-Equities: Kaufman & Broad [KOF.FR] Reported FY revenues of â‚¬1.17B versus
â‚¬1.25B estimates. It secure an additional â‚¬75M credit facility and noted that
it had suspended dividends until 2012 || Lafarge [LG.FR] Considering strategic
options for its Turkey operation || Yule Catto [YULC.UK: Signed a new three
year loan facility of Â£30M with its principal banks. Loan replaced existing
revolving bank loan facility maturing in Nov of next year. The company also
suspended payment of dividends || X 5 Retail [FIVE.UK] Acquired franchisee in
Rostov, Russia for RUB400M || Lottomatica [LTO.IT] Gtech unit was awarded $105M
New Jersey State lottery contract || Linde [LIN.GE] Awarded engineering JV in
India with its share of the venture valued at â‚¬350M || Vestas Wind System
[VWS.DC] Awarded 100MW order in China || GDF Suez [GSZ.FR] Reported a gas find
in Anethyst Field located in North Sea || Sea Drill [SDRL.NO] Took delivery of
deepwater drillship West Capella
- Speakers: German Fin Min Steinbrueck commented that the size of government
stimulus package was still undecided in a press interview. Comments in reply to
whether package would cost â‚¬25 to â‚¬40B || French Econ Ministry commented that
the current market conditions do not allow for the 'satisfactory' sale of
public assets || Czech Central Bank Chief Tuma noted in a newspaper interview
that Czech Central bank has room to cut rates to zero from current level of
2.25% || Reportedly Polish Gov't advisors see 2009 GDP at 3,1% or less versus 3.7%
official forecast ||China raised tax rebates for motorcycles to 14% from 11%
prior, increases tax rebates on for 553 products effective Jan 1st || Chinese
Stats Office saw 2008 GDP growth above 9% level || Taiwan MOF stated that the
Tax reform panel approved corporate tax cut from 25% current rate || French
Public Debt increased by â‚¬15.6B in Q3 to 66.1% of GDP according to INSEE ||
- In Currencies: The USD was softer against the major currency pairs but the
the session was all about safe haven theme. CHF gains on the back of safe haven
flows due to the conflict in the Middle East. The GBP
remained weak for the most part. UK
households the prior Q2 data had shown that repayments exceeded new borrowing
for the first time in a decade and the trend continued in Q3. EUR/GBP continues
to probe fresh all-time highs with the 0.97 giving way in today's session with
expectations that the run on parity would continue at least in the very
near-term. . || Russia devalued the currency for the 12th time in seven weeks
after the government forecasted its first budget deficit in a decade last week
- Energy: IEA Chief Economist commented that he expected oil price to climb to
$100/barrel by 2010-2015 period || Reportedly Nigeria arrested suspected
militant leader Jackrich || Israeli Def Min Barak stated in a speech to
Parliament that Israel moves with 'determination' towards objectives and would
fight 'to death' with Hamas. He added that Israel
is not at war with the with people of Gaza
but noted Israel
has set its objective in Gaza
strip, which is now a closed military zone ||
- Commodities: Spot gold breaks above 880 level at the open in Asia.
|| Feb Crude oil futures surged above the $42.00 per barrel (over 10% at one
point) in reaction to comments from Israeli defense Minister Barak which noted
that Israel would fight to the 'death' against Hamas. Oil remained above the
$40 per barrel as the NY morning approached, but off its best levels in the
electronic session. Dealers also citing that OPEC members have begun complying
with agreed output cuts, also helping the contract rebound four-year lows set
- Credit Crisis: Banks in the UK
may face as much as Â£70B in writedowns related to losses on commercial property
loans according to a report from the Telegraph. The article noted that the
losses could lead to more banks being nationalized in the UK || UAE Residents
Feel Credit Crunch Impact according to a Bayt/YouGov Survey as consumer
confidence dropped for the third time this year ||
- The Safe haven flows was the overall theme during the European morning. Gold
and CHF were purchased from the getgo in Asia. Oil was
firmer but spiked above $42/barrel after Israeli defense minister stated that
the country would fight to the 'death' with Hamas, thus Israel
threatened escalation of fighting in Gaza.
terminates $17.4B joint venture with Dow Chemical noting that downturn in the
economy coupled with a fall in oil prices has made the K-Dow joint venture
-UK Dec House Prices were down a record own 8.7% y/y according to Hometrack.
Another data series showing that UK
households are making repayments rather borrowing against its housing equity
- Thin market conditions prevail as the calendar year winds down.
- 11:30 (IS) Israeli Base Rate Decision: Expectations of a 50bps interets rate
cut to 2.00%
- (GE) German Dec CPI-Baden Wuettemberg: M/M: No expectations versus -0.5%
prior; Y/Y: No Expectations versus 1.6% prior
- (GE) German Dec CPI-North Rhine West: M/M: No expectations versus -0.6%
prior; Y/Y: No Expectations versus 1.1% prior
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