- Equities: HSBC [HSBA.UK]Reported FY08 Pretax $19.9B above $18.0B forecast on
an ex item basis. Its net interest income came in at $42.56B, up 13% y/y. its
Tier 1 Capital ratio was 8.3%. The Loan impairment charges and other credit
risk provisions were $24.9B compared to $17.20B y/y. The firm Proposed a 12 for
5 rights issue at 254p/shr to raise ÔéČ12.5B. Tbe firm noted that no further
consumer finance business through the HFC in the US
wold take place and would close majority of the network. The shutdown would
affect 5K to 6K positions (1.5% of total workforce). Allied Irish Bank
[ALBK.UK] Reported Prelim FY08 Net profit ÔéČ885M versus ÔéČ781.9M estimates. Its
Irish FY08 operations totaled a loss of ÔéČ52M || Vivendi [VIV.FR] Reported Q4
Adj Profit ÔéČ656M above ÔéČ609.9M estimates. Revenues were ÔéČ7.62B slightly below
expectations of ÔéČ7.75B. Fot its fiscal year Net adj profit ÔéČ2.74B just below
consensus of ÔéČ2.78B. with revenues at ÔéČ25.39B missng the ÔéČ25.49B estimate. It
would propose FY08 div of ÔéČ1.4/shr. The CEO saw strong growth in adj EBIT for
FY09 || Ipsen [IPN.FR] Reported FY08 Net profit ÔéČ147.2M in line with ÔéČ140.9M
estimates. Its operating profit came in at ÔéČ180.1M below the ÔéČ199.4M forecasts.
Revenues were ÔéČ1.04B slight better than the expectations of ÔéČ1.02B. Company
warned its Groups 2009 sales would be adversely impacted depending on the
magnitude and the length of the difficulties encountered in these Eastern
European countries, which represented approximately 10% of its consolidated
sales and approximately 20% if its growth in 2008. || Ahold [AH.NV: ReportedQ4
Net ÔéČ285M above ÔéČ230M estimates. Revenues were ÔéČ6.6B compared to ÔéČ6.5B
forecasts. || Pearson [PSON.UK] Reported Preliminary FY08 Net ┬ú292M compared to
┬ú431.8M estimates. It revenues were ┬ú4.81B slightly above ┬ú4.71B forecasts. It
raised dividend by 7% to 33.8p/shr. || Segro [SGRO.UK] Confirmed that
discussions are being held about a possible equity capital raising || Amlin
AML.UK: FY08 Pretax ┬ú121.6M below forecasts of ┬ú129.9M. Gross written premiums
were ┬ú1.03b compared to ┬ú1.05b y/y. CEO stated that there was no need to pursue
new capital raises and there were possibility of acquisitions continues to
exist || Wacker Neuson [WAC.GE] Reported FY08 EBITDA ÔéČ100M below consensus of
ÔéČ100.7B. revenues were ÔéČ870.3M in line with ÔéČ868.4M expectations. The company
remained committed to its long-term growth strategy and was in secure financial
position but remained very cautious about business developments in 2009> it
would not provide forecast for this year || Telekom Austria [TKA.AS] Confirmed
CEO Boris Nemsic to resign by the end of March and to join Vimpelcom as its CEO
|| Porsche [PAH3.GE] Reportedly H1 Rev ÔéČ3.04B, down 12.% y/y. Deliveries came
in at 34.3K units, down 27% y/y ||
- Speakers: EU's Almunia: Rising wave of protectionist sentiment is worrisome;
More EU nations should join the Eurozone || EU's Barroso commented that a
'strong, single market' was the way to exit economic crisis and reiterated that
the euro currency provided safety amid the global crisis || French Fin Min
Lagarde lowered its 2009 GDP to -1.5% with a deficit to GDP at 5.0% || Russian
Fin Min: Russia's recession to track path of US closely. He added that a Fast
Ruble appreciation seemed unlikely as did any quick replenishing of reserves.
|| South Korea's
Kim commented there were no concerns regarding South
Korea's external debt but that the govt was
monitoring external conditions || OECD's Gurria stated that there was
additional room to cut rates in Latin America countires
citing low inflationary environment. || EU's Barroso: A 'strong, single market'
is the way to exit crisis; Euro providing safety amid crisis ||
- In Currencies: Risk aversion helped to keep the USD firmer from its closing
levels seen from Friday. There remain continued concerns over the eastern
European region after the disappointment from the weekend's EU summit that
failed to provide any concerted support for region. Dealers pondering if the
pre Asian market lows made in EUR/USD are 'rock solid support that could last
throughout the remainder of the week into US payroll data on Friday. Overall
theme for the Euro during the morning session has been the lacked the impetus
to make a significant test of the downside. Dealer chatter of decent option
related support is providing a floor in place and renewed talk of large size
1.2500 barriers. The GBP/USD was steady during the European morning around the
1.42 area. The Shadow MPC voted in favor of a steady 1.00% repo rate at the
upcoming BOE rate decision this Thursday. The market consensus is for the BOE
to cut by another 50bps to bring its key rate to 0.5% || The JPY was little
changed during the morning. Japanese press notin that the issue of JPY weakness
could spark issues with US administration and manufacturers. The article noted
that this might come to an end come FY end on March 31st. || CHF currency
weaker after its soft Manufacturing PMI data. USD/CHF was at 1.1750 and EUR/CHF
at 1.4805. || Commodity currencies were softer as concerns that the global
recession was worsening prompting a realignment in CAD and AUD related pairs. .
- Fixed income: Steepening Gains holding during the morning session as US
treasuries futures remained at the highs of its electronic session highs set
against a backdrop of global equity weakness and jitters in credit markets.
- In Energy: OPEC's Algerian Oil Min Khelil commented that a possible
announcement of additional OPEC cuts was possible in March 15th meeting || Over
the weekend, Iran Oil Minister stated that OPEC was likely to maintain oil
output during March 15 meeting ||Iraq seeks to increase its Oil Output by 500K
bpd in2 Yrs. Iraq South Oil Output was down roughly 250K bpd since the middle
of last year || Russian Energy Min: Feb Oil output was 9.72M bpd, down 0.7% y/
|| Rosneft [ROSN.RU] Reported FY08 proven oil reserves at 22.3B boe, gas at
27.7B boe, Oil reserve replacement rate +172% ||
Credit Crisis: Commerzbank analyst note observed that the mounting risks made
the EUR a precarious place to invest. The report noted that the weekend decision
by the EU's not to go for a coordinated bailout of Eastern Europe
put the Euro at risk in several ways, including the threat to EMU countries
themselves. "Their collapse would be a disaster for the European currency
*** NOTES ***
- Asian and European equity markets were sharply lower in the session. News
that AIG would need $30B more in bail-out funds rattling through the global
financial sector. Thus the contagion sending bank spreads wider in the European
morning. HSBC rights issue also sending jitters through the marmets.
- EU Crisis meeting over the weekend agreed to avoid protectionism but rejected
call for EU aid package for Eastern Europe.
- Looking Ahead: Winter storm hitting US Northeast could dampen market
liquidity on Monday.
- 8:30 (BR) Brazil Feb PMI Manufacturing: No estimate v 38.1 prior
- 8:30 (CA) Canada Dec Gross Domestic Product M/M: -0.7% expected v -0.7%
prior; GDP Annualized: -3.6% expected v 1.3% prior
- 8:30 (US) Jan Personal IncomeÔÇŁ -0.2% expected v -0.2% prior; Personal
Spending: 0.45 expected v -1.0% prior
- 8:30 (US) Jan PCE Core M/M: 0.1% expected v 0.0% prior; Y/Y: 1.6% expected v
1.7% prior; PCE Deflator Y/Y: 0.55 expected v 0.6% prior
- 9:00 (BR) Feb Brazil Trade Balance: $1.10B expected v -$518M prior
- 10:00 (US) Feb ISM Manufacturing: 34.0 expected v 35.6 prior; Prices Paid:
33.5 expected v 29.0 prior
- 10:00 (US) Jan Construction Spending M/M: -1.5% expected v -1.4% prior
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