- In equities news overnight: Swiss Life [SLHN.SZ] Reported Q3 premiums of
CHF3.08B v CHF3.44B y/ and announced a halt to its share buyback program. The
company also cut its dividend payment for 2008. It added that it would not
achieve 2008 net profit target of CHF1.8B-CHF1.9B v CHF1.81Be and declined to
give new guidance. It now sees a a clear loss in 2008 continuing operations.
Lastly the company noted that it significantly cut its balance sheet risk over
the last few weeks|| ING [INGA.NA] Reported Q3 Net -â‚¬585M v â‚¬2.31B y/y. Company
noted that the pressure on asset prices would continue to produce negative
results into 2009. The firm added that it had enough reserves to absorb further
credit market shocks|| Unicredit [UCG.IT] Reported Q3 Net â‚¬551M versus â‚¬531.8M
estimates and revenues of â‚¬6.75B compared to â‚¬6.2B estimates. It Q3 Core Tier 1
Ratio was at 5.7% before capital increase || K+S [SDF.GE] Reported Q3 Adj Net
of â‚¬502.2M versus â‚¬358.1M estimates with revenues of â‚¬1.44B above concensus
estimates of â‚¬1.33B. It guided FY08 Rev "just under" â‚¬5.3B v
â‚¬5.21Be|| EDF [EDF.FR: Reported 9-months Rev â‚¬45.6B versus â‚¬45.3B estimates. It
noted thatthe Credit crunch had not impacted the company in a significant way
and it confirmed its FY08 EBITDA guidance of +3% y/y
- Guides Adj profit inline with 2007 || Holcim [HOLN.SZ] Reported Q3 Net CHF673
below estimates of CHF698M. The firm It Rev CHF6.91B versus analyst estimates
of CHF6.96B. It noted a sharp drops in demand in US, UK
announced announce the closing of facilities in those countries. It noted a
decline in Russian demand in Q3. It added that it saw 2008 trading below views.
|| NiCox [COX.FR] naproxcinod shows highly significant reduction in daytime
blood pressure versus naproxen || Groupe Danone [BN.FR] Reportedly to invest
$3B in Southeastern Turkey || Scottish & Southern [SSE.UK] Reported H1 Adj
Pre-tax Â£302.6M just below estimates of Â£317Me with Rev Â£9.19B in line with its
9.2B estimates. Company noted that it had been able to issue some Â£1B in
commercial paper and added it was seeking liquidity facilities of Â£100M. ||
Veolia [VIE.FR] Reported 9-month Rev â‚¬26.32Bin line with the â‚¬26.22B estimates.
Natixis [KN.FR] KN.FR: Refuted press speculation regarding â‚¬1B trading loss in
Oct but did noted that it sufferedan investment bank write-down of â‚¬250M in
October and added that markets conditions were extremely difficult. || Maersk
[MAERSKB.DE] Reported 9-month Net DKK17.7 compared with DKK16.7B estimates with
revenues in line at DKK231B versus DKK230B estimates. The company revised lower
its FY rev to DKK310B from DKK320B prior || Sanofi-Aventis [SAN.FR] Reportedly
Russia selects co's polio vaccine. || Alitalia [AZA.IT] EU approves Italian
rescue of company but states â‚¬300M loan must be repaid || Barclays [BARC.UK]
Spokesman: Discussed planned share sales to MidEast
investors with talks being constructive and ongoing.
- Speakers: BoE's King stated that UK Inflation will fall sharply in 2009, but
inflation rates are dependant on level of the GBP. He noted that the BOE is
prepared to cut rates again if needed . The economic and financial crises has
had devastating effect on economy, there are few historical parallels to
current situation ||Reportedly German Engineering talks reached a preliminary
deal for staggered wage hike of 4.2% - unconfirmed reports
||Denmark Central Bank: Pressure on DKK appears to be over. Sees 2009 Denmark
GDP growth around flat and expected further drop in property prices but added
that the housing market should hold up if no large increase in the country's
unemployment.. lastly he noted an economic cost of being outside Euro-Zone ||
Spain Econ Sec Vergara sees Spanish inflation below 3% by end of 2008 || ||
ECB's Orphanides: World financial crisis affects liquidity raising || German
Council Advisors (Wise men) : Revised its 2008 GDP estimate lowers to 1.7% from
1.9%, ads saw further room for ECB interest rate cuts || Economy Minister
Leuthard noted that Global economic outlook has deteriorated and that the Swiss
govt needs to release CHF550M to assist companies from its reserves.
- In Currencies: Risk aversion crept back into the market as Russian equity
exchanges continue to hobble along. EUR/USD opened in Europe
at 1.2630 but declined back towards the 1.2515 level as the morning wore on.
The GBP exhibited additional weakness following the dovish BOE quarterly
inflation report. GBP/USD at 1.5250 with GBP/JPY approaching the 148.00 level.
Fortis analyst Amended its ECB and BoE rate forecasts and noted that it saw
more aggressive rate cuts by both with BoE and ECB cutting rates to 1.5% during
the course of 2009. This compares to prior forecasts of 2.5% for both BoE and
ECB. Weaker oil and metals causing the CAD and AUD to soften. NYMEX crude hit
fresh 20 month lows below the $58 level vaulting USD/CAD back above the 1.21
handle and AUD/USD in the mid .65 area.
- In Energy: NYMEX front month crude hit fresh 20 month lows below $58 per
barrel || Tullow Oil [TLW.UK]Guides its 2008 Oil production below prior
expectations at 67K bpd || Russian Fin Min Kudrin forecasted 2009 avg oil price
of $50 per barrel || Iran's Parliament plans 2009 budget on $40 to $50 oil
price (Note: Iran depends on crude rev for 80% of its income). Price would
reduce country's vulnerability to price fluctuations || IEA issued its World
Energy outlook for 2030 expecting Saudi Arabia
oil production at 15.6M bpd and Russian oil production at 9.5M bpd
- In Fixed Income: Fixed Income was bid across the board after developments in
the UK and Russia.
The Russian CDS spread widended over 100bps to trade firmly though 700bps,
widened Rouble rates to 27.47 per dollar, and 34.63 per Euro. The Micex and RTS
exhanges were both suspended limit down. Gilt futures rallied to their highest
levels since early 2006 at session highs of 114.52, up 70 ticks on yesterday's
close . The cash curve was at its steepest this month with the 2y down 13bps to
yield 2.42%, the 10y down 8bps to yield 4.14%, and the 2y10y spread though
171bps. ||The itraxx Indices initially opened
narrower before widening, with the Crossover index back though 800bps, and the
investment grade Europe Index 6bps higher at 150bps. ||Germany sold â‚¬7B of the
new 3.75% Jan 2019 Bunds, with a slightly lower than expected bid to cover of
*** NOTES ***
The European equity markets opened about 2% higher and some risk appetite
seemed to be gaining some momentum. China
Oct retail sales number seemed to put aside some of the global recession
concerns for the time being. LVMH Moet Hennessy [MC.FR] noted that it saw
'dynamic growth' in China
with no signs of a slowdown. However, the euphoria evaporated as continued
concerns over Eastern Europe and Russia
crept back into sentiment. The Russia RTS exchange was off over 11% after several
suspensions of trading. The USD/RUB hit a 3-year high. The upcoming G20 summit
could spark some volatility but yesterday Brazil's president Lula warned that
any concrete result in tackling the global market crisis likely not
forthcoming. The BOE stated that it saw UK
inflation falling 'well below' its 2.0% target rate, thus signaling more
interest rate cut to come.
- Looking Ahead:
- No Scheduled US or Canadian data for Wednesday
- 10:00 (US)
Treasury Secretary Paulson speaks on TARP
- 11:00 (US) Fed's Kohn speaks at 10th anniversary celebrations of Luxembourg's
Central Bank. ECB's Trichet, Stark and EU's Juncker are also expected in
- 13:00 (US)
Treasury to sell $20B in new 3.625% 10y notes due Nov 2018
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