equities news overnight: Citigroup [C] C: Reportedly could be looking
for new investors, merger opportunities,. The Board will hold formal
meeting on Friday || Basilea Pharma [BSLN.SZ] Receives positive EU
opinion regarding its Zevtera drug used for the treatment of
complicated skin and soft tissue infections || Wavecom [AVM.FR]
Announced it would hold a special shareholders meeting on Dec 8th. The
firm would ask permission to issue special shares and issue double
voting rights for investors of longer than two years || Zurich
Financial [ZURN.SZ] Purchased the remaining 34% stake in Russia's Odo
Nasta Insurnace for $205M || ING [INGA.NV] Announced it has reached an
agreement with Stichting over life insurance dispute for EUR365M. Class
action suit against Nationale Nederlanden has been terminated. ||
Anglogold [ANG.SA] Signed $1B loan facility with Standard Chartered
Bank to refinance its convertible bond. || Barco [BAR.BE] sold its
advanced visualization business to Japan's Toshiba; terms not
disclosed. It expected the deal to be completed within a few months ||
Volvo [VOLVB.SW] CEO noted in a German interview that he sees wave of
consolidation for truckmakers worldwide; declines to give 2009
guidance. The CEO added that he saw hard times continuing for 12 to 24
month period || Thales [HO.FR] Executive called recent press reports of
potential asset swap with Safran [SAN.FR]as 'speculative' || Medilin
[MED.GE] Announced a capital increase; to issue 15.75M new shares ||
Commerzbank [CBK.GE] Reiterates that Dresdner takeover remains on
track; No aware of any Chinese takeover plans. It added that it
expected German 2009 GDP to contract by 1.2% || Glaxo [GSK.UK] Signed
cooperation agreement with Neptunus for co-development of flu vaccine
Speakers: ECB's Nowotny reiterated that there was potential for
additional rate cuts, Believes ECB should preserve firepower to use
when necessary. Strong indications that interest rates were justified.
The Dec staff forecasts could show that inflation could fall within the
2% target by end of 2009/early 2010 and added he did not see any
prospects for deflation. He noted that an economic recovery could begin
by H2 2009 and added that â€śSubstantial" growth could return in 2010.
However, at this time one must expect a significant worsening in labor
market in 2009 and disturbing developments for growth and employment
was the gravest financial crisis since 1945 and interest rates must
reflect if both economic and inflationary expectations stay down. The
inherent danger for inflation is that oil price surge in 2010 due to
economic expansion. Ther are some initial signs of stabilization
returning to financial market crisis but real economic crisis worsening
and would feed back into financial crisis as there are some
deterioration of credit situation in Euro-Zone. The weaker USD was no
help to Euro-Zone, but did tame inflationary expectations. The
fundamentals suggest a firmer USD would not be a long-term issue. ||
ECB's Mersch noted that he was not optimistic on Euro zone Q4 growth
front. He reiterated comments made in NY on Thursday that a "large"
interest rate cut could be counterproductive|| ECB's Weber Reiterated
his recent comments from earlier this week that the economic outlook
has deteriorated at 'rapid' pace and that the added that the ECB has
room to cut rates further if necessary
|| (GE) German Fin Min
stated that he saw a further slowdown in Germany's economic activity
and added that it would be coupled with a deteriorated outlook for
exports in 2009 . the weaker economy would hurt labor market in 2009
but labor market is currently in robust shape. Private consumption
weakness continuing for some time and could not provide any reliable
forecast yet for German govt's 2008 new debt. || BoJ Shirkawa stated
that interest rate cuts would not resolve imbalances and that
additional rate reductions could cause problems. Monetary policy cannot
prevent economic adjustment. Must monitor secondary deflation effects.
He added that the global markets remained under pressure as the
corporate environment continued to deteriorate. He added that that
large companies found difficulty in securing borrowing easily as weaker
banks cannot pass through rate cuts. Global market turmoil impacting
Japanese financial markets || Turkish Central Bank noted that falling
prices and weakening Lira would lower current account deficit. The
central Bank would continue to be in position to meet countries
liquidity needs and take additional measures to support FX liquidity,
|| Japanese Cabinet Nov Monthly Report noted that downward pressure on
economy was increasing rapidly" and cited that the deepening financial
crisis was spreading to Asia. This is the sixth downgrade on its
economic view this year and Japanese Gov't added that the next cut in
assessment may be only a matter of time. || UAE Central Banker
Al-Suwaidi stated that the global crisis would impact its economy but
not oil. He saw the UAE economy growing slowing to around 4% and added
that inflation has decreased 'tremendously'
- In Currencies:
Dealer chatter of potential emergency central bank meetings taking
place on Friday. Rumor that China's PBoC could cut their interest rates
by 54bps today complimented with vague chatter of an 'emergency' Fed
meeting making the rounds as well. These stem from the fact that the
SNB cut by 100 bps on Thursday, prompting renewed speculation that
other central banks would act following last weeks G20 summit. The USD
is encountering some week-ending profit-taking aided by the rising
stock markets this session and comments from ECB officials warning that
large interest rate cuts could be counterproductive. Overall the
EUR/USD maintaining its 1.24 to 1.28 trading range and it is ending the
European mid-morning at 1.2590 area. Dealers noting that the pair has
been unable to make fresh lows since testing 1.2330 back on Oct 27th.
Thus it has been some 16 trading sessions without making a new low and
making some case to retest the upper end of it consolidation range. The
USD and JPY are softer in the European session as it continues to be
influenced by equity price movements. USD/USD at 95.20 and EUR/JPY
cross at 119.80, firmer by around 300 pips. GBP/USD was just below the
1.50 handle, up 230+ since the Asian open.
- In Energy: Statoil
[STL.NO] Angolan Gimboa Field to commence in January; to increase its
Angolan output to 250K bpd from 200K bpd || China could adjust its fuel
pricing system to use "refinery gate" price as a basis. The plan would
allow refiners to sell fuel at about 4% above the refinery gate price
and some costs. || Arab Monetary Fund Gen Dir stated that Arab
countries need oil prices at $40-50/barrel range to fulfill budget
- In Fixed Income Supply: Bund futures have
rallied into the release of PMI data but are off highs, despite the
fact that data came out weaker than expected. || iTraxx Crossover Index
traded at 935bps, +8bps for a fresh all-time high
*** NOTES ***
market is all about confidence and in particularly, banking is all
about confidence and the sentiment among dealing desks is that one
cannot buy confidence or produce it. Thus the focus has been on
Citigroup [C] and chatter that it might be looking for new investors or
merger opportunities. The USD encountered some week-ending
profit-taking aided by comments from ECB's Mersch who noted that large
rate cut would be counterproductive. The Japanese Nov Government report
noted that the deepening financial crisis was spreading to Asia as it
again downgraded its virew on its economy and its export sector. The
global recession concerns are highlighted by the recent steel
production statistics, which saw a decline of 12.4% in Oct from
year-earlier levels with China output portion down 17%. Y/Y. The
European PMI for November continues to exhibit all-time lows since
records began a decade ago.
- 6:30 (EU) ECB's Gonalez-Paramo to speak in Madrid
7:00 (CA) Canada Oct CPI. M/M consensus expectations are -0.6% ; The
prior number was 0.1%. Y/Y Consensus expectations are 3.1%; The prior
number was 3.4%
- 7:00 (CA) Bank of Canada CPI Core. M/M
consensus expectations are 0.0% ; The prior number was 0.4%. Y/Y
Consensus expectations are 1.9%; The prior number was 1.7%.
- 8:00 (EU) ECB's Trichet to speak in Frankfurt
- 8:15 (US) Fed's Lacker to speak in Maryland
- 12:15 (US) Fed's Plosser to speak in Philadelphia
- 12:40 (US) Fed's Evans to speak in Indianapolis
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