November 11, 2009

CALYON Capital Markets Research





is pleased to provide you the following document:

News: Unicredit, British Airways, RTE, E.ON, Intesa Sanpaolo ...

This is a direct link to the document.


Equity markets were volatile yesterday, although without actually moving very far. According to Bloomberg, the Eurostoxx 600 fluctuated between gains and losses at least 15 times. Market sentiment was not aided by the weaker-than-expected ZEW index of investor confidence, which declined from 56 in October to 51.1 in November – market consensus was for a slight decline to 55. Confidence fell as the prospect of an end to the government stimulus programmes increased, and unemployment rose. Both HSBC and Barclays provided trading updates yesterday and, whilst there were positives to be taken from both, HSBC's was more bullish. Underlying profits at the bank, for the first nine months of 2009, were stronger than initially forecast at the start of the year and “significantly ahead” of the same period last year. A possible sign of stabilisation in credit losses, loan impairment charges fell to their lowest level in over a year, including at its US subprime division where loan impairment charges fell in the third quarter – the first quarterly fall since the start of 2006...


Unicredit: Still-high cost of risks, Q309 results above consensus

British Airways: Moody's ready to pull the trigger

RTE: Cut to A+ with a stable outlook

E.ON: Disposal of its German electricity transmission network

Intesa Sanpaolo: Good Q309 results beat consensus

Financials: How to assess the systemic importance of a bank

Sodexo: Further difficult times ahead

Trade Idea – Autos Closing Strategy: Buy Fiat 7.625 09/14 / Sell Fiat 5.625 06/17



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