Cyrrus (Cyrrus)
Finance  |  June 20, 2011 11:28:47

Breakfast joint stock 6.20 - Agreement on Resk debt, commodities pokls, NWR




Overview of major events for the 20th June 2011

U.S.

On Friday, a slight increase

ASIA

The negative development through Greece, commodities drop

EUROPE

EU agree on Greek debt

Awaiting the outcome of the voting and other measures

SUPERSPAD

The new base PX

NWR approved project Debiensko

COMMODITIES

The decline of oil under the 200D MA

Expected MACRO

U.S., Europe without macrodata

U.S.

  • U.S. stocks on Friday, then increased slightly
  • the trade had the greatest influence better leading indicators and consumer confidence lower Michigan

  ASIA

  •  Asian stocks fell today for the fourth year in a row after EU agree on aid to Greece
  • commodities were dragged down crude oil and copper  

EUROPE  

GREECE

  • The EU did not agree to release more money for Greece
  • The decision will be in early July, depending on developments in Greece
  • Approved the participation of private investors
  • It will be voluntary, not determined yet how much (if not = voluntary bankruptcy)
  • Increasing pressure on Greece to make further cuts
  • The vote of confidence in the Greek government to be tomorrow
  • For the EU this growing pressure on Greece to make reforms and savings

DAX

  •   DAX-market for about 1%, he should keep b. 7000 border (into it about 2%)

Italy

  •   Moody's considering downgrading Italy  

SUPERSPAD

NWR  

  • The Board finally approved the project Debiensko Mine (190 million tons of coal, actual coal OKD about 200 million tons = very important project for the future)
  • Completed a detailed study and decided to give the project the final green light, which is not a surprise given that they already have something invested in mines and coal need
  • Mine is the Polish side of the Czech-Polish border and directly adjacent to the OKD mines
  • Later this year, having first "hrábnout to the country", the first coal is expected in 2017
  • Annual production is around 2 million tonnes (NWR now benefiting 11-12 million tons per year)
  • 90% of coking coal will be more expensive (of which 2/3 most expensive HCC), 10% of energy (OKD is the current mix of 60:40 in favor of coking)
  • EUR 411 million CAPEX
  • Still have applied for mining in the lower layers, where they expect next year's license
  • Overall, the vast majority of information in accordance with previous statements and market expectations, perhaps a slight disappointment awaited the beginning of 2017 and mining that do not yet have permission to drill in the lower layers
  • On the other hand, there were still a risk that the project will continue, which would be bad for NWR (guess that Debiensko has a total value of NWR now counted value of around 60-70 CZK / share  

PX

  • From today a new index base PX:
    • 20% weight CEZ, Erste, just under 20% of the KB
    • excluded ECM  

COMMODITIES  

  • Oil under MA 200D, the first time since September 2010  
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Akciová snídaně 20.6. - dohoda o řeském dluhu, pokls komodit, NWR

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