- Equities: Barclays [BARC.UK] Reported FY net Â£4.38B compared to consensus
estimates of Â£3.53B. Its, pretax was Â£6.1B compared to year-ago levels of
Â£7.1B.. Net interest income Â£11.5B v Â£10.6B estimates. The board prosed that it
not declare a final dividend for FY08 || Imtech [IM.NV] Awarded order from
Berlin-Schonefeld airport expansion valued at "dozen of millions of
Euros" || Vodafone [VOD.UK] Confirmed pact with Hutchison to merge Australian
telecom operations. Both Vodafone and HTAL will have an equal ownership of 50%
in the joint venture, which will be renamed VHA Pty Limited
("VHA").VHA will market its products and services under the Vodafone
brand, but will retain exclusive rights to use the 3 brand in Australia during
a transition period and thereafter. || Carillion [CLLN.UK] Awarded a seven
year, Â£80M contract for maintenance of the East London Line for Transport for
London || Hammerson [HMSO.UK] Reports FY pretax loss Â£1.6B v profit of Â£110.4M
y/y; It announced 7 for 5 rights issue to raise net proceeds of Â£584.2M ||
Nothumbrain [NWG.UK] Issued an Interim Management Statement in which it saw H2
revenues lower than H1. It now expected H2 Revenues to be down 1%. It did note
that , in all other respects, trading has been in line with expectations. It
forecasted energy costs in line with expectations at approx Â£39M || Bayer
[BAY.GE] Commenced Phase III Study Of Riociguat For Pulmonary Hypertension. The
first result of Phase III study expected 2011. The company forecasted Riociguat
sales potential of â‚¬500M to â‚¬1B range || UPM-Kymmene [UPM1V.FH] To temporarily
lay off all Kaukas Personnel for over 90 days citing additional weakness in
plywood market || Yara [YAR.NO] Announced signing of fertilzer joint venture
with National Oil Corporation of Libya (NOC) and Libyan Investment Authority
(LIA). Yara, NOC and LIA will have ownership shares in the new company of 50%,
25% and 25% respectively. || Bauer [B5A.GE] CEO commented that the company would
end 2008 slightly better than prior guidance an saw 2009 as 'reasonable' but
with slower growth || Gas Natural [GAS.SP] GDF Suez stated that it remained
undecided regarding capital hike in firm || Wincorp Nixdorf [WIN.GE]
Spokesperson stated that they would not comment on market rumors of a potential
profit warning || Kalahari Minerals [KAH.UK] CEO stated that the firm was in
talks with potential JV partners for lead, zinc, copper development and saw a
possibility of extract resources deal || AstraZeneca [AZN.UK] Licensed
Antidepressant Compounds Discovered by Mayo Clinic and Virginia Tech
Collaboration. Financial terms not disclosed. It also received two new anacand
dosage approval plus dosage strength from EU
- Speakers: BOJ's Momma stated that he expected a large contraction in Japan's
Q4 GDP with no light at the end of the tunnel. Must watch negative feedback of
stock market declines and added that both Japanese and Asian economies are
worsening faster than previously thought. The conditions for small businesses
becoming more severe coupled with capital spending to decline significantly ||
MOF Sugimoto commented thet he expected the upcoming G7 to discuss steps to
deal with slowing global economy || UK
PM Brown noted that fiscal policy was essential as monetary policy is impaired.
He noted that lending must be increased in a radical way and was looking at
both non-banks and banks to increase lending || China Commerce Minister
commented that he hoped India would curb use of trade remedies and added that such
occurrences; could have serious implications || German Gov't advisor Ruerup
commented that the: ECB should cut interestrates further. He did note that the
economy should recover in H2 of 2009 || Polish Dep Fin Min Kotecki commented
that the Zloty currency rate was suitable rate for possible Euro peg. He noted
that discussions with with ECB, EU Commission will begin later in February.
Lastly he noted that the current Polish Zloty currency rate was favorable for
Polish economy || Australian Treasury Sec Swan: Govt may sell assets to reduce
its debt ||
- In Currencies: Risk aversion was a bit more prevalent in the later part of
the Asian session after the US delayed the announcement of its financial-rescue
plan by a day. However, European equity markets managed to keep a steady tone.
The EUR/USD held above the 1.29 leve for the majority of the session aided by
the Russian Central bank raising various lending rates. The Ruble was below the
imposed ceiling of 41 prior to the Russian Central bank (CBR). The CBR has
previously indicated that it would take steps to ensure the basket ceiling was
maintained. The EUR/USD pair seen consolidating with dealers taking note the
parameters of 1.2720 to 1.3020 range eyed. || Former BOJ official Hirano
commented that intervention would likely remain an option on excessive currency
swings. However, he noted that FX would not be a major topic of talks at the
FinMin meeting in Rome later this
week. Bank of Tokyo Analyst commented on the JPY in which the US
debt issuance could undermine JPY currency. The analyst noted that that
Japanese Yen to remain on defensive this week with recent long JPY positions
being pared. USD/JPY at 91.60, off its session highs seen in Asia
at 92.10; EUR/JPY at 118.50 in the middle of its 117 to 119.60 range.
- Fixed income: With the market awaiting details of the US
bank rescue plan tomorrow and a flood of US, UK
and Euro-zone supply expected later in the week, volumes in fixed income have
been exceptionally thin this morning. The German 2-10y yield spread touched its
steepest level in over a decade in early trade, breaking though 200bps for the
first time since July 1997. Greece
has launched a new 3year bond via syndicate, with pricing indicated around
260bps over the comparable German issue. A Kremlin aide also revealed that
Russia is considering issuing USD denominated bonds to help funds its rapidly
expanding deficit, now expected to exceed 6% of GDP in 2009
- In Energy: OPEC Sec Gen El-Badri reiterated there will be no summit before
official previously scheduled March 15 meeting || AE Oil Min: Recession to
impact Mid East oil project capex; No light at the end of the financial
economic turmoil seen. Current oil prices are 50% below the level that would
generate needed investments || Russian Energy Min: Sakhalin
facility to produce 6M tons of LNG in 2009 with first shipment seen by at end
- Credit Crisis: The Obama administration to delay until Tuesday the
announcement of its bank rescue plan. The announcement had been expected on
Monday. According to a report, the delay is so that the administration could
work with the Senate on Monday on the economic stimulus bill. || Norwegian Govt
unveiled banking aid package and would establish two funds with approx NOK
100B. The efforts are designed to assist lending, will provide capital for
financially sound banks and could include provisions to limit executive
compensation || Ireland's government is expected to this week announce a new
â‚¬7B bank rescue plan for Allied Irish and Bank of Ireland || According to the
IMF's Strauss-Kahn, the IMF may run out of funds to deal with the economic
crisis within 6 months
*** NOTES ***
- Dealers and traders noting that the week was off to a slow start with little
in terms of key economic releases leading up to Friday's G7 meeting in Rome and
awaiting details of the US financial market rescue plans.
- Looking Ahead:
- (CA) Canadian Jan Housing
Starts: 165k expected; Prior: 172.2k
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