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BNP takes over parts of Fortis and Unicredit to raise €6.6B capital

Mon, Oct 6 2008, 07:17 GMT
by Nicole Elliott

Mizuho Corporate Bank


Quote:

‘If you want to be wealthy, think of saving as well as getting.’ Benjamin Franklin (1706-1790)


The News:

Austria, Denmark and Germany guarantee all bank deposits after Paris summit decides no EU-wide bail-out fund is needed. BNP takes over parts of Fortis and Unicredit to raise €6.6B capital.


The Numbers:

British Summer Time, with expectations and previous figures in brackets.

From today GB September HBOS House Prices (-1.9% to –1.5% M/M, -12.8% to –12.2% Y/Y, vs –1.8% and –10.9%).

05:00 JP Bank of Japan starts a two-day rate setting meeting (expected unchanged at 0.50%).

09:30 GB August Industrial Production (-0.7% to 0% M/M, -2.5% to –1.8% Y/Y, versus –0.4% and –1.9% July).

09:30 GB August Manufacturing Production (-1.0% to –0.1% M/M, -2.5% to –1.5% Y/Y, vs –0.2% and –1.4% July).

09:30 EZ15 October Sentix Confidence (-28.6 to –25.0 versus –20.2 September).

13:30 CA September Ivey Purchasing Managers Index (49 to 58 versus 51.5 August).

13:30 CA August Building Permits (-3.7% to +1.0% versus +1.8% July).

14:00 US Paul Volker and Roger Ferguson speak on financial supervision, New York.

16:00 US Treasury auction result of ten-year TIPS.

17:00 US Fed’s Evans speaks on the economy and productivity trends, Texas. Fisher at 18:30.

00:01 GB September NIESR GDP (versus –0.2% August).


The Psychology:

Holidays in Australia & Egypt and EU Finance Ministers start a two-day meeting in Brussels.


The Risk:

Chaotic financial conditions all-round will impact other business sectors.


Today’s most interesting chart: S&P Dec08 future

New recent lows after $700b package passed.


Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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