Cyrrus (Cyrrus)
Markets  |  October 03, 2012 10:50:06

Joint Stock breakfast 10.03 - Spain, China, CEZ, macro

Overview of the main events for Wednesday, the 3rd October 2012




Rajoy sends markets lower, Apple Up


Worse Chinese macro


Rajoy kills hopes of an early bailout

Holiday in Germany - but the Exchange are open


ČEZ, Deutsche Telekom, Tesco



Upcoming Events

10:00 PMI in services for EZ
11:00 Retail EZ
14:15 Change in employment in the private sector, according to ADP
16:00 ISM Services
16:30 Oil stocks


  • After more positive start, the index decreased slightly, with Rajoy as Spanish prime minister after consultation with the regions, among other things said that the adoption of the bailout is "on the agenda" and the Spanish government is still evaluating the conditions under which the financial assistance was promised.
  • Nnakonec but Apple pulled the indexes, which rebounded from a technical level 650 USD


  • Today Asian markets mostly fell slightly, and the same is expected in early trading in Europe.


  • Published by poor macro growing speculation about possible interventions
  • In the services PMI for September at the value 53.7 b after the previous 56.3 b (The worst result since March 2011)



  • Buried Reuters speculation that the gathering applications for their help
  • According to Reuters, this should become longer over the weekend
  • But Rajoy said that the bailout not on the agenda
  • Still evaluated proposal by the ECB



  • ČEZ after trading yesterday announced that its Supervisory Board of ČEZ Albanian Shperndarje substituting independent experts from Schindlers British company - a company with years of experience in strategic bargaining
  • CEZ is responding to the tense situation with the Albanian government and a series of failed negotiations to remedy the current dismal situation around ČEZ Shperndarje
  • Last Albanians gave them a penalty because of the impact of tax losses in the network (ie, they want CEZ electricity tax, which had been stolen from the network and therefore it could not ČEZ invoice and thus not pay state tax)
  • From this it is evident that the situation in Albania is the better move, on the contrary, seems to be quite critical, which could market slightly nervous, because in summer the results sounded relativelyoptimistic view of the affair and neprohlubování losses in Albania
  • Second report of E15: E15 according to EK like that Dukovany are supplied with Russian fuel, which is in some conflict with the Corfu Declaration (requires that at least 70% of the fuel was enriched in EU countries)
  • CEZ (logically) argues that the contract with the Russian TVEL was concluded before the entry into the EU
  • Dukovanům current license expires 2015-2017, CEZ now working to obtain license renewal for another 10 years, which is generally assumed, and the market anticipates that Dukovany will run until at least 2025-27.
  • Any complications in this direction would be uncomfortable, especially when CEZ intends at this time to shut down a lot of coal resources
  • For now, however, we take it as part of the anti-nuclear campaign, which is pushing Europe to Japan

Deutsche Telekom:

  • Confirmed the forthcoming collaboration MetroPCS and T-Mobile USA
  • To better competitiveness against Verizon and AT & T
  • Compared to them, has about one-third of clients and continue to lose because he has the right to sell iPhones
  • Should there be a company in which it held a majority stake DTE
  • Today the Supervisory Board meeting DTE and should confirm agreement
  • Shares of Sprint are responding decrease of more than 5% (left alone)
  • It is also possible to try a hostile takeover of T-Mobile USA


  • Sales in 1H GBP 32.3 billion, vs.. eyelets. GBP 32.7 billion
  • GBP 1.59 billion profit, vs. eyelets. GBP 1.62 bn
  • Dividend to 4.63 GBp leaves, as expected
  • Neutral, CC 10:00


  • Barclays raises price target for Sanofi shares by 9% to EUR 75, Recommendations "overweight"
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