- 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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