In equities: AstraZeneca [AZN.UK] Received FDA complete response letter
asking for additional information for Seroquel XR NDA. The company
stated it was evaluating the contents of the CRL and the proposed
labeling revisions || Cadbury [CBRY.UK] Japanese Asahi Breweries to
purchase its Australian beverage unit for Â£550M || Raymarine [RAY.UK]
Reported YTD revenues of Â£123.3M compared to Â£126.0M y/y. It guided
FY08 revenues in the mid Â£130M area versus Â£140M year prior. It noted
that trading remained in line with prior expectations and that it had
reached agreement with its banks to extend its credit facilities. ||
Fortis [FORB.BE] Firm stated that it would book â‚¬295M in FX losses and
added that its net liquidity as of Sept 30 stood at â‚¬1.8B || Grupo
Ferrovial [FER.SP] BAA unit stated that it saw the disposal of London's
Gatwick airport effective July1, 2009. It guided 2009 traffic at 119.8M
passengers v 124.8M in 2008. BAA added that it saws 2009 CAPEX at Â£1.9B
|| British Petroleum [BP.UK] Restarted partial oil production from
central Azari platform and noted it would produce 3 to 5 central Azari
wells over the next few weeks || Newcourt [NEW.UK] To Sell it Ely
Property unit for â‚¬39.3M to Consortium of private investors, including
- Speakers: Chinese Cabinet will study
measures to increase its domestic consumption and increase its exports.
The article noted that it sought to increase exports of machinery and
electrical goods via tax rebates. China likely to use government funds
to support foreign trade and all other Asian nations to settle trades
in CNY ||Polish Central Banker Filar more rate cuts are needed if the
slowdown worsens || Russian Econ Aide Dvorkovich, stated that the
government would use oil fund proceeds to cover budget deficits in
2009. He added that Russia might become an international borrower from
its current creditor status || SNB Monetary Policy Report stated that
it saw 2009 GDP in range of -1.0% to -0.5% coupled with lower
inflation. The central bank repeated that "the improvement in the
inflation outlook has provided room for maneuver which the SNB is
It added that it will continue to "closely
monitor developments in the global economy, in financial markets and in
foreign exchange markets" and "will implement further measures should
the situation so require".
- In Currencies: The USD was
mixed during the pre-holiday trading environment. EUR/USD lingered just
below the 1.40 handle. The CHF was again firm against the major pairs.
Dealers noting that the CHF has gained as global recessionary fears and
a negative earnings outlook undermined any positive aspects. ECB's
Nowotny commented during Asia that bank is keeping some "fire power" on
interest rates, but added that the central bank was analyzing data and
acknowledging what the FED was doing. Nowotny stated that he could not
exclude a further interest rate cut in January. || Russian Central bank
widened its currency basket bank making this the 7th "mini devaluation"
during Dec. The euro-dollar basket broken through the 33.45 mark viewed
as the prior Central Bank support level. FX dealers noting that this
10th time since Nov 11th that the Russian Central bank has amended its
trading band and has spent around $163B of its reserves in defending
the Rouble in the process|| UBS Analyst commented that the US Dollar
demand remained a "Haven" amid economic weakness and noted that USD
demand from reserve managers remained strong. UBS believed that the GBP
would remain in current trading range and not move lower adding that
Pound volatility and weakness was exaggerated by thin market conditions
|| Ukraine Central Bank increased reserve requirement for foreign
currency deposits to 4% from 3%, effective January 5th
In Energy: Reportedly OPEC's El-Badi sees oil prices at $75/barrel in
2010 || Iraq to begin exports of 65K BPD to Korea's SK Energy in Jan
according to an Iraqi oil official || Dealers murmuring the talk of a
possible OPEC emergency meeting before the scheduled March affair if
prices continued to drop. Feb Crude at $38.20 during the mid-European
*** NOTES ***
- The US durable goods
orders, personal income and spending reports for November and the
weekly jobless claims report are expected to influence trading this
session. The recent slew of global output reductions and corporate
earnings guidance will again have initial claims data on the front
burner. The Initial claims print of 575k in the week of December 6
marked the highest level for initial claims since November of 1982. The
traders and dealers commented that yesterday's drop in the median
resale price of homes from a year earlier was the most since records
began in 1968 and was likely the largest since the 1930s.
theme moving into 2009 might morph from economic turmoil into one of
potential social unrest. Russia Government issued a report that warned
of potential unrest over economic situation. The economic turmoil
spared no borders in 2008 and one wonders if such things are possible
on the social scene as wellâ€¦
- 7:00 (US) MBA Mortgage Applications: No Expectations versus 2.9% prior
- 8:30 (US) Nov Personal Income: 0.0%e v 0.3% prior; Personal Spending: -0.7%e v -1.0% prior
- 8:30 (US) Nov PCE Core M/M: 0.0%e v 0.0% prior; Y/Y: 2.0%e v 2.1% prior; PCE Deflator Y/Y: 1.5% v 3.2% prior
- 8:30 (US) Nov Durable Goods: -3.0%e v -6.9% prior; Ex Transportation: -3.0% v -5.4% prior
- 8:30 (US) Initial Jobless Claims: 558K v 554K prior; Continuing Claims: 4.410Me v 4.384M prior
- 8:30 (CA) Oct Gross Domestic Product M/M: -0.3%e v 0.1% prior
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Mon 18 Dec
10:00 EZ- final HICP 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
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