ThyssenKrupp [TKA.GE] Reported FY Net â‚¬2.28B above estimates of â‚¬2.10B.
Revenues were â‚¬53.4B in line with â‚¬53.33B estimates but added that
revenues in 2009 would 'markedly decline'. Pledged to cut costs and net
working capital. It reiterated its Mid-term goal of â‚¬4-5B Pretax
remains in place. || STM Micro [STM.FR] STM.FR: Guided Q4 Revenues in a
range of $2.2-2.35B below the consensus estimates of $2.54B. ||
AstraZeneca [AZN.UK] AZN.UK: Medimmune unit received a FDA complete
response letter on Motavizumab. Medimmune did not foresee need for more
trials and planed to resubmit in H2 2009 || Metso [MEO1V.FH]
Discontinued its study on Structural Options but will continue to look
for value enhancing opportunities. Company citied the significant
change in the global economic outlook as the reason behind the
discontinuation.|| Deutsche Telekom [DTE.GE] In agreement with Workers
Council regarding service center reductions and noted that the number
of German centers would be cut by 33% || Vodafone [VOD.UK: awarded a
35MHZ 3G license in Turkey for â‚¬250M || Volkswagen [VOW.GE] German
Bundesrat (Upper House) approved Government's Volkswagen Law || Bulgari
[BUL.IT: CEO bluntly stated that its Oct sales data was bad and that
November was not going well either adding that Japan was not performing
well. || Deutsche Postbank [DPB.GE] Completed its â‚¬1B capital increase
after selling 54.8M shares at â‚¬18.25/shr ||
Speakers: EU report stated that the Baltic region faced a protracted
and painful recession and warned that a risk of inter-Baltic contagion
existed || Indian Chief Econ Advisor stated that he expected to see
FY2008 GDP growth of 7.5-8% and that investment would remain buoyant in
H2. || Polish Central Banker Filar stated that its GDP data showed that
the Polish economy was resilient to external problems. He added that
the Recent data now question the possibility of a rate cut in December
and that inflationary threats remain. || (PD) Polish Central Banker
Noga stated that he saw Q4 GDP growth at 3.1%
- In Currencies:
The USD recovered from earlier losses against the European pairs as the
morning progressed. Reportedly the Russian Central Bank conducted an
additional Rouble basket widening but this unconfirmed at the time of
publishing this TTN update. However, Kremlin Aide commented that Russia
would take measures against those banks that bet on a Rouble
devaluation. The surprise Russia Central Bank Refinancing Rate increase
citing risk of capital flight sent the USD towards its best level in
- Fixed Income: BUNDS: 10-year Bund yield at 3.25%, lowest since oct 2005 - dealers
Energy: OPEC Gen Sec noted that compliance with output cuts are
'reasonable'. Recall that on Thursday the Sec Gen noted that that Oil
stocks were above 5-year historical average and that it needed to
remove 100M barrels of stock to reach 52 days of inventory from the
current level of 55 days|| Libya's Oil Min Ghanem stated that OPEC had
all options, including output cut or maintaining current production
level but first must assess compliance || Iran Oil Min stated that a
range of $70-90 was necessary to drive future investment. The minister
conceded that it was unlikely that any production cut would result at
this week's emergency meeting in Cairo. || OPEC exports in the four
weeks thru Dec 13 expected down 340K bpd according to a tanker tracker
|| Reportedly, govt will increase existing refined oil consumption tax
to replace $24B of revenue from transport tolls
- The data from the emerging markets were refreshing and suggested that
the developing economies are a bit more resilient than originally
suggested from the impact of the global financial market crisis. Both
India and Poland GDP data were above expectations. However, Russia's
unexpected raising of its refinancing rate citing concerns over capital
flight brought back a degree of risk aversion into the market. This
move coming after an EU report expressed concerns over the Baltic
region. Iceland amended its FX regulations to also address concerns
over its capital flight. The Euro-Zone CPI data for November is likely
to increase speculation of a more aggressive ECB rate move at its Dec
4th meeting. The EU CPI now at 2.1%, just above the target ceiling of
2.0%. OPEC Cairo meeting to take place over the weekend and appears
that no change in the production quota would result, but the originally
scheduled Dec meeting is expected to announce a fresh round of
7:00 (SA) S. Africa Oct Trade Balance (ZAR): Expected at -5.9B v -7.1B prior
8:30 (CA) Q3 Current Account: Expected at C$5.1B v C$6.8B prior
8:30 (CA) Oct Industrial Product Price M/M: Expected at -1.5% v -1.2% prior
8:30 (CA) Oct Raw material Price Index M/M: Expected at -7.8% v -7.2% prior
10:00 (MX) Mexico Central Bank Overnight rate decision: Expected to leaves interest Rates steady at 8.25%
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