Fortis shares suspended: decisive meeting

Ø       US stocks plunge: DJIA -4.6%, S&P500 -4.9%, NSDQ -4.2%.

Ø       Massive disappointment regarding the lack of detail on Treasury Secretary Geithner's bail out plan results in selloff: financials severely hit, Bk of America -19%, Citigroup -15%.

Ø       Fed Chairman Bernanke states that increased liquidity from central banks is no "panacea". This comment adds to the market pessimism.

Ø       Asian markets also lower. Chinese exports fell 17.5% in January due to lack of demand in Europe and USA. Japanese market is closed for a holiday.

Ø       ArcelorMittal posts unexpected 4Q net loss of $2.63 bio. Cuts dividend to 0.75 cts from $1.50. World steel production in December fell 24% from a year earlier.

Ø       Credit Suisse reports CHF 6 bio 4Q loss. Analysts had expected around CHF 4bio.

Ø       Fortis EGM starts today: stock will be suspended.

Ø       Oil lower at $38.24. Expectations that a report will show inventories rose push prices lower.

Ø       Gold higher (safe haven buying) on the back of stock market drop: $917. Some profit-taking in late Asian trading.

Ø       Vix volatility index rises to 46.67

Ø       €/$ stable around 1.2950 but analysts see a weaker € if European industrial production data is disappointing.

Ø       Spread 10-2 narrows slightly to 147 bps.

Ø       CMS 5 yrs @ 2.94 and CMS 3 yrs @ 2.48.

 

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