BNP needs to improve offer on Fortis's Belgian banking and insurance units before negotiations can succeed

Market Recap

DJIA -1.34%, Nasdaq -0.11% and S&P -1.14%

Nikkei -0.54%

WTI Crude Oil USD 40.45

Gold USD 988

USD/EUR 1.2974

U.S. stocks fell again on options expiration Friday and the process the SPX has its worst week in 3 months. One again financials were in the spotlight.

U.S. News

Yahoo set to announce a reorganisation plan next week.

Citi may return to profit this year, Mills says. U.S. government may increase ownership.

Lowe’s reported Q4 EPS below market expectations and guided 2009 numbers lower.

General Motors and Chrysler more than double estimates of Canadian aid needs reports the FT. The two car makers have told the Canadian government they will need as much as C$10B in aid, more than double the estimate from three months ago.

European News

Wendel will take part in capital increase of Saint Gobain

BNP needs to improve offer on Fortis’s Belgian banking and insurance units before negotiations can succeed.

Daimler could push truck sales by introducing a bonus as those paid for cars.

UBS says US efforts to force disclosure would violate Swiss law.

Swatch says worst may be over for watch business, sees H2 rebound.

Belgacom chairman will get new 3 year term.

Enel buys 25% Endesa in hands of Acciona for EUR 11.1bn

RBS plans to cut costs by mores than £1bn, partly by scaling back investment banking. The bank could be split in two parts.

Banco Santander put on hold a sale of EUR1bn of bonds after sounding out investors last week.

Unilever CEO Paul Polman could reshuffle the management.

Anheuser Bush InBev has agreed to sell USA Labatt to an affiliate of private equity from KPS Capital Partners.

 

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