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EUROPEAN EQUITY OPENING HEADLINES INCLUDING: Barclays may cut as much as 10% of global staff.

January 18 2013, 8:47am
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Asia

The Nikkei 225 has been the standout performer overnight, opening higher by around 2% after source comments during the US session that the Bank of Japan are to mull scrapping the 0.1% floor it sets on short-term interest rates and pledge to buy asset open-endedly until inflation is seen. Finally, the local index closed higher by 2.9% alongside JPY weakness, which benefited the technology exporters with Sony being one of biggest gainers after the Co. agreed to sell its Manhattan headquarters for USD 1.1bln. In China, economic recovery momentum has been reconfirmed by the better than expected Chinese Q4 GDP Y/Y release, printed at 7.9% vs. Exp. 7.8% (Prev. 7.4%), with the Shanghai Composite and the Hang Seng trading in the green. Meanwhile, the ASX 200 closed higher by 0.35%, led by basic materials sector. (RANsquawk)

Best Performing Sectors in the Nikkei 225: Technology (+5.14%), Basic Materials (+3.62%), Industrials (+3.04%)

Best Performing Stocks in the Nikkei 225: Kawasaki Kisen (+13.07%), sony Corp. (+12.21%), Mazda Motor Corp. (+11.68%)

Worst Performing Sectors in the Nikkei 225: Utilities (+0.01%), Telecommunications (+0.65%), Health Care (+1.55%)

Worst Performing Stocks in the Nikkei 225: Taisei Corp. (-1.43%), Obayashi Corp. (- 1.27%), JGC Corp. (- 1.24%)

FTSE

BP - Iraqi Kurdistan says Baghdad's plans to develop Kirkuk oilfield with Co. is illegal and unconstitutional. (Newswires)

Barclays - Co. may cut as much as 10% of global staff. (N.Y. Post)

Glencore - Co. has pushed back the date for completion of its tie-up with Xstrata for the second time, citing lengthy antitrust regulatory processes in China and South Africa. The Co. is to extend further the long stop date for the merger and parties have agreed the new date in order to give them the flexibility to complete the merger after the prelims. (Newswires)

Carnival - Moody's says Co.'s buyback plan is credit negative; ratings unaffected. (Newswires)

Evraz - Co.'s Q4 consolidated crude steel production and gross output of steel products both decreased by 6% compared to Q3 2012. (Newswires)

OTHER UK COMPANIES

Bovis Homes - Co. says expects to announce profit before tax for 2012 ahead of market expectations. Co. says expects improvement in the group's returns in 2013, assuming stable market conditions. (Newswires)

DAX

Deutsche Telekom - Co. declined to comment on speculation that it may sell its Scout24 digital classifieds unit this year for up to EUR 1.5bln this year. (Newswires)

ThyssenKrupp - Co. asks bidders to offer higher prices for its American operations. (Handelsblatt)

Commerzbank - Co. is said to propose cutting 6000 jobs in Germany. (Newswires)

OTHER GERMAN COMPANIES

Delta Lloyd - Co.'s portfolio is growing faster than it's competitors' on life insurance and pension market according to reports. (De Telegraf)

CAC

EADS - Co. together with Safran are said to be interested in the space assets of Avio's space division. (Il Sole 24 Ore)

PPR - Co. could merge Fnac with Metro's media market. (L'Agefi)

EDF - The French Industry Minister Arnaud Montebourg will visit Saudi Arabia this weekend with the Co.'s CEO and Areva's CEO in a bid to create a nuclear unit in that country. (Les Echos) In other news, Co.'s head of production and engineering says that the Co. is to unveil EUR 1bln of cost cuts adding that jobs and recruitment will not be affected. (Newswires)

Saint-Gobain - Co. accepts the purchase offer of Argdagh on Verallia North America at a size of USD 1.694bln. (Newswires)

OTHER FRENCH COMPANIES

Peugeot - Co. will negotiate a flexibility accord with workers in its French factories in the coming months according to an executive. (Newswires) In other news, Co. says it seeks more flexible labour agreement in France. (Les Echos)

Companies paying dividend: Vinci (EUR 0.5500)

Pan-European

Monte Paschi - Co. says its viewing structured transactions, will value deal impact on earnings. The review will be completed by next earnings report. (Newswires)

Telecom Italia - Co. is to seek final binding offers for its Telecom Italia media unit. Co.'s board gave management mandate to finalize negotiations on sale. (Newswires)

Generali - Co. receives non binding offer for BSI and US assets. Says sale process may be concluded in a few months (Newswires)

Nokia - Co. expected to pay dividend. (Kauppalehti)

SMI

Roche - Co. says the FDA will allow the company to release its own reserve stocks of Tamiflu treatment. (Newswires)

Broker Recommendations

SAINSBURY ADDED TO CONVICTION SELL LIST AT GOLDMAN

BG RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC

EXPERIAN CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY

MEGGITT RAISED TO OVERWEIGHT FROM EQUALWEIGHT AT BARCLAYS

L’OREAL RAISED TO OVERWEIGHT FROM NEUTRAL AT HSBC

CREDIT AGRICOLE RATED NEUTRAL AT JPMORGAN

ARCELORMITTAL RAISED TO NEUTRAL FROM SELL AT GOLDMAN

FERROVIAL CUT TO NEUTRAL VS BUY AT UBS

CREDIT SUISSE RAISED FROM EQUALWEIGHT AT MORGAN STANLEY

ABB CUT TO UNDERWEIGHT FROM EQUALWEIGHT AT MORGAN STANLEY

US

US equities settled in positive territory yesterday. The move higher was attributed to positive sentiment after US Housing Starts and Weekly Jobless Data came in better than expected and investor optimism for an upbeat earnings season. eBay reported a beat in earnings and as a result finished they session with gains of 2.70% at their highest ever levels. The S&P 500 finished with gains of 0.56%, its highest close for 5 years, the Dow saw a similar trend up 0.63% and closing at 5 year highs making this the 6th day out of 7 that the index has closed in positive territory. Following the housing data PulteGroup shares gained 4.9% and Toll Brothers advanced 3.1%, the PHLX housing sector index climbed 2.2%. Gains in the S&P 500 were tempered somewhat by weakness in the financial sector, with Bank of America down 4.3% and Citigroup off 3% after they posted their results. Finally, the DJIA finished up 0.63% at 13596.02 the S&P 500 finished up 0.56% at 1480.94 and the NASDAQ 100 finished up 0.45% at 2747.15. 

Best Performing Sectors in the S&P 500: Consumer Services (+0.97%), Industrials (+0.93%), Basic Materials (+0.86%)

Worst Performing Sectors in the S&P 500: Financials (-0.10%), Technology (+0.30%), Utilities (+0.34%)

Exxon - Co.'s Beaumont refinery shut the fluid catalytic cracker and related units for repairs. Co. expects work to last several weeks and some impact to "production". (Newswires)

AT&T - Co. posts USD 10bln Q4 charge for its pension plan. (Newswires)

Boeing - Co. rejected union offers to extend existing contracts and gave a final offer to the SPEEA which is the union for engineers and technical workers who are essential to working issues and restoring confidence in the 787 Dreamliner. (Newswires)

Intel - Co.'s Q4 Operating EPS USD 0.48 vs. Exp. USD 0.45 (GAAP), Q4 revenue USD 13.5bln vs. Exp. USD 13.53bln. Co. Sees Q1 revenue USD 12.7bln plus or minus USD 500mln. (Newswires)

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