precaution
In Currencies: USD was mostly firmer against the majors with exception
to the JPY. The continued theme of risk aversion is likely to keep the
recent patten of the EUR/USD and USD/JPY trading in tandem with equity
prices. Dealers noting that as long as the correlations work, currency
markets will go with the flow. || Credit Suisse analyst notes that
Turksih banks face strong challenge in FX liquidity || Indonesian
Central Bank Governor confirms intervention in currency markets ||
Goldman Sachs Analyst lowered their outlook on Eastern European
emerging market economies as it lowered various GDP estimates for Czech
Republic, Hungary, Poland and Russia. The analyst also revised each
related currency towards a weaker outlook based upon its revised growth
forecast || Thai Central Bank revised its GDP growth forecast. It now
sees 2008 in a range of 4.3%-5.0% compared to a prior view of
4.8%-5.8%. Its 2009 GDP growth forecast cut to 3.8%-5.0% compared to
4.3%-5.8% prior July view.
- In energy: Mitsubishi [5001.JP]
Reportedly would hold discussions with Turkey over joint Iraqi oil
exploration State-run Turkish Petroleum Corp. is urging major Japanese
companies, including Nippon Oil Corp. and Mitsubishi Corp., to jointly
develop the mostly untapped vast oil deposits in the Kurdish region of
northern Iraq || China' Gov't forecasted that Sept imports of diesel
totaled 340K metric tons vs 880K m/m; Gasoline imports 122.9K tons v
382.2K || Chevron [CVX] has reportedly been awarded oil and gas
exploration rights by the Indonesian gov't for the West Papua blocks;
Conoco has been awarded rights for the Arafura Sea block
Credit Crisis: ASEAN leaders to meet in Beijing on in late Oct to
discuss financial market crisis. The -summit would look at
strengthening fund to stabilize member currencies. It noted that the
gathering was a panic reaction but a precautionary measure. The meeting
likely to take place on Oct 23rd or Oct 24th || Japan's Nakagawa stated
that he would not rule out G8 meeting on global crisis, but it must
have tangible results. He seeks an emergency adjustment in market to
market accounting rules to avoid systemic risks emerging in financial
- In the Papers: UK Telegraph noted that banks in
bail-out scheme are not allowed to pay dividends for five years under
EU laww, which could threaten the Government's scheme. || General
Motors and Chrysler are accelerating merger discussions amid strong
support from potential lenders that are eager to see a deal done. GM,
set to report dismal Q3 earnings and scrambling to find new sources of
funding, is aiming to get a deal done as early as the end of Oct. Two
major players driving the deal are JP Morgan Chase and Cerberus Capital
Mgmt. || Japan is considering a temporary freeze on corporate
accounting rules that require financial instruments to be assessed at
market value, following the lead of the U.S. and Europe in addressing
the global financial crisis
*** NOTES ***
recent talks from various government officials and central bankers in
recent days have been more cautious on the growth front and growing
optimism on inflation. The comment from ECB's Gonzalez Paramo: that
inflation to fall below target in H2 of 2009 is a very dovish
statement. This appears to be the first talk among an ECB members that
inflation to fall below its 2.0% target. Previous the ECB saw a
'gradual decline' towards its target. With front month NYMEX crude
about 50% off peak levels seen back in July OPEC has decided to move up
its emergency meeting regarding possible production cuts to Oct 24th
from Nov 18th. A sense of urgency is rising as global growth slow and
this is complemented with an increase in inventories. The USD funding
continues to improve as the 3-month USD Libor seen expected to improve
toward the 4.45% area from Thursday's fixing of 4.50%. The TED spread
is at 407bps ahead of the US morning. However, the Itraxx Crossover
Index hit a record level of over 760 bps just ahead of the Libor fixing
rates. Chatter circulating that ING may need gov't assistance as its
shares hit fresh 52-week lows. The slight 'improvement' in the spread
market had one dealer make the observation that perhaps credit should
be granted to where ÔÇťcredit is dueÔÇŁ. As the NY morning approaches
traders and dealers will be looking for the first sign of a VIX
selloff, or in anticipation thereof as option expiration comes into
- 8:30 (US) Sept Housing Starts. Consensus expectations are 872k; The prior number was 895k.
- 8:30 (US) Sept Building Permits. Consensus expectations are 840k; The prior number was 857k.
- 12:45 (US) St Louis Fed's Bullard to moderate panel on Economic Policy
- 14:00 (US) Fed's Evan's Speaks in Wisconsin
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