Freddie Mac announced that it will ask U.S. treasury for a further USD 35bn in aid.

Market Recap

DJIA -0.56%, Nasdaq +0.80% and S&P +0.54%

Nikkei -0.81%

WTI Crude Oil USD 45.52

USD/EUR 1.2926

Equity market ended the week lower on a volatile Friday. Market is recovering early losses on stronger commodities and bottom picking.

Happy Chinese New Year!

U.S. News

GE reported a collapse of 44% of its Q4 profit. Credit losses were USD 1bn over expectations.

Google reported much better Q4 profit than expectation.

Pfizer launched a bid on Wyeth. Discussions started months ago.

Freddie Mac announced that it will ask U.S. treasury for a further USD 35bn in aid.

European News

ING sees Full Year losses of around EUR 1bn and Q4 net loss EUR 3.3bn. ING is negotiating with the government over support for loan portfolios.
CEO Tilman will step down and will be replace by Jan Hommen. ING will cut 7000 jobs.

Credit Agricole and Société Générale agreed to merge their asset management operations with EUR 638bn under management. CA will own 70% of the entity and Société Générale 30%

Swiss Re may face more write downs.

Philips reported in line Q4 sales at EUR 7.6bn. The company will stop buyback program.

EADS will get EUR 5bn of French State aid for Airbus.

BNP reported FY 2008 results below market expectations

Tecnicas Reunidas and partners have awarded a USD 1.2bn oil and gas contract from Abu Dhabi National Oil.

Benelux Small-Mid Cap

IMTECH: Gets EU 60m worth in orders from E-Europe and seeks further growth there.

BESI: Buys 2 semiconductor units from OERLIKON, no fin details

ORDINA/LOGICA/BRUNEL: FD article on pressure on margins/mkt share & job cuts

BINCKBANK: Bought back 72,000 of its own shares

ONCOMETHYLOME: Appointed Renardel de Lavalette as COO as per Feb. 2

THROMBOGENICS: Get transfer success fee from ROCHE

Earnings Watch

US earnings announcements: Caterpillar, Covidien, Danaher, Eaton, Halliburton, Mac Do, Amex, Amgen, Texas Instruments.