In equities: HOME.UK: Reported H1 Pretax ┬ú121M v ┬ú150M y/y, Rev ┬ú2.73B
v ┬ú2.73B y/y sees FY profits at lower end of expectations. The co.
noted that the backdrop of a difficult trading environment the
challenging conditions look set to remain for some time, and indeed
have worsened in the turbulent recent weeks.|| Nicox [COX.FR] Reported
9M Pretax -ÔéČ49.7 versus -ÔéČ13.7M, Revenues at ÔéČ.2.9M v ÔéČ18.4M year ago.
It cited that Pfizer, Merck payments caused drop in revenue. It added
that it was in discussions for potential partnershipwith 6 or 7
companies over Naproxcinod || Wavecom [WVCM] Reported Q3 Net -ÔéČ4.0M v
ÔéČ3.3M y/y, Rev ÔéČ27.5M v ÔéČ50.4M y/y . Its Q3 2008 Financial Results
weakened by global economic slowdown. However, management remained
confident over long term. Board reiterated that it considerd Gemalto's
offer inadequate, as it "fails to deliver sufficient value to merit
support". Additonally the company noted that its financial results
reflect the global economic slowdown that continues to decrease
revenues particularly in two key vertical markets - automobiles and
alarms. || Tele2 [TEL2B.SW] Reported Q3 SEK848M compared to -SEK1.23B
y/y; Revenues were SEK9.89B versus expectations of SEK10B. The company
added 127K Swedish users in Q3. The CEO stated that the co. was now
about to exit the phase of realignment, and to enter a new phase of
transformation. || Groupe Danone BN.FR] Reported Q3 Rev ÔéČ3.85B v
ÔéČ3.84Be and reaffirmed its 2008 targets with its SSS rising by 8 to 10
percent year/year. It sees its FY08 underlying EPS to rise at least 15%
and EBIT margins rising by 40bps to 50bps. || Schneider Electric
[SU.FR]Reported Q3 Revenues of ÔéČ4.65B; confirms meeting 15% minimum
EBITDA margin || Alfa Laval [ALFA.SW] Reports Q3 Rev SEK6.63B versus
SEKSEK6.39B y/y; Its Q3 order intake came in at SEK6.78B VS SEK6.80Be.
the company guided Q4 demand to be in line with or somewhat lower than
comparable y/y period. || Svenska Handelsbanken [SHBA.SW] Reported Q3
Reports Q3 Net Income SEK2.81B versus estimates of SEK2.36B and Net
Interest Income SEK4.86B above analyst estimates of SEK4.61Be. the
bank's Q3 loan losses SEK231M came in better that the SEK338M
estimates. Lastly, the market value of liquidity portfolio SEK65B and
its teir 1 capitol ratio 10.0% || KPN [KPN.NV] Reported Q3 Net ÔéČ353M v
ÔéČ365Me, Rev ÔéČ3.65B v ÔéČ3.61B y/y, The company announceed ÔéČ1B share
buyback program and reaffirmed its FY10 targets. Q3 EBIT ÔéČ701M, EBITDA
ÔéČ1.28B. The company noted that liquidity remains solid
- Has not
seen impact from economic slowdown so far but have measures ready to
protect cash flow || Hochschild Mining [HOC.UK] Reported Q3 production
results with silver production at 4.89M oz v 3.56M oz y/y and Gold
production at 45.98M oz v 50.59M oz y/y. It noted that it remain on
track to achieve full year production target of 26 million attributable
silver equivalent ounces in 2008. || TomTom [TOM2.NV] To enter the
Russian market with full range of products || Wavelight [WLT.GE]
targeted its EBIT margin above 10% in medium term . FY Rev ÔéČ90.9M v
ÔéČ70.4M y/y and EBIT ÔéČ6.3M v ÔéČ660K y/y. it noted that its strategic and
operative realignment has been completed
- Speakers: The BOE
voted 9-0 to cut its interest rates by 50bps back on oct 8th in the
coordinated central bank action. -The panel noted that the supply of
credit has tightened further and that interest rate cut alone would not
solve financial market crisis. It did welcomes UK Govt capital infusion
for banking system. The MPC members noted that the slowing labor market
would keep wage growth subdued. The risks of deflation had increased
and inflation targets are now to the downside. The MPC added that
continued economic weakness likely to move along into H2 2008. The
recent GBP depreciation should support exporters, but export markets
have worsened. Lastly the output growth weakness to open margin of
spare capacity || ECB's Nowotny: Notes a change in trend in the
financial markets || Russian Pres Medvedev's Aide stated that there was
no sign of any systemic risk in the Russian banking sector || Australia
Treasury Sec Swan: Fiscal stimulus impact will be seen in 2008-2009
period || India PM: Current financial market crisis needs a global
response || ECB Paramo-Gonzales: International markets are still
volatile as deleveraging continues
and that participants must learn lessons from recent events in the financial market turmoil
In Currencies: The session continued to see some sharp moves in all
types of pairs from USD related, commodity related, European-related
and carry-related. Tough to gauge who was leading this volatility but
the comments from BOE's King's comments on Tuesday that the UK would
likely enter a recession was the latest 'trigger pint' GBP/USD hit
fresh 5-year lows in Europe as it approached the 1.6200 handle. The
Asian moves were reportedly on 'light volume'. One chief dealer noted
that 'does one trust super exaggerated Asian time zone moves or is it
the next region to come to grips with economic realityÔÇŁ. EUR/JPY tested
below the 127 level before consolidating back above 128. EUR/CHF tested
1.4850 and is regaining a foothold above 1.50 as the US morning
EUR/USD 1.292 -0.0083 1.3003 1.3034 1.2738
USD/CHF 1.1608 0.0055 1.1555 1.1695 1.153
GBP/USD 1.6395 -0.0124 1.6519 1.6601 1.6203
USD/JPY 99.09 -1.09 100.19 100.45 98.89
EUR/GBP 0.7881 0.0014 0.7869 0.7913 0.784
CHF/JPY 85.36 -1.34 86.69 87.02 84.61
EUR/JPY 128.05 -2.23 130.29 130.83 126.93
EUR/CHF 1.4997 -0.003 1.5025 1.5047 1.4849
USD/CAD 1.2326 0.0173 1.2151 1.2367 1.2142
AUD/USD 0.6749 0.0002 0.6751 0.6825 0.6631
GBP/JPY 162.45 -3.08 165.55 166.65 160.85
AUD/JPY 66.87 -0.74 67.61 68.46 65.75
Fixed Income: Itraxx Crossover Index opened up in European at an
all-time high level of 790bps. This was 20bps from levels seen on
Tuesday || Dealers noting the rise in Turkish bond yields moving above
22.35% || The GBP yield curve continued its steepening tone, with the
2yr - 10r spread in gilts as wide as 128 bps, a 1 year high. In EUR
governments, Germany sold ÔéČ5B 4% 2013 BOBL's, with a better than
expected bid to cover of 1.91. The resumption in flight to quality was
reinforced with the Benchmark 10yr Bund yielding 3.89% ( down 5bps) and
spreads over comparable ÔéČ peripherals widening , in the case of French
10 yr OAT's by as much as 2.5bps. The Dec Bund contact rallied by over
80 ticks to 116.01, its highest level since Sept 10.|| Barclays Bank
announced it will issue 3 year ÔéČ denominated bonds, priced at 25bps
over swaps. It will be the first new issue after the UK government
accounted its guarantee for all bank paper back on Oct 13.
Energy: Reportedly OPEC will not ask Russia to cut output production.
But recall earlier this week that both Russia and Norway noted that
neither would be reducing output. This was confirmed by OPEC's Gen Sec
Al-Badri || Russian Dep PM Sechin stated that the country was
considering creating an oil reserve ||IEA Tanaka stated that he was
concerned with the level of investments in oil producing countries like
Russia and expects production to slow further
*** NOTES ***
Asian session saw some extreme moves in currencies as dealers continue
to note that dysfunctional mentality remains the norm in this current
environment. In Europe, the data was light but price action was heavy.
The equity and commodity sell-off are seen fueled by continued concerns
that defaults on commodity contracts as prices collapse. The global
recession fears are instigating a circle in which lower corporate
guidance and hence weaker equity indices as a result. Various basic
industries are trying to reduce output in light of the global economic
slowdown among them are steel producers. The Argentine markets are near
'collapse' following the government plans to nationalize the pension
system as a bailout made necessary. The emerging markets continue to
move into the front burner on the global radar. The Hungary Central
bank raised its key rate by 300bps to 11.5% in an unscheduled policy
move. Russian banks and companies have applied for $100B of loans from
the state development bank to refinance foreign debt. The recent
volatility in currencies suggests that perhaps more scenarios like the
FX losses at Citic Pacific are looming out there.
corporate earnings continue with Boeing [BA], ConocoPhillips [COP],
General Dynamics [GD], Kimberly Clark [KMD], McDonalds [MCD], Merck
[MRK], Northrop [NOC], Philip Morris [PM], Reynolds America [RAI],
AT&T [T], Wachovia [WB] and Wyeth [WYE] all expected before the US
equity open today
- 7:00 (US) MBA Mortgage applications w/e Oct 17. There are no consensus expectations; The prior number was 5.1%
- 8:30 (CA) Canadian Sept Leading Indicators. Consensus expectations are 0.0%; the prior number was 0.2%
8:30 (CA) Canadian Aug Retail Sales. M/M consensus expectations are
-0.3%; The prior number was 0.1%. Y/Y Consensus expectations are 0.0%;
The prior number was 0.4%
- 8:30 (CA) Canadian Retail Sales Less Autos. M/M consensus expectations are 0.0%; The prior number was 0.4%.
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