- In equities: Sony [SNE] Cutting investment in electronic business by 30% and
announced a workforce reduction of 8K positions (4% of workforce) . It would be
reducing facilities by 10% by March 2009 || Natixis [KN.FR] The company could
cut its investment bank staff by close to 15%
according to French press reports || Q-Cells [QCE.GE] Lowered its growth
forecast for 2008. the firm revised its guidance for 2009 and now sees revenues
in a range of ‚ā¨1.75-2.25B v ‚ā¨2.25B previous (Provided back on Nov 13th) || Land
of leather [LAN.UK] Stated that its acquisition talks with potential bidders
have been terminated|| Vodafone [VOD.UK] Agreed to purchase Wayfinder Systems
for approximately SEK239M (SEK12 per share). It planned to finance deal with
available cash resources || Ashtead [AHT.UK] Reported Q2 EBITDA ¬£100.3M versus
estimates of ¬£111.0M.. Revenues were ¬£287M slightly above estimates of ¬£283.0M.
|| Southern Cross [SCHE.UK] Reported FY08 Pretax ¬£4.9M below consensus estimates
of ¬£53.2M. Revenues of ¬£869.4M fell below expectations of ¬£897.98Me. The firm
added ot would not pay a final dividend and guided occupancy rates inline with
2007. Thus 2008 has been a 'difficult year'. || Micro Focus [MCRO.UK] Reported
H1 of Net $31.7M below expectations of $35.6Me. Revenues $136.6M versus $133.0M
estimates. Trading outlook remained'in line' with the expectations of the firm
|| Greggs [GRG.UK] Reported 25-week SSS +3.8%
y/y. it noted it was closing Belgium operations and expected charge of ¬£3.5M ||
Northgate [NTG.UK] Reported H1 Net of ¬£18.4M compared to year-ago levels of
¬£33.8M. It Pretax ¬£23.9M was below estimate of ¬£27.8M while revenues were
¬£309.6M versus ¬£298M estimates || Fortis [FORB.BE] Stated that it has enough
capital to cover outstanding debts and its position would not change on the
redemption date || Aer Lingus [AERL.UK] CEO noted that the company could revise
its FY09 earnings to reflect cost savings plan. Added that there was no need to
merge with Ryanair || Hong Kong authorities report its
first suspected H5 Bird flu outbreak on farm. If confirmed it would be the
first reported case in 6 years ||
- Speakers: Australian RBA Governor Stevens stated that central bank has the
scope to cut rates further and added that China economy was slowing faster than
expected (could could be below the 8% level). The Impact of recent interest
rate cuts would take time, but rate cuts and stimulus would make a significant
difference . He commented that the biggest Australian trade boom in 50yrs was
over and that both consumers and businesses were suffering a ‚Äúcrisis of
confidence‚ÄĚ . Lastly he added that Australian banks are in better shape than
their overseas peers || ECB's Nowotny stated that the 2.5% level does not need
to be the 'last word' on interest rates. He added that the EUR appreciation
against USD wass possible but recent FX moves are positive for Europe.
He reiterated the view that deflation was not a threat in Euro-zone He stated
that the recent economic decline was comparable to 1993 recession but
comparisons to 1930s was an exaggeration. ECB has tried to keep leeway to lower
interest rates but added that the ECB was more cautious than other central
banks. Cheaper commodities and lower oil prices have dampened inflation. Lastly
the inverted yield curve "poison" for the economy and banks
|| ECB's Liikanen: World economic outlook has rapidly 'deteriorated' and saw
uncertainty in growth outlook. He added that continued downside growth risks
remain and that the financial crisis was worse than expected. It was difficult
to assess impact of financial crisis and that the impact of stabilization steps
still unknown. Noted that economic policy cannot prevent downturns in the cycle
but that the EuroZone price stability view was improving ||ECB's Trichet
reiterated that Maastrichet stability pact rules are respected and added that
those who have room for fiscal policy should use it to overcome difficult times
|| Polish Central banker Poland Central Bank Skrzypek noted that radical rate
cuts are not being considered for Dec decision || Polish Central banker Filar
stated that he would prefer interest rate cut in January rather than December
|| The IATA stated that global airlines could post a combined loss of $2.5B in
2009 and that airline passenger traffic could fall by 3%next year (would be
first decline since 2001). It added that airlines in all regions except US
would post wider losses in 2009 || German ZEW noted that the economic data
released today that Improvements in data shows limited worries about worsening
recession next year. However ZEW noted that the Expectations component remained
well below historical average. The Zew noted that interest rate cuts and State
aid should help increase economic growth || ZEW's Schmidt stated that the economic
situation could still worsen and added that investors believe that additional
ECB rate cuts are needed. The German government stimulus only the first step
and noted that he believed consumption to remain weak || ZEW's Franz stated
that the German Government should launch an infrastructure stimulus plan. He
stated that consumption vouchers would not make a significant impact and added
there was great uncertainty about the economic cycle || ZEW's Schroeder
commented that the survey results should not be misinterpreted, expectations
are still firmly in negative territory. Low point to be reached in mid 2009
||German Court found that limitations to tax subsidy are unconstitutional
regarding commuter tax schemes. Government may have to reinstate certain tax subsidy
- In Currencies: The USD held a steady tone in Europe
this morning but there was an overall firmer tone to the JPY .The UK.
data was broadly weaker with both Manufacturing production and Industrial
production coming in below expectations. Dealer noting that the data would
likely reinforced bearish sentiment in
GBP-related pairs. GBP/USD at 1.4810 (off 60 pips from opening levels in Asia,
while GBP/JPY fell by 120 pips to just above the 137 figure.
-In Fixed Income: UK DMO to sold¬£1.25B 1.25% 2032 linkers with an average yield
of 1.50% and a bid-to-cover of 1.58 times. || Germany Confirmed sale of ‚ā¨7.0B
in new 2.25% note on Dec 10th
- In Energy: Angolan Oil Min noted that the prospects for development in 2009
remained unfavorable. The country would be affected by macro volatility and the
international price of oil || China Petrochemical Sinopec [SNP] Increased its
proven oil and gas reserves by 16% in 2008 . The company added 135M metric tons
of proven reserves at the Tahe field, which increased the accumulative deposits
to 996M tons.
in the papers: UK
Telegraph reports on the dramatic decline in UK
lending in H1 2008. Article noted that foreign lending by UK
banks fell by ¬£884B, equal to 81% of the entire contraction in global lending,
as banks engage in deleveraging and reduce their risk profiles. Cross-border
loans worldwide fell by $1.1 trillion (¬£740bn) in the first half of the year.
*** NOTES ***
The job cuts announced by Sony [SNE] highlights the slump in consumer spending
at a time when companies typically prepare for the peak Christmas shopping
season. As for Christmas dealers pondering whether the ‚ÄúSanta Claus rally‚ÄĚ has
begun in the equity markets. This week sees little in the way of key U.S.
economic data thus traders suggesting that price action is likely to be
dominated by flows. Equity market watchers noted that the VIX closed below the
55-day moving average. The German ZEW was mildly 'better' than expectations,
and the ZEW economists appropriately warned against over interpreting the
improvement in sentiment this month in the current batch of data. UK
data continues to come in below expectations.
- (CA) Bank of Canada Rate :
Consensus expectations are for a 50bps cut to 1.75%; Current overnight rate is
- 9:30 (UK)
BoE's Sentence to speak in London
- (MX) Mexican Nov CPI : M/M
consensus expectations are 1.12%; The prior number was 0.68%; Y/Y consensus
expectations are 6.22%; The prior number was 5.78%. Consumer Prices Core:
Consensus expectations are 0.49%; The prior number was 0.31%
- 10:00 (US)
Dec IBD/TIPP Economic Optimism: Consensus expectations are 45.0; The prior
number was 50.8
- (US) Oct Pending Home Sales
M/M: Consensus expectations are -3.0%; The prior number was -4.6%
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