- In equities: Axa [CS.FR] CEO: Will see gradual unfreezing of markets in 2009
|| TGS Nopec Geophysical [TGS.NO] Announced new 3D operations in Gulf of Mexico
as it purchases new survey of Desoto canyon area in Eastern Gulf || Carillion
[CLLN.UK] Secured primary school contract, valued at Â£13M. Construction work
will begin in January 2009 and the new school will open in March 2010. ||
Autonomy [AU.UK] Announced that it has entered into a multi-million dollar
license agreement with BAE Systems to license Autonomy's Intelligent Data
Operating Layer software for archiving. || European Aeronautic Defence &
Space Co [EAD.FR] Japan's All Nippon Airways reportedly no longer plans to buy Airbus' A380
citing that ANA was seeking to cut its CAPEX levels. ||
- Speakers: The Bank of Korea reaffirmed that it would put the top priority on
its interest rate policy to help boost the economy and improve fund flows
through the local financial system || China's Deputy PBoC Gov Yi Gang stated
that China was well positioned to adjust monetary policy further if necessary,
given that rates are higher than US and Japan's || According to government
economist, Zheng Xinlu, China's economic growth will bottom in Q1 and added
that China's growth will start to rebound in Q2 and will return to
"normal" in Q3 as the government's stimulus measures start to take
effect || German press reported that Prime Minister of Germany's North
Rhine-Westphalia had requested as â‚¬100B rescue fund for companies impacted by
the global recession || Reportedly BoJ could lower its 2009 growth forecast ||
HKMA Yam noted that despite current volatility, Yuan to rise in long term; He
reaffirmed commitment to Hong Kong Dollar Peg ||
- In Currencies: The USD firmed during the early European morning. Dealers
citing several factors behind the dollar's advance. EUR was impacted by a
report in the Daily Telegraph that Milan was considering legal action against a group of
lenders who were helping it manage â‚¬1.7B of bonds. Italian authorities could be
sitting on as much as â‚¬35B of liabilities relating to bonds they took out in
the 1990s. The Euro also affected by chatter circulating of a fix-related
demand for GBP from a UK clearer as a factor in the lower EUR.GBP cross. Also
report from a top tier investment bank reportedly advocated going short EUR
versus an equally weighted basket of GBP, NOK and SEK || A growing appetite in
risk helping to weaken both JPY and CHF against the major pairs. USD/CHF above
the 93 handle and USD/CHF tested near 1.1040 during the European morning. || S. Korea denied press reports that it was considering including Yuan in its
Foreign Reserves. || Thai Fin Ministry stated that they see continued 'close'
coordination with Central Bank and added that they expect the benchmark
interest rate to fall ||
-In Fixed Income: Longer dated paper is conspicuously the biggest loser with
10yr yields climbing. Aside from some apparent erosion of the safe haven bid
for government product, supply will also be on the markets radar screen this
week with today due to see the Treasury announce this weeks 3- and 10-yr supply
where sizes of $30bn and $12bn are expected. || Barron's issued a cautious
feature on US Treasuries as overbought, citing increased support from Federal
Reserve with regards to long term Treasuries, driving prices higher. Article
draws attention to cautious comments from PIMCO's El Erian who feels they are
'very, very expensive', weakening USD and increasing attractiveness of Gold as
an investment play. In response to the 'bubble' in treasuries, Barron's draws
attention to 'shorting' treauries through two ETFs; Ultrashort 20+year Treasury
(TBT) and Ultrashort 7-10 year Treasury (PST) || Italian authorities could be
sitting on â‚¬35B of liabilities relating to bonds they took out in the 1990s in
a Telegraph article ||
- In Energy: Gas disruptions resulting from continued tensions between Ukraine
and Russia have reportedly began affecting Turkey and Czech Republic according
to press reports. Germany's RWE [RWE.GE] Noted that firm had received about 5%
less gas from Russia over the last 24 hours but added that it has been able to
compensate for the decline in gas deliveries || Iraq plans to prevent the
Kurdish Regional Government from exporting crude through the country's
pipelines || Previously reported Nigerian pipeline break to halt 12K bpd, ENI's
share totals 2.4K bpd || Japan Govt Spokesman Kawamura: China's gas development
in the East China sea is unacceptable || Japan has complained about China's
development of the Tianwaitian gas field, which Tokyo contends should be
untouched until talks settle its status between the two nations. ||
*** NOTES ***
- Big week for U.S. jobs data as ADP employment change on Wednesday, the weekly
initial and continuing claims on Thursday and the December non-farm payrolls
report due out on Friday. The question remains whether there is a bottom in
sight for U.S. economy. Dealer noting that Equities want a mid-year
economic rebound. President-elect Obama's economic stimulus package reportedly
will include hundreds of billions of dollars worth of tax breaks for
individuals and businesses.
- First 'real' trading day of 2009 saw some continued rotation flows out of
fixed-income instruments that accelerated on Friday. The weekend Barron's
article on US bond was cautious on US Treasuries and described the
instrument as overbought.
- Japanese 2008 domestic auto sales were the lowest since 1974. Japanese
officials continued with their verbal intervention. Shirakawa commented that
the BoJ could consider measures to address Â¥ appreciation. The trading year
begins with technicals ripe for retracement moves of the Nov-Dec trends in
stocks, bonds, commodities and currencies
- 10:00 (US) Nov Construction Spending M/M: Expectations -1.4% versus -1.2%
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