-Equities: Santander [SAN.SP]
Announced a capital increase. To issue 1.6B new shares (ÔéČ7B) to increase firm's
core capital ratio to 7% from 6.3% prior ||HSBC [HSBA.UK] Provided an interim
management report. It noted that Q3 US Consumer bad loans were $4.3B above
analysts estimates of $3.7B. However it stated that it saw Q3 pre-tax profit
above 2007 levels and a Tier 1 capital ratio 8.9% ||Syngentia [SYNN.SZ]
Acquired Argentine Seeds Company; financial terms not disclosed || Bilfinger
Berger [GBF.GE] Reported Q3 net ÔéČ54M versus ÔéČ51M estimates. The company
reaffirmed its FY08 Net guidance of ÔéČ185M compared to consensus estimates of
ÔéČ164.4M. || Allianze [ALV.GE] Reported on Friday (after the close) its Q3 Net
income ÔéČ545M v ÔéČ782Me, operating profit ÔéČ1.81B, RÔéČ21.1B v ÔéČ19.2Be. Its CFO
stated that it could see a Q4 ÔéČ1.0B in writedown if equity markets do not
recover by end of year and added that it would not use German government rescue
plan || cable & Wireless [CW.UK] Reported H1 Pretax profit ┬ú129M versus
estimates of ┬ú149M. Revenues were ┬ú1.6B in line with forecasts of ┬ú1.64Be.
Company guided FY08/09 EBITDA ┬ú780M v ┬ú738.3Me and noted that it would increase
its interim dividend by 13% to 2.83 pence/shr. || Dignity [DTY.UK] Reported
9-month Op profit (ex items) of ┬ú40.1M compared to year-ago levels of ┬ú36.3M
and revenues of ┬ú130.7M versus ┬ú119.2M y/y. The co. said that the Group was
performing well and was in line with expectations for the full year. || CG
Veritas [GA.FR} made a $310M offer for Norway's
Wavefield Inseis in an all stock deal. CG Veritas offered 1 share for 7
Wavefield shares || C&C Group [CCR.UK] Appointed John
Dunsmore as CEO || Xstrata [XTA.UK] Anounced suspension of 6 ferrochrome
furnaces at S. Africa jv until further notice. The suspension
would result in reduction Ferrochrome production by 80K tones ||
- Speakers: ECB's Trichet noted that the Central Bank was not changing monetary
policy mandate and reiterated that inflation remained top priority. He added
that emerging economies remained resilient || ECB's Nowotny: Data suggests that
USD strength should subside and added that no risk of deflation is foreseen
within the Euro zone. He did not expect significant changes in Euro/Swiss
Francs exchange ratio || EU's Juncker: Reiterated his view that the global
economic situation remained serious and will continue || The head of IG Metall
signaled that the union may seek a compromise with companies || Polish Central
banker noted that its Interest rate policy would be adjusted to slowing
economic growth || Morgan Stanley analyst cut its 2009 China GDP view to 7.5%
from 8.2% prior ||
- In Currencies: The USD was mixed against the majors in a quiet European
morning. For the most part dealers are eyeing the recent consolidation range in
EUR/USD pair with 1.2700 viewed as critical hourly support and 1.3000 at
resistance since late Oct. ECB's Nowotny noted that the data suggested that USD
strength should subside. Carry-related crosses were firmer aided by the Chinese
stimulus package announcement. A degree of risk appetite emerged. EUR/JPY up 60
pips at 127.60 and EUR/CHF up 30 pips at 1.5100. Commodity prices were firmer
in the session with oil up around $3/barrel and Copper firmer by 12.5 cents in
its dec contract. Thus CAD and AUD were firmer as a result of the higher energy
and basic material metals. Dealers are already starting to speculate what would
come out of the G20 meeting this coming weekend. The markets could be
disappointed if no coordinated economic stimulus plan is announced.
- Fixed Income: Yield yield in Both Europe and US flattened on the back of
increase appetite in risk following the Chinese stimulus package. US
2-year note at 1.38% wtht the 10-year yield at 3.83%; The German 2-year Schatz
yielding 2.47% compared to 3.73% in the 10-year bund. lastly in the UK
the 2-year note yielding 2.54% and the 10-year Gilt at 4.23%.
- Energy: Shanghai raised the price of natural gas for household use by 19% to
CNY2.5/cub meter, effective today || Total [FP.FR] TOT: Reportedly decided to
go ahead with large China gas project along with PetroChin Cos. are close to
giving the go-ahead to develop a major natural gas block in northwestern China,
after exploration and evaluation lasting two and a half years.
- Credit Crisis: London Times
reported that banks are seeking to ban businesses from borrowing on an
overnight basis in a move to limit default risks. The banks have been creating
secret ÔÇťblack-listsÔÇŁ to ban businesses from overnight borrowing and these lists
contain hundreds of clients. The companies on the list could include
international trading and commodities companies. || UAE Central Bank Gov noted
that the global economic crisis was now impacting the Emirates and that the
country would do everything to avoid a prolong contraction during crisis.
However, he added that did not see the crisis impacting GCC monetary union.
Some renewed risk appetite returned fueled by the announcement of a China
stimulus package characterized the European session. This helped the Asian
stock markets to close broadly higher. The China
package would focus on its infrastructure and would take time to implement.
Dealers noting that perhaps the recent phase of deleveraging and liquidations
has ceased but the continued release of poor economic data to continue The
Australian central bank (RBA) signaled that more interest rate cuts are likely
after lowering their GDP and inflation outlook. The emerging markets continue
to be of focus for any potential domino effect. Latvia's
Parex Banka, the largest independent Baltic bank, had been taken over by the
Latvian govt taking 51% stake after panicking clients withdrew 60M lats ($109M)
in deposits . Thus FX markets taking note of the pressure building for Russian
currency devaluation. Lastly, the G20 finance ministers noted that the likely
results of its upcoming weekend summit would be more regulation in the
- (CA) Canadian Oct Housing
Starts. Consensus expectations are 200k ; The prior number was 217.6k
- (CA) Canadian Sept New Housing
Price. Consensus expectations are -0.1%; The prior number was 0.0%
- 9:30 (EU) ECB Chairman Jean Claude Trichet speaks in Brazil.
- 10:00 (US)
Treasury's Kaskari speaks in New York
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