Cyrrus (Cyrrus)
Markets  |  October 16, 2012 10:15:16

Joint Stock breakfast 16.10 - SP rating. banks, Bullard, macro

Overview of key messages for Tuesday, the 16th October 2012




St. Louis Fed president sees growth in the U.S. economy in 2013 by 3.5%  



A positive reaction to U.S. macro


S & P lowers credit rating of Spanish banks


Rio, Roche, Telefónica SA


Spread oil on annual maximums

Upcoming Events

11:00 Germany ZEW
11:00 EZ inflation, ZEW
14:30 U.S. inflation
15:15 U.S. industrial production

10:30 Spain vouchers


  • U.S. equity markets yesterday were supported by better data on retail sales. The main indices ended trading as follows: S & P +0.81%, Dow Jones +0.72%, Nasdaq +0.70%.

St. Louis Fed President:

  • U.S. economy is likely to grow by 3.5% next year
  • However prediction Bloomberg talks about +2%
  • This will reduce the unemployment rate close to 7%

President of the New York Fed:

  • The central bank does not end with too much stimulus at the first signs of economic recovery


  • Asian markets rose supported by good U.S. retail sales


S & P - Spain:

  • Reduces the long-term rating of 11 Spanish banks, short four banks
  • You could wait for copies to downgrade Spain last week
  • This applies, for example, Banco Santander (from A-to BBB)


  • According to the Financial Times, Spain is ready to ask for bailout
  • But waiting for resolving several things
  • Eg. how would it affect Italy
  • They do not do it now, nor should it not concern ESM, but they would do it through a loan
  • They do not want to set a ceiling on the amount of Spanish yields
  • The source is anonymous from the Ministry of Economy

Car sales in Europe:

  • Decrease of 10.8%
  • This is the most over the last two years



  • 3Q mining ore 52.63 million tonnes vs. eyelets. 50.65 million tonnes
  • GS reduces rating to "Neutral" from "Buy" price target GBp 3400, the last 3750 GBp


  • 3Q sales of CHF 11.3 billion vs. eyelets. CHF 11.2 billion
  • They are on track to meet sales target this year
  • They will continue with an attractive dividend policy

Telefónica SA:

  • Nacenili IPO Telefonica Germany 5.25 to 6.5 EUR, sell 23.17% stake
  • 30.10 starts trading
  • The total amount of the transaction about 1.5 billion



  • The spread between WTI and Brent is on annual maximums
  • WTI: speculation about high inventories › downward pressure on prices
  • Brent: concerns about the situation in the Middle East › upward pressure on prices
  • Brent crude oil prices currently on the value of $ 115.95 / barrel, the price of WTI $ 92.02 / barrel
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