Cyrrus (Cyrrus)
Markets  |  June 20, 2012 09:54:02

Breakfast joint stock 6.20 - Fed, G-20, Greece


Overview of major events for Wednesday, the 20th June 2012

U.S.  

Output Expectations the Fed  

ASIA  

Growth due to the Fed

EUROPE

Greece, Cyprus

SUPERSPAD

French protectionism, NWR

COMMODITIES

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Upcoming Events

16:30 Oil
18:30 Announcement FOMC rate
20:15 Minutes of FOMC meeting

U.S.

Fed:

  • Today the second day session at 20:15 minutes of the meeting published
  • JP Morgan expects the monetary relaxation with 80% probability:
    • 60% extension of operation Twist
    • 5% of QE3
    • 5% other means
  • Even the BB poll of analysts seem most likely to extend Operation Twist
  • According to Nomura, the Fed has exchanged the bonds for 383 billion since September 2011 when the operation time (planned ceiling of 400 billion USD)
  • The balance is still U.S. $ 190 billion of short-term bonds, which can be exchanged for long - so in theory can be extended for a further twist three months

G-20:

  • The pressure on Europe to solve the debt crisis
  • Are committed to reducing deficits and support economic growth
  • Support for the idea of a common Union and bank deposit insurance
  • According to The Guardian agrees with Merkel over EFSF bond purchases - direct involvement of the Fund always refused before (officially it should according to journalists to announce within a few days)

ASIA

  • Increases due to speculation about the Fed

EUROPE

Greece:

  • Efforts to form a government continues on the third day
  • So far it looks like a three-member coalition (ND, PASOK and the Democratic Left)
  • They would 179 seats and 48% support of voters
  • These parties want to stay in farming and to help alleviate conditions
  • Negotiations will continue today from 13:00

Cyprus:

  • EU pushes him to accept the aid of EUR 10 billion
  • If adopted, it will be the fifth country farming that needed rescuing
  • Problems in the banking sector due to the narrow connection to the Greek banking system

SUPERSPAD

France:

  • Considering introducing a special tax on luxury large cars
  • Apparently due to pollution
  • Right reason is rather an effort to protect domestic manufacturers Peugeot and Renault, which decreases sales of small cars
  • Germany is certainly not like

NWR:

  • Dutch court yesterday announced the parameters of forced redemption of minority shares (squeeze-out) NWR NV (ie old NWR)
  • The price was determined according to Monday's closing price on the PSE, ie 101 CZK respectively. € 3.96
  • After a three-month appeal period (which ends thus 9.19) NWR communicate the dates of payment and other conditions of purchase
  • Neutral for NWR plc

Recommendation:

  • Deutsche Telekom- Increased the recommendation to "outperform" from Bernstein, price target from 9.5 to 10 EUR
  • E.ON - raised to "buy" from "neutral" by Nomura, price target remains at 20 EUR
  • KPMG - downgraded to "sell" from "buy" from SocGen, target price 116 PLN
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Akciová snídaně 20.6. - Fed, G-20, Řecko

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