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Hitt og þetta 20. september 2006

DJ EUROPEAN MORNING BRIEFING: Anxious Wait Ahead Of Fed

US SUMMARY: Thai Coup Hits Shares; Data Aid Bonds

DJIA 11540.91 loss 14.09 dn 0.1%
NASDAQ 2222.37 loss 13.38 dn 0.6%
S&P 500 1318.31 loss 2.87 dn 0.2%
Dow Future 11624.00 loss 1.00 0.0%
NASDAQ Future 1646.25 gain 3.75 up 0.2%
S&P Future 1330.25 loss 0.25 0.0%
Euro-USD 1.2677 loss 0.0003 dn 0.02%
10-Yr US Treasury: 4.73% down 0.08

(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
Stocks dropped after Thailand's military launched a coup against the country's prime minister, although major indexes recovered most of their losses later. Technology stocks smarted from Yahoo's news that slower advertising sales would depress its third-quarter results. The dollar was mixed, Treasurys rallied and oil sank.

STOCKS: The day's slump in housing data overshadowed the report that core inflation, which excludes food and energy, fell for the second straight month. Both the housing and the inflation data reaffirm the consensus on Wall Street that the Federal Reserve will leave interest rates at 5.25 percent when it meets Wednesday.

In corporate news, shares of Oracle rose 8.6% in late trading after it posted a fiscal first-quarter profit rise of 29% as revenue jumped 30% on a sharp performance in its business-applications segment.

Motorola agreed to buy Symbol Technologies for $3.9 billion in a deal that boosts the cell phone maker's stake in the market for business-oriented mobile devices.

FOREX: The dollar is lower against the yen and steady versus the euro.

On Tuesday, traders said Brazilian investors had built strong dollar positions in great part on memories of the 1997 Asian crisis.

While keeping an eye on Thailand, investors will pay most attention Wednesday to the Fed's interest-rate decision. The central bank is largely expected to remain on hold as it waits to see if slowing U.S. growth can damp inflationary pressure sufficiently to allow for rate cuts next .

BONDS: Treasury prices soared Tuesday as investors approached the Fed meeting cheered on by economic data that solidified the case for the Fed to hold interest rates steady.

"We would not be surprised to see the pullback in housing activity continue well into 2007," said Michael Carey, chief economist for North America at Calyon Corporate and Investment Bank in New York.

The decline in home prices will have a negative wealth effect on consumer spending, he added. The "weaker-than-expected housing starts and permits figures support our view that the next move by the Fed will be to ease rates early next year," Carey said.

OIL: Futures plummeted after OPEC played down the likelihood of a production cut. A barrel of light crude settled at $61.66, down $2.14, in trading on the New York Mercantile Exchange.

ASIAN SUMMARY: Stocks Lower On Thai Coup But Impact Limited

USD-Yen 117.32 loss 0.28 dn 0.3%
AUD-USD 0.7534 gain 0.0013 up 0.2%
Nikkei 225 15659.32 loss 214.90 dn 1.4%
Hang Seng 17358.52 gain 11.82 up 0.1%
S&P/ASX 200 4966.40 loss 49.30 dn 1.0%
Taiwan Index 6863.07 loss 18.00 dn 0.3%
S.Korea Kospi 1357.87 loss 16.08 dn 1.2%
JGB Yield 1.6700% down 0.0250
(All values as of 0450 GMT)
STOCKS: Jitters over the military coup in Thailand hurt Asian stock markets Wednesday, but the impact may be limited because the takeover could help end the long-lasting Thai political crisis, analysts said.

"There's obviously going to be some nervousness in the region today, but that's not going to last long," said Shane Oliver, Sydney-based Head of Investment Strategy and Chief Economist AMP Capital Investors. "The impact is mainly on perception of Thailand and this will be rubbing off on the rest of the region's markets."

Australian share market fell on concerns slower global growth would ease demand for commodities. Most dealers said the Thai military coup was having minimal impact.

FOREX: The Thai baht was weaker against the dollar, but the impact on other regional currencies was limited. In the coming days, "the pressure is most likely going to focus squarely on the baht," said Nick Bennenbroek, currency strategist at Brown Brothers Harriman.

The yen gained on the dollar and euro.

BONDS: Prices of Japan's government bonds rose on some safe-haven buying after the Thai coup, but the Fed's take on U.S. inflation Wednesday will take precedence later in the week, dealers said.

METALS: Gold continued its retreat, now at around $574.35, down from $577.75 in New York, and dealers say $574 has to hold as support. The Fed's stance will play a role in that. Meanwhile, copper fell in line with other commodities, on the theory that demand will slow with less economic growth.

OIL: Prices edged 16 cents higher to $61.82 after the 3.4% loss on Tuesday, as traders awaited the release of U.S. petroleum stocks data for signs of declining demand.

"If we can bounce and then break below $60 a barrel, we will have a real bear market," said FuturesOne's Vice President Sterling Smith in a research note.

OTHER NEWS: Standard & Poor's and Fitch Ratings put their sovereign credit ratings for Thailand on negative watch after the military launched a coup against Prime Minister Thaksin Shinawatra.

The military leader who ousted Thailand's Prime Minister said Wednesday the coup was necessary to end mounting rifts within Thai society and Thaksin's efforts to undermine the country's democratic institutions. An 0700 GMT military press briefing was planned.



(MORE TO FOLLOW) Dow Jones Newswires

September 20, 2006 01:45 ET (05:45 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.


20 Sep 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Anxious Wait Ahead Of Fed -2-

EUROPEAN OUTLOOK: Stocks To Struggle Ahead Of Fed

Euro-USD 1.2677 loss 0.0003 dn 0.02%
Stlg-USD 1.8840 gain 0.0018 up 0.1%
USD-Franc 1.2516 loss 0.0001 dn 0.01%
(All values as of 0450 GMT)
European shares are set for a negative start, while government debt prices remain supported. The euro is steady against the dollar.

STOCKS: European markets are likely to dip at the open as concerns mount over the state of the U.S. economy. The tech sector could take an early hit following Yahoo's revenue warning but generally investors will sit tight ahead of the Fed rate decision.

U.K. spreadbettor CMC Markets is calling the FTSE down 4 points at 5828, the DAX down 3 at 5876 and the CAC down 1 at 5115.

"We've got mixed feelings after the (G7) meeting in Singapore suggested that interest rates might go up next year...I think that's the reason markets are turning south," said Jan Paul Raterink at Delta Lloyd Securities in Amsterdam. He also noted that volumes are very low.

Rising German producer inflation and a sinking ZEW indicator of economic sentiment add to the pressures. "It's not looking good," said Raterink, pointing out that the ZEW number suggests that European interest rates will not go up but that the equity market will go down. "We're a bit toppy in equities - near intermediate highs - at the moment," he added.

European shares closed lower on Tuesday as long-term worries about interest-rate direction offset some short-term relief generated from tepid U.S. inflation data and earnings-inspired gains from companies such as Bank of Ireland.

In corporate news, Borsa Italiana chief executive Massimo Capuano has unveiled his EUR21.5 billion plan to merge three of the continent's largest stock exchanges, according to The Daily Telegraph. At a meeting in Rome with Euronext chief executive Jean-Francois Theodore, Capuano set out a proposal to unite the two exchanges with Deutsche Boerse to form a European super-exchange, the newspaper writes.

Airbus, the aircraft unit of European Aeronautic Defence and Space Co., is expected to announce new delivery delays for its A380 superjumbo jet because of assembly hitches, according to Les Echos.

Nycomed, the Danish pharmaceuticals company, has submitted the highest bid of more than EUR4 billion in the auction for Altana Pharma, but the German company may still decide against a sale of that unit, people close to the situation said Tuesday.

FOREX: The euro opens steady against the dollar, but lower against the yen, as players prepare for the Fed news.

"Barring something startling in the statement, the market impact (of the Fed meeting) will be minimal," Daragh Maher, current strategist at Calyon in London, said.

"The problem for the currency market is that it needs firm evidence either that the Fed's decision to pause is misguided and a further hike is warranted or, alternatively, that the Fed will need to cut rates in the face of a sharper-than-expected slowdown," he added.

BONDS: Germany's weak ZEW data continue to underpin euro-zone government bonds. A pat Fed stand could lend more support to the European markets later in the week.

"The market got a boost from the ZEW, but we're not sure how convinced the market is that bond prices can continue to go higher," said Jason Simpson, interest rates strategist at ABN Amro.

People prefer to wait for the Ifo business confidence index, due out next week, to get a clearer view of the broader euro-zone economic assessment, Simpson added.

"Over the short term, the interest rate market may rally, however as a knee-jerk reaction to the data," Mitul Kotecha, strategist at Calyon agreed.

The German ZEW figure, which adds to a run of disappointing euro-zone economic indicators over recent weeks, will maintain expectations for the October meeting of the European Central Bank, when a hike is all but guaranteed, Kotecha added.

In the U.K. attention turns to Wednesday's Bank of England minutes of the September Monetary Policy Committee meeting.

John Butler, economist at HSBC, expects the minutes to reveal that the nine-member strong MPC voted unanimously to keep interest rates unchanged at 4.75%. Nonetheless, he expects the committee to maintain its tightening bias, especially as inflation remains above target and economic growth above trend.

"We expect the MPC to hike again in November but the risk of a move as soon as October cannot be dismissed," Butler said.

European government bonds were mixed Tuesday as shorter maturities benefited from news of much weaker than expected German economic data, while gilts were weighed down by new issuance.

CALENDAR: Wednesday, Sep 20: BoE Minutes; Fed Meeting

GMT Expected Previous
0500 JPN Aug Steel Production +4.5%YY
0700 EU ECB Member Tumpel-Gugerell attends
conference in Paris
0800 ITA Jun Indus Orders +16.1%MM
0830 UK BoE announces 2007 dates for Monetary
Policy Committee & Open Market
Operations
0830 UK Aug M4, first estimate
0830 UK Sep BoE Minutes 8 - 0 6 - 1
0830 UK Aug PSNCR +GBP4.5B -GBP10.5
0830 UK Aug PSNB +GBP5.8B -GBP6.25
0830 UK Aug BBA Mortgage Lending +GBP5.8B
0900 ITA 2Q Unemployment 7.4%
1100 US Sep 15 MBA Refinancing Index +0.1%
1100 GER Econ Min Glos attends German
Construction Federation conference in
Berlin
1430 US Sep 15 US Energy Dept Gasoline Stocks (in +200,000 +100,000
barrels)
1430 US Sep 15 US Energy Dept Crude Oil Stocks (in -1.4M -2.9M
barrels)
1430 US Sep 15 US Energy Dept Distillate Stocks (in +1.6M +4.7M
barrels)
N/A US FOMC meeting; interest rate decision
expected 1815 GMT
N/A US UN Genl Asssembly in session

-By Dennis Baker; Dow Jones Newswires; dennis.baker@dowjones.com

(MORE TO FOLLOW) Dow Jones Newswires

September 20, 2006 01:45 ET (05:45 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.


20 Sep 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

Aeroports de Paris (1034014.FR): 1H Earnings
Average net profit (DJ, 6 analysts): EUR95M (N/A)
Average EBITDA: EUR328M (N/A)
Average EBIT: EUR198M (N/A)
Note: Revenue already reported up 6.6%. With company reporting 1H earnings for the first time, no year-earlier figure to compare with, making forecasts a bit of a crap shoot, analysts say. Company reports pre-market.


Inditex (ITX.MC): 2Q Earnings
Average net profit (DJ,6 analysts) EUR136M (EUR121M)
Average EBITDA: EUR298M (EUR255M)
Average total sales: EUR1.72B (EUR.141B)
Average 1H net profit: EUR286.5M (EUR246M)
Average 1H EBITDA: EUR611.6M (EUR519M)
Note: net profit rise buoyed by a 22% increase in sales. Like-for-like sales seen rising between 4% and 5%. Focus is on its trading update for autumn/winter season, guidance on new store openings and cost-control initiatives. Report due pre-market.


Resolution (RSL.LN): 1H Earnings
Average total EEV operating profit (Co, 8 analysts): GBP110M
Note: Resolution was formed in September '05 from the merger of Resolution Life and Britannic Group, so there are no year-ago figures available. Keefe, Bruyette & Woods says higher asset management profits will be a main driver.


OTHER SCHEDULED EVENTS

Aedian (400592.FR): FY Earnings

AGF (12592.FR): 1H Earnings

Alba (ABA.LN): AGM

Alea Group Holdings (ALEA.LN): 1H Earnings

Alkane Energy (ALK.LN): 1H Earnings

Apptix (APP.OS): EGM

Arena Leisure (ARE.LN): 1H Earnings

Arkopharma (5420.FR): 1H Earnings

Augean (AUG.LN): 1H Earnings

Banca Finnat Euramerica (BFE.MI): 1H Earnings

Bateman Litwin (BNLN.LN): FY Earnings

Capital & Regional (CAL.LN): 1H Earnings

Colruyt (COLR.BT): AGM

Delachaux (3219.FR): 1H Earnings

Elekta (EKTA-B.SK): 1Q Earnings & AGM

Groupe Open (405030.FR): 1H Earnings

Guyenne et Gascogne (12028.FR): 1H Earnings

Hardy Underwriting (HDU.LN): 1H Earnings

Henderson Eurotrust (HNE.LN): FY Earnings

Heywood Williams Group (HYWD.LN): 1H Earnings

Huntsworth (HNT.LN): 1H Earnings

Ingenico (12534.FR): 1H Earnings

International Greetings (IGR.LN): AGM

Instore (INST.LN): AGM

Ipsos (7329.FR): 1H Earnings

OCZ Technology (OCZ.LN): 1H Earnings

Photo-Me International (PHTM.LN): AGM

Retail Decisions (RTD.LN): 1H Earnings

Saipem (SPM.MI): 1H Earnings

Satair (SAT.KO): FY Earnings

Suomen Helasto (SHE1V.HE): 3Q Earnings

Systar (5285.FR): FY Earnings

Woolworths Group (WLW.LN): 1H Earnings

Work Group (WORK.LN): 1H Earnings

Zwahlen & Mayr (ZWM.EB): 1H Earnings


(MORE TO FOLLOW) Dow Jones Newswires

September 20, 2006 01:45 ET (05:45 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.


20 Sep 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payments & Ex Div Dates

Acorn Income Fund (AIF.LN): 3Q 2006 Ex-Dividend Date

Admiral Group (ADM.LN): 1H Ex-Dividend Date

Alpha Pyrenees (ALPH.LN): 1H Ex-Dividend Date

Antofagasta (ANTO.LN): 1H Special Ex-Dividend Date

Beazley Group (BEX.LN): 1H Ex-Dividend Date

Brambles Industries (BI.LN): FY 2006 Special Ex-Dividend Date

Cadbury Schweppes (CBRY.LN): 1H Ex-Dividend Date

Candover Investments (CDI.LN): 1H Ex-Dividend Date

Cattles (CTT.LN): 1H Ex-Dividend Date

Chaucer Holdings (CHU.LN): 1H Ex-Dividend Date

Christie Group (CTG.LN): 1H Ex-Dividend Date

Computacenter (CCC.LN): 1H Ex-Dividend Date

Concurrent Technologies (CNC.LN): 1H Ex-Dividend Date

Davis Service Group (DVSG.LN): 1H Ex-Dividend Date

Delta (DTLA.LN): 1H Ex-Dividend Date

Devro (DVO.LN): 1H Ex-Dividend Date

Dunedin Income Growth (DIG.LN): 1H Ex-Dividend Date

Edinburgh US Tracker Trust (EUS.LN): 1H Ex-Dividend Date

Enterprise (ETR.LN): 1H Ex-Dividend Date

F&C Asset Management (FACM.LN): 1H Ex-Dividend Date

Finsbury Growth & Income Trust (FGT.LN): 2Q 2006 Ex-Dividend Date

Framlington Innovative Growth (FIT.LN): FY 2006 Ex-Dividend Date

French Connection Group (FCCN.LN): 1H Ex-Dividend Date

Gallaher Group (GLH.LN): 1H Ex-Dividend Date

George Wimpey (WMPY.LN): 1H Ex-Dividend Date

Group NBT (NBT.LN): FY 2006 Ex-Dividend Date

Hammerson (HMSO.LN): 1H Ex-Dividend Date

Heineken Holding (00897.AE): 1H Dividend Payment Date

Henderson High Income Trust (HHI.LN): 1H Ex-Dividend Date

John Wood (WG.LN): 1H Ex-Dividend Date

Jupiter Primadona (JPG.LN): FY 2006 Ex-Dividend Date

KAS Bank (36264.AE): 1H Dividend Payment Date

Kingfisher Group (KGF.LN): 1H Ex-Dividend Date

Laird Group (LARD.LN): 1H Ex-Dividend Date

LogicaCMG (LOG.LN): 1H Ex-Dividend Date

Martin Currie Inc & Growth (MGTC.LN): 1Q 2006 Ex-Dividend Date

Mid Wynd (MWY.LN): FY 2005 Ex-Dividend Date

Parkwood Holdings (PWK.LN): 1H Ex-Dividend Date

Premier Farnell (PFL.LN): 1H Ex-Dividend Date

Provident Financial (PFG.LN): 1H Ex-Dividend Date

Psion (PON.LN): 1H Ex-Dividend Date

Quarto (QRT.LN): 1H Ex-Dividend Date

Rathbone Brothers (RAT.LN): 1H Ex-Dividend Date

Redrow (RDW.LN): FY 2006 Ex-Dividend Date

Restaurant Group (RTN.LN): 1H Ex-Dividend Date

SHL Group (SHL.LN): 1H Ex-Dividend Date

Signet Group (SIG.LN): 1H Ex-Dividend Date

Sirius Financial Solutions (SIR.LN): 1H Ex-Dividend Date

Stanley Leisure (SLY.LN): FY 2005 Dividend Payment Date

T Clarke (CTO.LN): 1H Dividend Payment Date

TR European Growth Trust (TRG.LN): FY 2006 Ex-Dividend Date

UTV (UTV.LN): 1H Ex-Dividend Date

Xstrata (XTA.LN): 1H Ex-Dividend Date


(END) Dow Jones Newswires

September 20, 2006 01:45 ET (05:45 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

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