Fortis, BNP and the Belgian government could announce a new deal as early as today

Market Recap

DJIA +2.46%, Nasdaq +3.55% and S&P +3.36%

Nikkei +1.79%

WTI Crude Oil USD 41.60

USD/EUR 1.3107

U.S. stocks stage an impressive rally on the back of President Obama’s plan to set up a bad bank to buy toxic assets from the banking industry.

The FOMC left rates unchanged and said that they would be prepared to buy Treasury securities to pump up lending.

U.S. News

Qualcom reported 56% drop guided Q1 revenue close to consensus, but gave no EPS guidance.

Wells Fargo beat analyst expectations and also reported a USD 37.2bn write-down to Wachovia’s portfolio. The company will not need additional TARP funding.

Starbucks reported Q1 results below market estimations.

European News

Xstrata intends to raise £ 4.1bn with rights offer at 210p

Swatch reports sales below market expectations, no buyback and sees challenging H1.

Cookson launche a rights issue for £ 240m at 10p

H&M reports strong Q4 numbers and will create 7000 new job during 2009

Royal Dutch Shell Q4 profits are below market estimations.

Zurich CEO James Schiro will step down end of 2009

Deutsche Telekom Q4 subscribers slowed.

Moody’s downgrades ING rating to A1 from Aa3

Essilor reports Q4 sales slightly lower.

Suez Environnement reports FY sales and dividend in line with consensus. CEO says the waste business is hurt by slow economy.

Fortis, BNP and the Belgian government could announce a new deal as early as today.

Santander reports FY net profit in line with estimates

RWE is not planning any further large acquisitions following the acquisition of Essent.

Earnings Watch

USA: 3M, Autoliv, Colgate, Eli Lilly, Ford, Altria, Intl Paper, Amazon, Broadcom, Eastman

Europe: Astra Zeneca, Total, Bulgari, Ericsson, SKF

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