- Equities: Air France [AF.FR] Reported Q3 Net loss of â‚¬505M worse than
the loss of â‚¬285.5M expected. It operating loss was â‚¬194M slightly
better than consensus of a loss of â‚¬209M. The revenues came in at
â‚¬5.97B above the â‚¬5.78B expected. The company noted a larger than
expected loss on fuel hedging book and added that it had fuel hedge
position of 43% for 2009. It would reduce itst capex spending by â‚¬600M
in 2009 || Pernod-Richard: [RI.FR] Reported H1 Net â‚¬625M below the
â‚¬657.0M estimates. The H1 revenues were â‚¬4.21 slightly below the â‚¬4.25B
consensus estimates. Currency movements had a negative impact on sales
but positive impact on profitability || Eni [ENI.IT] Reported Q4 Adj
Net Profit (ex items) of â‚¬1.94B compared to â‚¬1.83B estimates. The
company would hold a â‚¬1.5B bond offer. It set its FY08 final dividend
at â‚¬1.3/share. Expected refining margins to drop in FY09 compared to
FY08 || Saab [SAABB.SW] Reported Q4 Net loss of SEK724M below profit of
SEK584.7M expected. Revenues were SEK8.19B above consensus of SEK7.78B.
For its full year, revenues came in at SEK23.8B slightly above
SEK23.42B estimates. It proposed to cut its dividend to SEK1.75/shr
from 4.75 prior. It saw its FY09 sales as "flat"and noted that the
development of the Swedish defense budget as "a challenge".
Redundancies might not be avoidable as margins fall. || Michelin
[ML.FR] Reported FY08 Net income â‚¬360M below the â‚¬480M estimates as
rising raw material prices and energy and transportation costs had a
negative impact Its revenues were â‚¬16.4B in-line with â‚¬16.5B estimates.
; cutting dividend.. It FY operating margin came in at 5.6% below its
previous guidance of a range of between 7% and 7.5%. and compared to
9.8% y/y || Galapagos [GLPG.BE] Revealed key drug target for
Alzheimer's disease || Solarworld [SWV.GE] Reported FY08 Net income
â‚¬250M. Its EBIT came in at â‚¬260M below â‚¬272.5M estimates while revenues
were â‚¬900M slightly below the â‚¬910M consensus. It noted that its
January sales were higher than levels seen a year-ago. || Beazley
[BEZ.UK] Reported FY08 pretax Â£87.2M below estimates of Â£103.6M. It
announced a Â£150M rights issue. Lastly the company stated it would
acquire First State Management for $35M in cash ||
Speakers: German Fin Min Steinbrueck commented that he more
protectionism on international front and would bring up the issue at
official meeting. He reiterated that he was opposed to the Centralized
"bad bank" concept . Reiterated that must halt vicious spiral in bank
balance sheets || Czech Central Bank Minutes: Weaker currency rate for
CZK reduces scope for lower policy rates. Latest production and trade
data suggested deeper then expected economic decline but possible
government spending to fight economic crisis could pose upside risk to
inflation in long run. Some central bank members express concern that
inflation would converge towards target rate at slower pace than
forecast. || BoE provided details on Commercial Paper purchases under
Asset Purchase Facility || EU's Junker noted European Commission must
examine Italian and French auto and economic stimulus packages.
Commented that protectionism can not be the vehicle used to get out of
economic crisis. Sees a lack of coordination between national programs
designed to stimulate economy || German Bundestag (Lower House)
approved German second stimulus package of â‚¬50B
The GBP was firmer by 300+pips
to regain the 1.46 handle for a brief moment ahead of the NY morning.
EUR/GBP cross lower by 170 pips at 0.8845.
The EUR/USD was in
the upper end of its recent range after failing to break 1.2700 option
barrier on Thursday. The slew of negative European GDP readings did
eventually par some of the Euro's gains against the USD.
Fixed income: Risk appetite and supply from Italy have sent government
bond prices lower in European trade this morning in relatively thin
volumes ahead of the G7 meeting in Rome. Italy tapped â‚¬7.2B in 4, 12,
15 and 20y BTPS, with results in the mid-range of expectations. Gilts
have under performed Bunds and UST's but yields are still sharply lower
in the UK on a weekly basis. 2y Gilt is 10bps higher today at 1.31% but
still around 35bps lower on the week. The 10y Gilt is about 6ps higher
today 3.54%, but still about 40bps lower than last Friday's close.
In Energy: WSJ reported that US Energy Sec Steven Chu noted that the
DoE must accelerate its process for approving funds. Chu wants his
staff members to be prepared to approve projects within 4 weeks. The
department may be given the responsibility of allocating $40B in
government funds. ||Total [FP.FR] CEO commented that actions and
production cuts made by OPEC have been more reactive than usual. He
added that current oil prices not good enough for the long term ||
India's Dec diesel sales rose by 1.5% y/y vs. 10.7% in Dec of 2007 ||
Reportedly, China is establishing a fuel price fund which would be used
to stabilize prices and support local refiners. ||
*** NOTES ***
- Optimism returns prompting renewed round of risk appetite. Some
speculating is building that China's economy is showing signs that a
CNY4T stimulus package is taking effect. This euphoria was being
complemented with U.S. plan to bring relief to cash-strapped consumers,
businesses and states and aiding a job- creating program. The European
GDP data was below expectations for the most part with multi-decade and
all-time readings being registered.
- This Friday 13th has the
G7 ministers meeting in Rome to discuss implementing measure to avoid
the growing sense of protectionism. No surprise is expected from the
meeting, but one never knowsâ€¦.
- Looking Ahead:
- 8:30 (PD) Polish Jan CPI M/M: 0.4% expected v -0.1% prior; Y/Y: 3.0% expected v 3.3% prior
- 8:30 (CA) Canadian Dec New Motor Vehicle Sales M/M: -15.0% expected v -7.0% prior
-10:00 (US) Feb Prelim University of Michigan Confidence: 60.2 expected v 61.2 prior
- G7 summit begins in Rome, Italy
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