- In equities: Enel [ENEL.IT] Japan's Sharp confirmed press reports of JV with
Enel over solar venture. Sharp will spend Â¥100B over 3-years on solar power
development. Initial plant construction will have capacity of 480MW per year
output by 2010. Sharp to hold 66% of venture and ENEL to hold 34% stake ||
Electricite de France [EDF.FR] Announced the commissioning of the Campidano
wind farm in Sardinia. With 70 MW in installed capacity,
this wind farm is equipped with 35 Vestas V90 wind turbines. || Natixis [KN.FR]
Reportedly informs bidders that it will not
sell its insurance unit according to Les Echos || Air Berlin
[AB1.GE] Reported Q3 Net â‚¬45.6M compared to estimates of â‚¬41M. It EBIT came in
at â‚¬89.1M above estimates of â‚¬48.0M and revenues were â‚¬1.06B versus â‚¬1.03B
consensus. -The company Sees a positive operating income for current FY || UBS
[UBSN.SZ] Chairman stated that turbulence in financial markets had continued to
increase dramatically since the start of Oct . he noted that the bank had no
choice but to accept government aid and deemed the move as a preemptive measure.
The Swiss Gov't aid package would reduce uncertainty and boost confidence in
bank. Has reduced the banks balance sheet by nearly CHF800B and cut back on its
risk positions || Kingfisher [KGF.UK] Reported Q3 Net of Â£176M and Rev
ofÂ£2.55B. its Q3 SSS were down 5.1% y/y . Company noted that Consumer
confidence clearly shaken || Nothumbrian [NWG.UK] Reported H1 Net loss Â£64.5M
compared to a profit Â£98.1M year-ago. Revenues came in at Â£347.7M versus
Â£333.8M y/y. the company noted that it has sufficient funding through the year
2011 || Tui Travel [TT.UK] Reports FY Pre items of Â£319.7M just above estimates
of Â£315M. Revenues came in at Â£13.9B above consensus of Â£13.15B. It notd that
trading was in line with recent forecasts and added that the winter trading was
progressing well the average selling prices . || Home Retail [HOME.UK] Acquired
the Alba and Bush trademarks for Â£15.3M || Pennon Group [PNN.UK] Reported H1
underlying profit of Â£136.8M, up 9.8% y/y . Group noted it was well funded with
cash balances of Â£306m at 30 September. It gained a Â£100m in additional
facility from the EIB for SWW secured in November. Group businesses well
positioned in the current economic slow-down || Logica [LOG.UK] Reported a new
â‚¬500M medium term banking facility with the facilities maturing in 2011 and
2013 Air Berlin [AB1.GE] Reported Q3 Net â‚¬45.6M above estimates of â‚¬41M.
Revenues wereâ‚¬1.06B roughly in-line with estimates of â‚¬1.03B. The CFO noted
that it saw positive operating income for current FY and considering debt
reduction measures with a targeted net debt below â‚¬500M by end 2008. It was
Proposing selling aircraft and part of the company to raise cash || Volkswagen
[VOW.GE] German Lower Saxony court upheld the 20%
blocking rights in firms charter. Porsche [POR3.GE] stated that they did not
understand German court ruling and would appeal || Antofagasta
[ANTO.UK] Reported 9-month EBITDA of $2.22B compared to year-ago levels of
$2.15B. Revenues were $3.31B versus $2.84B y/y. || Banco Popular [POP.SP] CEO
stated that the bank has entirely ruled out capital increase
- Speakers: BoE Blanchflower: BoE now reacting to economic events and noted
that that earlier rate cuts would have helped. Senses that everyone now
understands the problem in the economy and added that earlier action would have
placed BOE ahead of events. || BoE Besley stated that recent events did not
undermine the case for CPI targeting and noted that house pricing services were
not measured in price indexes. He noted that the UK
and other countries needed to rebalance economies. Must address the overly
cautious bank lending environment and look at both price and quality of credit.
He added that monetary policy effectiveness has been impaired and that an
orderly deleveraging was priority for banking sector. Lastly monetary policy
was not the correct way to deal with asset bubbles || EU's Almunia: Reiterates
that downside economic risks are materializing and added that the crisi may not
end in 2009. Estimates need to be revised to show negative growth. || China's
Stat Office noted that it would further stabilize the Yuan currency and lower
expectations for CNY appreciation. To emphasis stable Yuan in talks with the US
next week and noted that it sought to Lower expectations on Yuan appreciation.
The office added that it expected steady, relatively fast growth in 2009 ||
Germany's labor min stated that Mounting recession to hit labor market soon ||
Spanish Econ Min Solbes: Spanish room for fiscal stimulus has been reduced ||
German HDE Retail Assoc: See Christmas sales growing nominally by 1% y/y.
Confirmed 2008 nominal sales growth of 1.5% || Danish Econ Council: Economy is
headed for hard landing and sees negative GDP growth in both 2009 and 2010.
- In Currencies: In currencies, the USD was softer during the European morning.
With dealer noting that the U.S.
holiday and month-end would likely suppress trading conditions for the
remainder of the week.
The EUR/USD holding above the 1.29 level as better than expected German
unemployment and a surprisingly strong M3 number providing some positive bias
for the euro in the session. The GBP's tone remained constructive as it
approached the 1.55 handle. Nationwide house prices were down 0.4% m/m, which
was better than expected.
- U.S. 10-year
yields continue to hover around 50-year lows under 3% level, reflective of safe
haven demand for Treasuries and restrained inflationary expectations.
- In Energy: TNK-BP [TNBP.RU] Considering cutting downstream staff
by 15% (Company employs 70K persons, unclear how many are in downstream
operations) || UN Atomic Agency reiterated its call for access to Syrian
facility. The IAEA last visited the site at al-Kibar back in June, 2008.
recalled that back on Oct 4th Syria's
nuclear program chief denied IAEA inspectors access.
*** NOTES ***
- US markets are closed for the Thanksgiving day holiday.
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Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
John M. Bland, MBA co-founding Partner, Global-View.com
Max McKegg’s Daily Forex Trading Forecasts
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
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The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
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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Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
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