November 17, 2009

MS Daily

*US - U.S. stocks rose broadly on Monday, sending indexes to fresh 13-month
closing highs, after Federal Reserve Chairman Ben Bernanke reinforced
expectations that interest rates would stay low to spur growth.
Bernanke repeated that the Fed was likely to keep interest rates
exceptionally low for "an extended period," a pledge that weighed on the
U.S. dollar and drove investors to snap up shares of natural resource
companies as prices of global commodities.
Steel: AK Steel: + 8%, US Steel: + 4.76% after JPM adds on Focust List=>
Cliffs' Resources:+5%
Barrick Gold: +2.6% after new record of gold at $ 1.144.20, Newmont
Mining: + 2.8%
Cons Disc: Target:+2.7% SEARS:+4.1% after strong retail sales #,
Norstrom: + 3.1% after broker upgrade
Fin: Banks: M Whitney statement: expects a so called double dip
recession=> GS: +0.3%, C: + 3.21%
*AH - Buffett: released 13 F for quarter ended Sept. 30th: added: 17.9m Wal
Mart, added 10.75m Wells Fargo, 422k Exxon cuts: 7.06m shares in Conoco
Philips
new: 3.4m share stake in NESTLE ADRs
3.625m share stake in Public Services maintained: Coca Cola, AMEX,
Procter and Kraft (GS stake via warrants not disclosed) *Dow +1.33%, Nas +1.38%, S+P +1.45%, Driven Higher by Auto&Comp +3.27%, Energy +2.45%, Real Estate +2.40%, on Volumes Nyse 1.15bn Nas 2.13bn, Breadth +ve Nyse 9:2, Nas 7:2, Vix -2.01% 22.89pts, 10yr Yield 3.340% *LATAM - Mexico Closed, Argentina +2.74%, Brazil +1.99%, Chile -0.36%
- Bovespa Advances to Four-Week High on Commodity Rally, Brazil Job
Growth
- Petrobras May Boost Output Target as Q3 Profit Meets Estimates
- Panama Sells $1 Billion of 10-Year Bonds in International Debt Markets *Asia - Japan -0.63%, HK -0.44%, China +0.29%, Taiwan -0.76%, Aust -0.54%,
Sing -0.11%, Korea -0.30%, Thailand +0.08%
- Australia's Central Bank Says Pace of Rate Gains Remains `Open
Question'
- Asia Stocks, Commodities Fall as Bernanke Says Economy Faces
`Headwinds'
*Comdty- Crude -0.30% $78.66 Yest +3.34%, Natural Gas -0.24% $4.603 Yest +5.05%
Gold -0.38% $1134.900, Silver -0.98% $18.205, Shanghai Copper +2.01%,
LME Yest Nickel +4.32%, Zinc +4.90%, Alum +4.34%, DRAMDXI +0.10%
- Gold May Climb to Record for 2nd Day as Weakening Dollar Fuels Demand
- Oil Trades Near $79 After Rising Most in 6 Weeks on Dollar Drop,
Economy
- Copper Reaches 14-Month High in Shanghai as Widening Contango Lures
Buyers
*FX - £1.6825 / €1.4955 / s₣1.0093 / ¥89.070 ... vs $
- Dollar Near 15-Month Low as Fed Officials May Reaffirm Zero Rate Policy
- Australian Dollar Falls From Near 15-Month High as Minutes Curb Rate
Bets
*LUFTHANSA no plans to purchase SAS (BZ); plans increasing density of seats (FTD)
*RWE to build Serbian develop hydro-power plants; plans to sell remaining
shares in American Water (BB)
*DT BANK Sal. Oppenheim rejects Macquarie bid for IB division, sources (BB) *SIEMENS / Dr├Ągerwerk: poised to buy back Siemens medical stake for min.
EU 230m, sources (FTD)
*UBS targets SF 15 bln annual pretax in mid-term, targets 65-70% cost income ratio & 15-20% ROE, WM Americas targets SF 6 bln pretax, Asset Management targets SF 1.3 bln, expects reversal of the outflows, effect of tax amnesties on assets was overestimated, sees 'risk-weighted' assets rising to SF 290 bln vs SF 211 bln, sees 'restrictive' dividend policy *NOVARTIS says half a dose of Swine Flue vaccine may be enough, cites clinical data on a H1N1 2009 vaccine *ROCHE Genentech submits supplement applications to FDA for Avastin *REINET 6m profit ERU 406 mln, NAV per ordinary shar EUR 11.51 on 30 Sep. *GAM AuM increased to SF 113 bln, Swiss Asset & Management AuM SF 71 bln, says year-to-date Swiss & Global AM has ssen solid inflows, not planning to refinance SF 150 mln Bond,grants options over 30.27mln shs in incentive plan *TECAN in OEM pact with Hologic to supply papillomavirus tests *TORNOS 9M EBIT SF -23 mln, net loss -21,7 mln, sales Q3 19,4 mln, orders SF 20,3 mln *MICHELIN wants to build a $867m factory in India (les echos)
*BOUYUES will buid a €950m real estate complex in Qatar *PPR ready to spin off CFAO *EADS studying mid size acquisitions in the US (les echos) *ACCOR decision before year end on splitting hotels & services divisions
*ADP October passanger traffic down 3.3% *FAURECIA to Buy Plastal Deutschland Soon, (Sueddeutsche)
*RETAIL Experts predict Christmas sales will be worst for shops since 1980s (Independent)
*INT POWER Is International Power on Warren Buffett's menu ? (Mail) *BP Finds oil in a test well in the Gulf of Mexico.
*BT Telegraph article on UK pensio deficits highlights could be underestimated by £268m.
*BRIT AIRWAYS Crew vote today on strike action ... looks likely to be a huge majority yes vote, this basically means strikes will
start Dec 21st onwards in time to screw up all our plans for Christmas ! *TDY - US ECO: Producer Price Index,PPI Ex Food & Energy, Net Long-term

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