Microsoft word - morning note 26.11.2013.doc

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U.S. stocks failed to hold onto early gains and finished mixed. The nuclear deal between Iran and world powers weighed on oil and gold, and spurred the U.S. dollar to a six-month high against the Japanese Yen. Treasuries saw modest gains after two indicators pointed to a sputtering economy. (0.15%)Said COO Kristian Tear, CMO Frank Boulben leaving the co. James Yersh will (=) Blackberry
replace Brian Bidulka as CFO; Bidulka will stay on as a special advisor to CEO. (-) Boeing
(-2.18%) Dreamliner engine-ice risk spurs FAA to warn airlines. (BBN) (=) Intel
(-0.5%)Said to seek $500mn in sale of web-based TV startup. (BBN) (=) Wal-Mart
(0.78%) McMillon named CEO as Duke retires. Hang Seng
Shanghai Comp B
Asian share mkts are mostly lower, led by Japan where a pause in the dollar’s gains against the yen is leading to profit-taking in a mkt that Monday closed just a hair’s breadth from a new high for the yr. Consumer electronics companies and automakers were the biggest drags on the equity measure. China said to plan crackdown on banks’ evasion of lending limits. (BBN) Today begins a big week of news flow for Japan with the release of minutes from the Bank of Japan’s latest policy meeting, where members unanimously voted to continue pumping Yen60 trillion to Yen70 trillion annually into the country’s financial system. Retail, jobs and housing data will hit the wires later in the week, but it’s Friday’s inflation numbers BOJ watchers will have an eye out for, as well as any indication the country is closer to its goal for 2% inflation by 2015. (+4.3%) after report that the company will start clinical trials of three types of cancer drugs Fujifilm Holdings Corp.
Brent Crude Oil Future
Gold Spot
Copper Future
Macro Events
Housing Starts Release Delayed to Dec. 18 Due to Shutdown S&P/CaseShiller Home Price Index NSA Corporate Events
Brüder Mannesmann (Q3), Hugo Boss (ID), Merkur Bank (Q3), MTU Aero Engines (ID). Due to low free float, GSW Immobilien will be excluded from MDAX, will be replaced by SGL Carbon (as expected), which will be succeeded by Villeroy&Boch (last week’s speculation Index Changes MDAX/SDAX focused on Capital Stage)in the SDAX, according to Deutsche Börse late Friday last week.
Changes will be effective from Nov 27th. CDU/CSU and SPD expected to finish negotiations in the course of today, coalition contract Coalition Negotiations
According to ‘Frankfurter Rundschau’, BAYN currently preparing takeover of a Norwegian (=) Bayer
drug producer, possibly ‘Algeta’. Sources saying BAYN could pay NOK336/share (yday close: 264.40). BAYN declined to comment. Algeta says discussions are at early stage. CFO-interview in ‘FAZ’: Uebber said DAI plans 30 new models by 2020, including extra versions for Chinese market. Saying also, Mercedes did not reach 6% ROS tgt this year, (=/+) Daimler
should receive 10% in long-term. Q4 results seen better due to full availability of margin-strong S-class. // Daimler Financial Services with 2013 pc today. A Deutsche Bank fund may be interested to buy lessor company DeWAG, worth €1.3bn, from (=) Deutsche Bank
Equity Residential and AvalonBay Communitites. BOSS (Investors’ Day today) adjusts its medium-term outlook, saying it will not meet its core (-) Hugo Boss
operating profit tgt of €750m in 2015. 2015 sales target unchanged at €3bn. LHA and its cargo unit expect cargo and passenger traffic to Malaysia and Indonesia to rise (=/+) Lufthansa
with the launch of a non-stop flight service. 5 flights per week to Kula Lumpur from march next year on, added to Malaysian Air’s current 5 flights. Institutional investors were considering filing a lawsuit against RHK-shareholder and medical (-) Rhönklinikum
equipment supplier B. Braun in an ongoing battle for control over the company (Reuters). RSTA and Al Darwish Enginneering, a Qatar-based construction company, sign phase I agreement to implement the iTWO model based end-to-end construction platform for the (+) RIB Software
construction of the new Engineering College Complex at Qatar University, budget about $137m. According to ‘FAZ’, Germany plans new subsidies for old coal power plants. Switzerland
President Thomas Jordan sees no reason to remove ceiling of Swiss Franc, saying cap remains appropriate given the currency’s strength and economic risks in the €-area. 9M – rev -13% to SFR164.7m, gross earnings -56% to SFR7.1m, gross margin -4.65-points at 4.7%, EBITDA loss –SFR26.5m (vs.-17.2m y/y), NET loss –SFR75.7m. Ongoing problems in (=) Orascom
Egypt, negative fx effects and losses from related third parties. Planned cost cutting program (SFR50m by end of 2014) will be continued. Cautiously optimistic outlook. (=) Zurich Insurance
Blackrock Inc, US, cut its stake to 4.97%. To decide in Dec. whether to take legal action against €2bn spectrum auction, spokesman (=) Telekom Austria
Schiefer says. Hutchison’s Austrian Three unit also hasn’t decided yet whether to challenge sale, spokesman Tesch says. Co. doesn’t rule out challenging auction. (BBN) EURO STOXX 50
(+) Algeta
(=/+) Bouygues
Wins HK$3.68bn Macau hotel contract. (Macaubusiness) Bill/Bond Auctions
Netherlands to sell up to€ 3bn 3Y-bond 0% 2016 // Spain to sell 84-day bill // (=) Colruyt
Is scheduled to rerpot H1 figures at 5:45pm CET Chr. Hansen Holdings (AGM), Eurazeo (investor day), Metso (capital markets day) Rexel Corporate Events
(investor day), Wolseley (AGM), Yata (capital market days) (=/-) Fiat
Chrysler IPO said delayed 20 2014 over tax confusion in U.S. FDA announced it is requiring the removal of certain restrictions on the prescribing and use of (=/-) GlaxoSmithKline
GlaxoSmithKline's diabetes drug Avandia (rosiglitazone) to reflect new information on the drug's cardiovascular risk. (BBN) (=) Peugeot
Confirms Carlos Tavares to replace CEO Varin in 2014. H1 – sales €558m, down organic 3.6%, adj. op. profit €132.7m (c124m), organic op. profit down 7.3% (c-8.8%), outlook: FY current oper. profit exp. to have “substantial” double-digit (=/-) Remy Cointreau
decline at the end of FY, business environment will be “less favorable” in 2H due to uncertain eco. backdrop in Europe, “sharp” slowdown in China, which is hurt by high inventory levels in distribution Will be more discriminating in picking exploration targets to reduce risk and control spending, (=) Statoil
(=) UniCredit
UniCredit Bank Austria may cut more jobs. (Standard Link) STOXX 600 Sectors
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STOXX 600 Sectors
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1. MacKerell, Jr., A.D., Vallari, R.C. and Pietruszko, R., Human mitochondrial aldehyde dehydrogenase inhibition by diethyldithiocarbamic acid methanethiol mixed disulphide: A derivative of disulfiram., FEBS Letters 179:77-81, 1985 2. MacKerell, Jr., A.D., Blatter, E.E. and Pietruszko, R., Human aldehyde dehydrogenase: Kinetic identification of the isozymes for which biogenic aldehydes and a

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