Market Recap
DJIA -0.12%, Nasdaq -0.01% and S&P +0.15%
Nikkei -0.29%
WTI Crude Oil USD 40.07
USD/EUR 1.2875
U.S. stocks go into a holding pattern after treasury secretary postponed his speech on TARP. Volumes were low.
U.S. News
GM announced 5000 layoffs and may buy part of Delphi.
Whirpool announced lower earnings that were partly weighted down by charges.
Boeing said Q4 loss now stands at 12c.
Dell announced 0% financing on some PCs and servers for small& mid-sized businesses.
European News
UBS reports Q4 net loss above the consensus at CHF 8.1bn, FY 2008 net loss CHF 19.7bn, Q4 outflow CHF 58.2bn, IB will cut 15’000 jobs, Tier1 ratio at 11.5% and core Tier1 ratio at 9%. Sees encouraging start for 2009.
BASF will complete the acquisition of Ciba by end of Q1
Accor Services and MasterCard Europe will create a leading joint venture in the prepaid market.
GlaxoSmithkline will focus on developing a sustainable flow of medicines rather than actively trying to find blockbuster drug.
Adidas CEO says currency fluctuations are biggest risk in 2009.
Fortis chairman says bankruptcy may occur when shareholders vote ‘NO’
Renault and Peugeot will receive EUR 6bn over 5 years
Nordea will do a right issue of EUR 2,5bn and will cut its dividend.
Danone says 2009 target will be difficult to reach (FT article)
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