- Equities: Siemens [SIE.GE] SIE.GE: Reported Q1 Net profit of â‚¬1.20B versus
estimates of â‚¬1.13B. Its revenues for the quarter were â‚¬19.6B slightly better
than the â‚¬19.3B estimates. Its 'Main' Ops profit (ex items) were â‚¬2B compared
to analyst expectations of â‚¬1.8B. The company noted that Q1 order backlog
included no major cancellations. It commented that it would stick to its 2009
targets, even though reaching them has become more ambitious. The CEO commented on the conference call that it sought too cut
costs further by using flexible working hours at manufacturing plants || Lonza
[LONN.SZ] Reported 2008 net profit of CHF419M above estimates of CHF403M. Its
EBIT CHF441M compared to 441M consensus and its sales CHF2.94B were in line
with the CHF2.92B estimates. The company guided its EBIT growth in the mid to
high teens on avg until 2013. || Japan's Normura [8604.JP] Reported Q3 Loss Â¥342.9B compared
to a Profit of Â¥21.8B y/y. Its , Pretax Loss was Â¥399.5B verus Profit Â¥44.4B
y/y. it noted it would record a Â¥88.4B impairment loss from group companies. ||
Software AG [SOW.GE] SOW.GE: Reported FY08 Net of â‚¬115.9M in line with â‚¬114.2M
estimates. Its EBIT of â‚¬180.5M was slightly above the â‚¬174.0M consensus.
Revenues were â‚¬720.6M compared to â‚¬708.0M estimates. CEO confirmed its FY09 Rev
growth target of 4% to 8%, and its EBIT margin between 24.5% to 25.5% ||
Clariant [CLN.SZ] Reported FY08 Rev CHF8.1B slightly below estimates of
CHF8.30Be. The company announced a restructuring and Proposed not to pay
dividend. It will reduce its workforce by 1K positions. It would Prepare for
further restructuring in 2009 and its focus will be on cash generation. || KPN
[KPN.NV] Reported Q4 Net profit of â‚¬295.0M below estimates of â‚¬394M. Its
revenues were at â‚¬3.72B slightly above consensus of â‚¬3.65Be. It reaffirmed it s
2010 targets. || Novartis [NOVN.SZ: Launched Oral Malaria Drug For Children ||
Balfour Beatty [BBY.UK] Awarded contract for development of Heathrow from BAA
worth up to Â£750M . The contract is to provide both pre-construction advice and
construction services for a major part of the works associated with the Eastern
Campus Development Program at HeathrowAirport. || De La Rue [DLAR.UK] Financial Director Stephen
King to resign, effective Feb 2nd || Charter [CHTR.UK] Provided trading update
and expected underlying earnings for FY08 slightly ahead of prior expectations
with consensus estimates at Â£1.77B. It would reduce its workforce by 940 jobs
|| Phoenix Solar [PS4.GE] Guided 2009 EBIT â‚¬31M compared to estimate of â‚¬25.1M;
with revenues seen at â‚¬520M versus â‚¬454M consensus. It noted that it saw 35% of
revenues coming from international operations and noted that it foresaw â‚¬1.5B
in revenues in longer term and â‚¬100M in EBIT || Friends Pro [FP.UK] Provided
2008 trading update with life and pensions new business down 11% y/y. It would
maintain its dividend policy . the Total full year life and pensions new business
was Â£1.0B compared to the Â£1.14B year ago. Its Q4 Total Life and Pensions new
business was down 4% y/y || Telenor [TEL.NO] Withdrew its proposed $1.8B rights
issue and noted that it would finance Unitech purchase through cash flow and
debt. It canceled its 2008 dividend and intends not to propose any dividend for
2009 || Credit Agricole [ACA.FR] French press quoted the CEO Pauget commenting
that any merger with SocGen not on agenda || Valora Holding [VALN.SZ] To
reorganize Melisa SA companies which would result in a loss of 22 jobs at
Bedano facility. It would base Melisa press wholesaling operations at its
Muttenz plant || Lundbeck [LUN.DC] To divest non strategic businesses and sold
its LifeCycle stake to its foundation || Solarworld [SWV.GE] CFO affirmed
its2008 sales and earnings targets and saw growth of 30%. || Q-Cells [QCE.GE]
Guided 2008 it Net profit approximately â‚¬185M compared to estimates of â‚¬180.6M.
It forecasted its 2009 revenues around â‚¬1.75B to â‚¬2.25B range versus consensus
expectations of â‚¬1.63Be. It reaffirmed 2009 output 800-1000MW and targeted 2010
output 2.5GWP pending financing || Saflio [SFL.IT] Major shareholder confirms
talks with several prospective partners have begun
- Speakers: ECB's Quaden: ECB could be ready to move lower on interest rates.
He Labeled Q4 Euro-Zone GDP growth as 'catastrophic' and reiterated it would
take a while for stimulus measures to take effect. 2009 would not be a good
year and hoped that a bottom is reached by 2010
||(GE) IFO's Abberger: does not see change in trend in H1 2009, construction
sector benefiting from German stimulus package || IFO's Nerb: Too early for
turning point in sentiment; German stimulus package did have an impact, ECB
rates are not likely to decline to zero || Indian Central Banker: No systemic
risk to country's banking sector due to Satyam debacle
- In Currencies: The European session began with a sense of increased risk
appetite. the euro-related crosses performed well with EUR/JPY pushing up to
119.45 and GBP/JPY above 127.60 level. EUR-CHF initially struggled to build on
its recent gains but moved toward the 1.51 handle as the morning progressed.
Again dealers attribute Euro strength to continued hints from ECB members that
Feb policy meeting would likely a pause in interest rate cuts. .The EUR/USD
pair moved above the 1.33 level to test 1.3330 area before retreating toward
the 1.3250 neighborhood. The European currency sentiment aided by 'better' IFO
data for January. However several IFO members noted that the data did not
indicate a bottom
this time, but noted that the German stimulus package was providing a positive
effect. Just ahead of the NY morning, ECB's Quaden noting that Euro-Zone
interest rates could move lower|| Dealers noted that the Russian Ruble was softer
against its recently widened trading band. Note the Russian basket was widened
to 41.0 from 37.15 last Thursday. The current level is approaching the 38
- Fixed income: A combination of supply and better than expected economic data
saw Euro-zone Government Bonds exhibit a softer tone in early trading, before a
mid morning equity sell off has seen Bunds recover lost ground and move into
positive territory (up 22 ticks in March to 122.57 at the time of writing),
giving the yield curve a flatter shape. Supply from peripheral markets was
swallowed up with the Netherlands selling a total of â‚¬2.1B in 2,4 and 5y Bonds,
slightly more than initial expectations; and Italy selling â‚¬2B in 2010 zero coupon Bonds with a bid to
cover of almost 2, higher than the previous 1.56. The UK sold Â£750M 0.75% 2047 index linked Gilts with a
bid-to-cover of 1.62. Attention now turns to today's gigantic T-note auction,
with the Treasury Department expected to sell $40B in new 2y Notes.
- In Energy: OMV [OMV.AS] Provided Q4 trading statement in which its Oil and
Gas Production was 318K bpd. Total Refining Sales 5.72M tons || EU's Barroso:
No adverse impact on EU relationship with Ukraine from recent Gas dispute || Statoil [STL.NO Restarted
production at Kvitebjoern gas field ||
- Credit Crisis: Hypo Real estate [HRX.GE] German Govt reportedly desires a
majority stake in the company. German paper Handelsblatt reported that compnay
reportedly would be nationalized ||
*** NOTES ***
- Some risk appetite return ahead of the European morning helped by continued
government response to the global economic crisis. Today, the Japanese govt
offer ed public funds to firms adversely impacted by financial crisis by share
purchase program. In response the Nikkei 225 Index saw its largest one day gain
in 6 weeks.
- The German IFO saw its first increase in eight months with a reading that
beat expectations. However, the bounce in the IFO was just off its prior 25
year lows in the survey. German IFO members were cautious in labeling the 'end
of the economic downturn.' European bourses limped lower throughout the morning
- Looking Ahead: Key earnings expected this AM from a slew of key companies.
Bristol Myers [BMY]; Du Pont
- 9:00 (US) Nov S&P CaseShiller Home Price Index: No expectations v 158.1
- 9:00 (US) Nov S&P/CS Composite 20 Y/Y: -18.40% expected v -18.04% prior
- 9:30 (US) Nov Current Account Cumulative: -$109.1B expected v -$94.9B prior
- 10:00 (US) Jan Consumer Confidence: 39.0 expected v 38.0 prior
- 10:00 (US) Jan Richmond Fed Manufacturing Index: -50 expected v -55 prior
- 13:00 (US) Treasury Dept to sell $40B 2y Notes
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