- Equities: ASM [ASM.NV] Announced major restructuring in its European unit and
would result in a reduction of 200 jobs (1.6% of the total workforce) . Plan
involves the transfer from Almere, the Netherlands,
of the remaining manufacturing and operational procurement activities for the
Vertical Furnace product line to the Company's Front-end manufacturing
operations in Singapore
over the next 12 months. || Natixis [KN.FR] French press article noted that the
company could report a Q4 loss of between â‚¬500M to â‚¬1B. A company spokesperson
noted there were no plans for a recapitalization but was interested in funds
from new state facility
|| Renault [RNO.FR] Reported FY08 sales of 2.38M units, which was down 4.2% y/y
|| Misys [MSY.UK] Expected to report revenue growth in high teens over H1 of
2008> the firm also stated that its CFO Jim Malone resigned with immediate
effect ||Galapagos [GLPG.BE] Announces alliance with Merck in diabetes withan
upfront payment of â‚¬1.5M || ThromboGenics [THR.BE] Begin a Phase III Program
With Microplasmin for the Non-surgical Treatment of Back of the Eye Disease ||
Eurofins [ERF.FR] Awarded â‚¬10M from DLG contract || Jessops [JSP.UK: Reports
5-week SSS +3.1%; 14-week SSS -5.6%, Reaffirms guidance in line with prior expectations
|| Marshalls [MSLH.UK] Reportd FY08 Revenues of ÂŁ378M compared to ÂŁ403M y/y. It
noioted that its FY Trading results remain in line with current expectations
but was reducing the scale of investment in its consumer initiatives || JD
Sports [JD.UK] Reported 5-week like-for-like sales +2.8% ending Jan 3. It saw
group marginally exceeding FY pre-tax estimates || Rio Tinto [RIO.UK] Chatter
circulating that private equity firms and a Chinese company were expected to
bid for company's Borates and Talc mineral units for $1.2B sale || BBA Group
[BBA.UK] Provides trading statement and noted that its FY forecast was in line
with expectations ||
- Speakers: ECB's Trichet reiterated central bank's policy is to keep inflation
under 2% ceiling || Reportedly Hamas rejected a UN's ceasefire resolution for
the Gaza situation || South Korea Central Bank noted that it would provide $3B
in loans to domestic banks next week using US Fed credit line || China's PBOC
had reportedly eased restrictions on interbank trading and expanded its
interbank bond market. The PBoC removed minimum CNY500M base on interbank bond
offerings || BMW [BMW.GE] Reports December sales at 112.4K units, which was
down 26.4% y/y. its FY08 sales came in at 1.4M units; down 4.3% y/y || Rand
[RAND.NV] Announced a reorganiztion it its French operation in which it would
cut 489 positions and close 85 branches
- In Currencies: The USD was holding a soft tone ahead of its Nonfarm payroll
data later today. The EUR/USD moved above the 1.37 after the Nov retail Sales
data for theEurozone was above expectations and complemented the earlier report
in which German retail sales data came in above consensus in the M/M
comparisons. Elsewhere in Europe, the economic releases
in the session were a mixed bag. The U.K. PPI also came in stronger than
expected in December helping the GBP/USD move back above the 1.52 handle in the
session. However, U.K.
industrial and manufacturing production were markedly weak as was the French
- The JPY was firmer against the major pairs as risk aversion sentiment
continued in the carry-related pairs. USD/JPY probing the mid 90 level ahead of
the NY morning.
-In Fixed Income: (UK)
DMO's Stheeman commented that the recent drop in GBP had not negatively affected
Gilt sales and added that the fall in Sterling
may have increased foreign purchases of Gilts. Quantitative easing was not
declared government policy and that the funding crisis scenario was not in line
with reality. He added that the - Gilt market was "fairly priced".
The DMO remained committed to issuing Long-dated Gilts and that both GEMMs and
end investors suggested strong demand for long end of yield curve. Issuing at
long end of curve remained attractive despite recent steepening. No Syndication
deals planned at this time, but could be considered. Lastly he dismissed the
case for foreign currency issuance ||Bank of America
analysts sees 2009 US Treasury refinancing needs of $2.14T. BOA forecasted that
2010 refinancing needs would be $1.02T; noting that the US Treasury would need
a significant boost in 2009 offering sales ||
- In Energy: Ukraine's Naftogas stated it was not opposed if Russians were
included in EU's gas monitoring detail inside its borders || WSJ discussing the
oil Contango with oil prices has caused daily charter rates for tankers
shipping crude to rise sharply. The article noted that according to the Baltic
Exchange, daily charter rates for shipping crude from the Middle
East to the US
rose by 45% on Thursday ||Endeavor [END] Reportedly made a commercial find at
Cochran 1 well. The Cochran 1 drilled to depth of 16.9K feet; exploratory well
encountered 3 zones of potential natural gas pay ||
*** NOTES ***
- The day is all about US payrolls. On a â€śhistoricalâ€ť note; dealers pointing
out that there has not been two consecutive months with over 500K job losses in
the US since 1940 (U.S. population was about half of what it is now). The
execrated range of â€śdamageâ€ť in this data series is seen between a loss of 350K
to 750K and some murmurs of a possible loss of 1M being discussed on trading
desks. The ADP data earlier in the week was a wakeup call and some discussions
that perhaps its released could have immunized markets from a â€śhorrendousâ€ť
non-farm payroll number today. The US
number will provoke the focus towards the ECB decision next Thursday with a 50
bp rate cut expected as most see ECB policy as being well behind the curve. The
slew of data out of Europe was mixed, but retail sales
for Germany and
the euro-Zone beat expectations.
- 7:00 (CA) Canada Dec Net Change in Employment: -20.0K expected versus -70.6K
prior; Unemployment Rate: 6.5% expected versus 6.3% prior
- 8:15 (CA) Canada Dec Housing Starts: 170.0K expected versus 172.0K prior
- 8:30 (CA) Canada Nov Building Permits M/M: -5.0% versus -15.7% prior
- 8:30 (US) Dec Unemployment Rate: 7.0% expected versus 6.7% prior
- 8:30 (US) Dec Change in Nonfarm payrolls: -525K expected versus -533K prior;
Change in Manufacturing Payrolls: -100K expected versus -85K prior
- 8:30 (US) Dec Average Hourly earnings M/M: 0.2% versus 0.4% prior; Average
Weekly Hours: 33.5 expected versus 33.5 prior
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