-Equities: Arcelor [MTP.FR] Reported Q3 Net $3.82B below expectations of $5.91B
with revenues of $35.2B also missing consensus forecasts of $38.8B. It guided
Q4 EBITDA $2.5 to 3.0B v 6.72Be and the FY08 EBITA in a range of $21.2 to 24.7B
compared to estimates of $28B. The company announced temporary output
reductions citing the need for accelerated inventory reduction. It will cut
stainless steel production by 30%; cut Q4 Flat carbon US
production by over 35%, European production by over 30%; cut Q4 crude steel
production by 9M tons cut Q4 long carbon production by around 30% and Cut Asia,
Afrca, CIS production by over 35%. The company does not see recovery in
stainless steel markets but expected to change growth strategy inline with
market conditions. The company maintained its 3% to 5% annual steel growth
outlook but noted that steel demand to remain week into early 2009 but that its
growth assessment applies once "Unusual Situation" has passed. It saw
steel Demand Stabilizing in 2009
|| Total [FP.FR] Reported Q3 Net â‚¬3.05Bbelow estimates of â‚¬3.78B, but its
revenues exceeded expectations with â‚¬48.8B above the â‚¬45.59B estimates.
|| BNP Paribas [BNP.FR] Reported Q3 Net â‚¬901M v â‚¬1.09Be, Rev â‚¬7.61B v â‚¬7.28Be.
Current environment remained difficult but would be able to continue to finance
the real economy. Its Tier 1 ratio 7.6% || Hannover Re [HNR1.GE] Reported Q3
Net -â‚¬395M worse than the -â‚¬228.3M estimates. The company noted that would
break even in Q4 and saw good prospects next year. worsening of the crisis on
international financial markets as well as a higher-than-average burden of
catastrophe losses have taken an appreciable toll on the company's result. CFO
noted that it would not pay dividend for FY08 || Rheinmetall [RHM.GE] did not
expect to reach FY sales and profit forecast and lowered them by 10%. Guided
FY08 EBIT in a range of â‚¬250-260M versus â‚¬255M estimates with Automotive EBIT
at â‚¬80M; and Defense EBIT at least â‚¬180M. It did not that 2009 would be a tough
year for the industry and that it was Impossible for reliable targets for
automotive sector. || Allied Irish bank [ALBK.UK] Provided interim management
report; says all businesses continue to perform well but that Credit
environment continues to deteriorate. Asset quality deteriorated; ROI bad debt
charge 250bps on property loans but added that the Irish Gov't guarantee will
support activity and its Funding position remained strong || SABMiller, Molson
Coors US JV reported Q3 Net Income $191M (ex items) v $149M y/y, Rev $1.95B v
$1.91B y/y || Continental [CON.G] reportedly Shaeffler considering selling its
stake in co. citing that the economic crisis has stretched that ability of
Schaeffler to acquire its larger rival || Commerzbank [CBK.GE] CBK.GE: Sees net
interest income rising in full year; will come out of financial market crisis
in a strengthened position || Balfour Beatty [BBY.UK] Awarded Â£335M for
multiple contracts in US and HK || Redrow [RDW.UK] Housing activity remains
subdued and outlook for 2009 is below prior expectations || BT Group [BT.UK]
Sekunjalo purchased 30% Stake in co. South African Unit for ZAR27M in cash ||
Carlsberg [CARLB.DC] Reported Q3 lower Q3 results and cuts its fiscal year
outlook. Q3 Net DKK1.22B v DKK1.50B estimates and its revenues DKK18.44B
against DKK18.63B forecasts . the company announced cut jobs and the closing of
a U.K. facility amid ``deteriorating'' markets in northern and western Europe.
- Speakers: Japan PM Aso: we must provide support to dollar over short term ||
Riksbank noted that its decision to cut interest rates by 50bps back on Oct
23rd was unanimous. It noted that it could cut rates without harming price
stability || ECB's Bini Smaghi noted that market regulations should not be
excessive || IG Metall Union Chief Huber: Nationwide strikes can begin on Nov
17 if wage talks do not come to fruition
- In Currencies: EUR/USD consolidating ina 1.28 t0 1.29 during Europe. Dealers
noting that the 2-yr U.S/German spread has widened over the last 24 hours to
around 107bp. Japan's ex Fin Min Sakakibara noted that JPY could rise to 80
against USD over the next 3-4 months and added that EUR/JPY could fall to
100-110 during that period. He added that Japan "tempted to"
intervene if USD/JPY fall in the 80s but suggested that Japan should not
intervene as Yen carry trade bubble unwinds.
- Fixed Income: Gilts are Bunds are yielding lower, with curves steeper again.
The 5y Gilt was briefly below 5.63%, its lowest yield since June 2003. Short
sterling futures are pricing in a 55% chance of a 50bps cate at tomorrows BoE
meeting, whilst front month 3mo Euribor futures are fully pricing in a 75%
chance of a 25bps cut at the ECB meeting shortly after. The UK sold an
additional Â£250M of the 1.25% 2055 linkers with a bid to cover of 2.10, less
than the previous 2.28. Sweden tapped SEK2B of the 4.25% 2019 bonds with a bid
to cover of 2.01, lower than the previous 2.08. ||US Treasuries, meanwhile, are
marginally flatter, with the 2y note up 4bps to 1.41%, the 10y note up 3bps to
3.75% ||WSJ: steep yield curve suggests economic recovery may take time. The
article looks at the sharp decline in short term US treasury yields, which are
most sensitive to changes in monetary policy, and notes that the broader
economy is not benefiting from lower rates due to concerns in interbank lending
markets about counter party risk, which in turn impedes consumer borrowing.
Article noted similar steepening in German, Japanese and UK yield curves. The
US 2y-10y spread traded at 248bps briefly on Monday , its widest level since
Supply || (SW) Sweden to sell SEK2B 4.25% 2019 bonds ||(UK) DMO sold Â£250M of1.25%
2055 linkers with a bid-to-cover of 2.1 times. Real yield was 0.8%
- Energy: Deputy PM Sechin: Russia to work with OPEC but maintain independent
operations ||Iran reiterated it would respond to any challenge to its borders
from the US; cites helicopters near its airspace close to Iraq border || Shell
[RDSA.UK] called for Force Majeure on Nigerian Exports citing the recent output
reduction imposed by OPEC nations. OPEC Cuts
- Credit Crisis: Switzerland confirms raising bank deposit guarantee to CHF100K
from CHF30K prior ||Reportedly China's PBoC mulls plan to help some Foreign
Banks with their funding difficulties in interbank money market ||Reportedly
Switzerland increases its bank deposits guarantee to CHF100K from CHF30K prior.
It noted that it remain committed to guarantee Swiss banks capital markets if
necessary || SNB noted that the bailout could encourage banks to take more
risks and could be counter productive long term. The existing regulatory
framework is inadequate and new ones would include caps on allowable
- Simply historic: Obama elected as the 44th President of the United States;
America reinvented. If America can change its political landscape, there is
hope that the task of recovering from this current phase financial and economic
malaise is possible. The election results failed to mask the efforts needed to
implement the necessary medicine to avoid any global recession. The European
Services PMI painted the need additional interest rate cuts by the BOE and ECB
The PMI data registered all-time and multi-year lows across the board in this
data series. BOJ's Shirakawa stressed that its economic outlook was uncertain
and that it should focus on its downside risks.
However, the Australian trade balance for Sept was the highest in over 10 years
with both exports and imports rising. One dealer noted that perhaps this was a
potential bullish sign for infrastructure plays everywhere.
- Dealers noting that overall price action in equities, commodities and currencies
continues to be fixated on risk appetite and leveraging/de-leveraging mentality
as year-end approaches with less and less liquidity around making way for
choppy price action. Thus dealers noting that such conditions causing sessions
to endure continued one way moves. The Swiss Gov't confirmed raising bank
deposit guarantees to CHF100K from CHF30K prior
- Looking Ahead:
Wednesday morning will see earnings data from Agrium Inc (AGU), Duke Energy
(DUK), Foster Wheeler (FWLT), Medco (MHS), Time Warner (TWX), Preliminary jobs
data from ADP and Non-Manufacturing ISM for release ahead of Wednesday's US
session will also likely determine equity market trading sentiment.
- 7:00 (US) MBA Mortgage Applications w/e Oct 31. There are no consensus
expectations for this number; The prior number was 16.8%.
- 7:30 (US) Challenger Job Cuts Y/Y there are no consensus expectations for
this number; The prior number was 32.6%.
- 8:15 (US) ADP Employment Change. Consensus expectations are -100k ; The prior
number was -8k
- 10:00 (US) ISM Non-Manufacturing NMI sa. Consensus expectations are 47 ; The
prior number was 50.2
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Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
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