Cyrrus (Cyrrus)
Finance  |  June 24, 2011 10:43:30

Breakfast joint stock 6.24 - China and the fight against inflation, the IEA, the U.S. macro



Overview of major events for the 24th June 2011

U.S.

Micron worse outcomes in the post-trading phase -13%

ASIA

China: measures to reduce inflation starting to work

EUROPE

Greece: EU helps to pass a package of savings

SUPERSPAD

x

COMMODITIES

IEA will release 60 million barrels of strategic reserves

Expected MACRO

Ifo business climate in Germany (10:00)

Durable goods orders U.S. (14:30)
1Q GDP (final revision)

U.S.

Micron

  • In the post-trading phase by -13% worse performance
  • Net profit 7c/akcii, sales vs. 2.14 billion. exp. 18c respectively. 2.38 billion
  • The problem of price pressure on DRAM chips and cheap to phones
  • Expectations too negative in most segments

Oracle

  • In the post-trading phase of -4.5% due to lower sales of hardware  

EUROPE

  • CDS prices PIIGS countries in the region at or very near the record, today is expected to fall  

GREECE

  • Eurozone leaders promised that Greece will receive a second package of assistance if they pass the austerity measures
  • It also needs to be commitment to support tied to private investors to remain exposed in the Greek debt (not to exchange debt for private debt of EU countries)
  • 30th June will be voting in the Greek Parliament on austerity measures
  • Third July, the EU / IMF meet to decide on the release of further installments of the assistance
  • In July, Greece needs to pay EUR 4 billion of short-term bonds and 3 billion coupons, then in August, 6.6 billion euro bond
  • From another story: the new head of the ECB will almost definitely Italian Mario Draghi
  • German banks reportedly have not agreed yet on whether to participate in any voluntary restructuring of Greek bonds

  EUROPEAN BANK STRESS TESTS

  • EBA has announced that due to current market developments included the stress test scenario, the larger losses associated with holding securities of countries such as Greece, so that it better reflected the reality
  • Czech: tests set completely outside reality, now, therefore, at the insistence of analysts zpřísníme tests slightly (but still remain a little strict, model a 15% decline in equity markets and 0.5% decline in GDP in the euro area)  

NWR

  • This afternoon holds conference call for analysts on Debiensko
  • They could be heard potentially important information (either confirm a negative view on the primary market information from Monday, or bring something calming and the stock could react positively at least slightly)

Siemens

  • Raised to buy from Santander
  • Citi says buy Siemens before the 28th day of the capital markets July

COMMODITIES

IEA

  • It will put on the market for 30 days at 2 million barrels
  • This is an inventory of "emergency stockpiles"
  • It is only the third time in history (the first time in Kuwait during the war, the second time when Hurricane Katrina)
  • They say they want to prevent potential oil shortages due to Libya, in fact it is more intervention to reduce oil prices and reduce the negative impact on the world economy
  • After a sharp fall of oil to below 106 USD a slight return to 108 USD (92 USD for WTI)
  • Some fear that the stock sale will mean a greater risk in the future (the inability to respond to any further loss in production somewhere in the world)
  • Moreover, it is possible that Saudi Arabia withdraws from the plan pumping about 1 million barrels more
  • 30 million barrels will come from U.S. stocks, 20 million from Europe and 10 million from Asia
  • Sales will begin next week
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Akciová snídaně 24.6. - Čína a boj s inflací, IEA, makro z USA

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