Market Recap
DJIA -3.79%, Nasdaq -4.15% and S&P -4.56%
Nikkei -1.45%
WTI Crude Oil USD 38.18
Gold USD 972.7
USD/EUR 1.2624
Renewed financial and economic concerns spurred an unrelenting selling effort that took stocks to multi month lows and kept them there for the entire session.
U.S. News
SEC accused Robert Stanford of fraud for almost USD 8bn.
Chrylser could need USD 2bn new aid, plans additional 3000 jobs cuts.
American Express said credit card loan defaults and late payments worsened in January.
Research In Motion (Blackberry) said some of the recent drop in profit margin for BlackBerry devices may be permanent.
European News
DSM reports slightly inline numbers, but stops the share buy back programme and gives no outlook for 2009.
Synthes reports FY08 in line and gives a positive outlook
Merck KGaA reports Q4 numbers below market expectations
ING reports Q4 net loss of EUR 3.711bn (FY08 net loss 171m), slightly better and capital ratio are stronger. Top priority for 2009 is reducing assets and rationalise cost base.
Société Générale reports better than expected Q4 numbers. SG will restructure its corporate and investment banking. 2009 is very challenging!
CommerzBank reports FY08 loss of EUR 378m
Safran reports FY08 numbers in line but warns on 2009.
Heineken reports FY results below market expectations negatively impacted by Russian, Indian and UK assets.
Carlsberg reports numbers ahead of market expectations
Michelin and Valeo are linking up to develop systems for electric and hybrid vehicles.
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