In equities: Credit Suisse [CSGN.SZ] Confirmed its Q3 Net loss of
CHF1.3B that it guided back on oct 16th. Q3 revenues were CHF3.11B. Its
ROE -13/1% compared to 12.4% y/y . The bank's Tier 1 ratio came in at
10.4% versus 12% y/y. Credit Suisse Wrote down CHF2.4B in credit and
market related losses but added it did not need to use the illiquid
fund and ended the share buyback. Agreements with the government did
not constrain dividend payments. Capitalization remains strong and is
disappointed by the Q3 results and its share buyback and dividend
programs will not be constrained || Nestle [NESN.SZ] Reported 9-month
Revenues of CHF81.4B in line with estimates of CHF81.1B. It raised its
FY organic growth to 8.9%. The co. used â‚¬10.4B from its Alcon sale to
pay down. FX impacted Sales by 8% but added that remains strong
financial position. On the conference call the company noted that it
saw continued demand for its commercial paper|| Sony [SNE] Guided
FY08/09 Net lower to Â¥150B compared to Â¥240B prior view. The company
citied the strong JPY for its reduced forecast. It now saw Op Profit
around Â¥200B v Â¥470B prior and Revenue Â¥9.0T v Â¥9.2T prior. The company
noted it was on track to sell 10M playstation 3S in 2008 || Essilor
[EF.FR] Reported Q3 Revenues â‚¬757.6M v â‚¬755Me, 9-month sales â‚¬2.28B
(+3.5% y/y) || Syngenta [SYNN.SZ] Reported Q3 Revenues of $2.3B just
above analyst estimates of $2.06B. It reaffirmed sees 2008 EPS growing
at least 35% with 2009 EPS growth "in high teens" || Skandinaviska
Enskilda Bank [SEBA.SW] Reported Q3 Net Interest Income SEK4.55B versus
estimates of SEK4.4B. Revenues came in at SEK8.7B just below
expectations of SEK8.92B. The bank announced plans to cut 500 jobs in
Sweden || Nordea bank [NDA.SW] Reported Q3 Oper Profit ofâ‚¬847M and Net
Profit â‚¬655M compared to year-ago level of â‚¬761M y/y, Its net Net
Interest Income â‚¬1.3B while its tier 1 Capital Ratio was 7.0% v 7.2%
y/y || Stora Enso [STERV.FH] Reported Q3 Revenues of â‚¬2.72B below
estimates of â‚¬2.83B. It registered a net Loss â‚¬119.5M below forecasts
of â‚¬195Me. It noted the benefit of weakening a SEK currency on results.
It saw reduced fuel costs in coming quarters || Glaxo [GSK.UK: In
exclusive pact with Affiris for Therapeutic Alzheimer vaccines in which
the potential value of agreement could reach â‚¬430M. Glaxo to pay
Affiris â‚¬22.5M in up-front payment. || Air Liquide [AI.FR] Secured
â‚¬2.5B in back up credit ||
- Speakers: Former Fed Chairman
Greenspan stated that the $700B US financial market bailout was
adequate and urged stricter regulation to address market collapse. The
former fed chair stated that the crisis was worse than expected and
that that fears of insolvency are significant || German Chancellor
Merkel says Germany will do everything in its means to keep economy
growing || Commissioner Barroso noted that the financial market crisis
required unprecedented levels of global cooperation. Apart from
financial turmoil, leaders must address "major imbalances" and
suggested that participation of China, India, and Japan were necessary
for reform || Former BOJ member Muto noted that he saw a Japanese
economic recovery beginning in 2010 || BoE Barker: saw inflation
falling sharply in 2009 but noted that the BOE would not lower interest
rates on energy price drop only . She added that Business will see the
benefits of the government bailout || BoE Besley: Softer commodity
prices are welcome and balance of risks have changed. MPC to focus on
limiting impact of global shocks but it remains too early to say if
further shocks to come. He noted that the recent credit and oil shocks
are beginning to unwind || Japan Govt Spokesperson Kawamura noted that
must carefully follow how Yen's rise impacts Japanese economy
In Currencies: The Asian session continues to exhibited the volatility
as the trend of lower European pairs against the JPY continued. The USD
was modestly weaker from its opening levels seen in Tokyo. EUR/USD at
1.2840 after testing 1.2735 and EUR/JPY probed blow the 123.50 level
before bouncing 200 pips towards the 125.40 area. Reportedly weaker CAD
helping takeover according to a Globe & Mail article. It noted that
buyers were seeing a material decline in the cost of their financing
commitment. Sources working on the takeover say the recent currency
move makes it more likely that the long-awaited transaction will close,
as scheduled, by Dec. 11.
- In Energy: OPEC President stated
that they would likely to announce output cuts during Friday's meeting
but added it was hard to suggest the exact amount of possible
reductions. He stated that it would be fine if Russia, Mexico, Norway
joined OPEC in reducing output. Many companies are abandoning oil
projects due to lower prices and favored a $90 level per barrel which
would help the oil Sands Projects break-even price - Oil prices will
continue to decline unless market becomes balanced ||Iran Oil Min
Nozari: Reiterated that OPEC output cut will be higher than 1M bpd, 2M
bpd cut would stabilize market || OPEC President: Another option for
OPEC is to cut supply in phases
*** NOTES ***
Equity market volatility continues as the US market again experienced
steep losses on Wed. The Far East stocks were broadly lower but
comments from former fed Chair Greenspan help to sooth thing over for
the time being. Greenspan noted that the $700B US financial market
bailout plan was adequate. Dealers also noting that a WSJ article on
mortgage/foreclosure relief plan is helping US equity futures. However,
a weak Euro-zone new order data brought back some risk aversion and
sent Both European and US equities to session lows. Emerging markets
continue to weigh upon equity sentiment. Sweden's Swedbank noted that
its Baltic slowdown is posing a challenging environment and sees credit
quality in the area continuing to deteriorate. There were a few
interest rate cuts overnight as the New Zealand Central Bank cut by
100bps (as expected), while the Norwegian Central Bank cut by 50bps to
3.75% (was expected to cut by 25bps). The Japanese trade surplus
tumbled to Y 95B well below expectations of a Y570B surplus with
exports to US weak and exports to the Asian and Euro-Zone areas even
softer. ECB members continue with some dovish talk on the inflation
front. Gonzalez-Paramo stated that the ECB wasin position to cut rates
further without adding to medium term inflation risks. There were
rumors that the ECB could cut today as the Gov council meets for a
'non-policy meeting' today.
- Looking ahead: More US corporate
earnings with Bristol Myers, Dow Chemical, Enterprise, Altria,
Raytheon, UPS among some of the notables before the US open
- 8:30 (US) Initial Jobless Claims w/e Oct 18th. Consensus expectations are 468k; The prior number was 461k.
- 8:30 (US) Continuing Claims w/e Oct 11. Consensus expectations are 3.715M; The prior number was 3.711M.
- 9:00 (BE) Belgian Oct Business Confidence Level. Consensus expectations are -16; The prior number was -14.4.
- 10:00 (US) Aug House Price Index. Consensus expectations are -0.5% ; The prior number was -0.6%.
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