-Equities: Gazprom [GAZP.RU] Reported H1 Net profit of RUB573.8B compared to
year-ago levels of RUB313.2B. Revenues came in at RUB1.74T versus RUB1.14T y/y.
|| Heritage Oil [HOIL.UK] Has Commenced drilling operations at the Giraffe-1
well in Uganda.
It noted that the drilling operations would take 2-3 weeks but added that the
recent success at Warthog and Buffalo
wells reduced the risk exposure at Giraffe well || Rolls Royce [RR.UK] Awarded
contract from Gazkomplectimpex, a Gazprom unit; for Russian-Europe Nord steam
gas pipeline. The contract is to supply eight industrial aeroderivative gas
turbines driving centrifugal compressors for the new 1,200km Nord Stream gas
pipeline from Russia
to Europe. || Telefonica [TEF.SP] Reportedly may face a
Spanish antitrust fine as much as â‚¬700M according to Spanish newspaper Publico
|| Aker Solutions [AKSO.NO] Signed a 1-year frame agreement with Shell Norway
and Shell U.K. for the supply of subsea umbilicals. The contract also has an
option to extend it an additional 12 months || Unicredit [UCG.IT] Sold 95% of
profit rights in Austrian B&C Industriestiftung assets for â‚¬1.06B
- Speakers: ECB's Hurley: Sees extremely weak global growth in 2009 || South
Korea Vice Fin Min Bae: Economic downturn will be worst in the H1 of 2009 and
improve in H2 of 2009 || ECB's Mersch stated that the Real economy was now
being impacted by global financial market crisis . he also reiterated the view that EU spending programs should not 'break' Maastricht
stability pact. || Germany's
BGA Exporter Group lowered its forecast for 2009. the group now sees small
negative growth rate for German exports compared to a prior view of +2.5% ||
Reportedly Israeli Minister stated that Israel was 'not interested' in Gaza
truce at this time
- In Currencies: Price action was described best as 'whipsawed' over the last
twenty-four hours as wide ranges characterized the illiquid market conditions
associated with year-end. Dealers noting that fundamental rational remained in
the background as 'stop-hunts' were the constant theme. The Euro exhibited some
broad base strength as the morning wore on. EUR/USD edging towards the 1.42
area; EUR/GBP re-approaching its all-time high of 0.98 and EUR/CHF cross up 100
pips to trade above 1.4940 || USD/GCC: GCC Officials agree on final monetary
union pact; agreement to be signed by Dec 12, 2009
- Energy: Eni [ENI.IT] Spokesperson commented that the company has received no
order to halt its output in Ecuador and was continuing production operations ||
ONGC India Oil & Natural Gas [ONGC.IN] Reportedly Venezuela told the
company it must cut supply from its San Cristobal oilfield to be in line with
OPEC pact . The informal notice, expected to
be followed by a more detailed notice within a week, is the first outward sign
of the OPEC member enforcing its share of the 2.2M bpd output cut agreed two
weeks ago. ||NYMEX crude languished in the lower quarter portion of its
electronic trading range this session. Feb crude futures were off $0.50/ barrel
at $39.50 area. Dealers cited that the soft South Korean industrial data was
the catalyst for the softer tone. After it endure its largest Y/Y drop almost
three decades. Thus demand concerns overwhelmed supply fear in the session.
- Commodities: Spot gold was lower in the European session at $872/oz. Overall
dealers noting the metal maintained a supportive tone, with the conflict in the
Middle East encouraging good demand on dips.
- Credit Crisis: WSJ reported that duringIn Q4, US banks and savings
institutions might report their first combined quarterly loss since . The
article noted that in Q3, the financial institutions reported a combined profit
of $1.7B (-94% y/y). ||
- Demand concerns overwhelmed supply fear as oil remains below the $40/barrel
level despite Mid-East tensions S. Korea Industrial production endured its
steepest m/m drop since 1987, and the steepest y/y drop in data back to 1980. Far
east equity bourses end the year with the Nikkei having its worst
ever as it dropped by 42% YTD. It was the last trading day of the year for some
- Eurozone November M3 money supply decelerated to 7.8% which will add to
arguments for further rate cuts from the ECB. However, the three months average
rate remains elevated above the reference value of 4.5%
- Chatter circulating that Microsoft was getting ready to lay off 17% of staff
- 7:30 (BR) Brazil Nov Primary Budget: 1.6Be versus 14.5B prior
- 9:00 (US) Oct S&P Case Shiller Composite-20 Y/Y: -17.9e versus -17.4%
prior; Home Price Index: No Expectations versus 161.6 prior
- 9:45 (US) Dec Chicago Purchasing manager: Expectations 33.0 versus 33.8 prior
- 10:00 (US) Dec Consumer Confidence: Expectations 45.5 versus 44.9 prior
- (GE) German Dec Consumer price Index: M/M: 0.4%e versus -0.5% prior; Y/Y:
1.2%e versus 1.4% prior
- (GE) German Dec CPI EU Harmonized: M/M: 0.4% versus -0.6% prior; Y/Y: 1.2%e
versus 1.4% prior
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