Markets at a Glance New York: May 17 11:50 London: May 17 16:50 Tokyo: May 18 01:50
 05/16/2008 09:55:00 *MAY PRELIMINARY UNIVERSITY OF MICHIGAN CONFIDENCE: 59.5 V 62E (lowest reading since June 1980) - 1-year inflation expectation at 5.2% v 4.8% in April (highest since Feb 1982)05/16/2008 10:40:00 White House spokesperson: Saudi Arabia pledges to pump as much oil as needed to meet demand, but does not see enough demand to raise output - Spokesperson notes that Saudi Arabia stressed the "complexity" of the current oil market, Sauid Arabia sees no unmet demand for oil from customers, does not see enough demand to increase oil ouput. Will only produce more if buyers specifically request it.- Reminder: President Bush will fly to Saudi Arabia this weekend to meet with Saudi leaders. - Reminder 5/8 OPEC Sec General noted that there was no shortage of oil in market, and OPEC weas ready to act if market shows the need for more supply. 05/16/2008 10:46:00 Roche Holding AG [ROG.SZ]FDA issues alert on two transplant drugs: NVS's Myfortic and Roche's Cellcept - FDA is aware of birth defects after exposure to Roche's Cellcept.- Says both Myfortic and Cellcept increase the risk of miscarriage and can cause birth defects. - Notes it is working with both companies on ways to mitigate risks of fetal exposure. 05/16/2008 12:29:00 Saudi Arabia Oil Min: boosting oil output by 300K bpd, to reach 9.45M bpd in June - production increase began to ramp up on May 10.- Increase designed to compensate for the decline in output from other producers. - Says oil market fundamentals are sound. 05/16/2008 12:32:00 DoE: Have been evaluating bids to add 13M barrels to SPR, will not buy more oil this year - DoE says it will defer 7.9M barrels of oil scheduled to go into the SPR if the bill to stop oil deliveries passes05/15/2008 17:20:00 (US) House Committee approves wind and solar tax credit extension - The current tax credit were expected to expire in 2008- The bill extends solar energy tax credits for 6 yrs, credits for the production of electricity from wind turbines for 1 yr and biomass facilities for 3 yrs. - The plan also covers incentives for coal-fired power plants that capture and store carbon dioxide emissions. 05/15/2008 17:21:00 Lifeway Foods Inc [LWAY]Seafood and cream cheese operations have been closed down - FDA - The operations were closed because the company had an extensive history of violations which date back to at least 2004.- Some of the violations include distributing products that did not show major food allergens and transfat levels. - Also distributed products without plans to ensure that they were processed safely. - Company will be able to resume operations once the FDA decides that its plants are safe. 05/15/2008 19:50:00 *(JP) Q1 PRELIMINARY GDP QOQ: 0.8% V 0.6%E; ANNUALIZED: 3.3% V 2.5%E - Nominal GDP QoQ: 0.4% v 0.3%e.- GDP Deflator YoY: -1.4% v -1.5%e. - Q1 CAPEX -0.9% q.q, consumption +0.8% q/q, housing investment +4.6% q/q, public fixed investment +1.5% q/q - External demand added to GDP +0.5 percentage points. - The prior q/q GDP was revised lower to 0.6% from 0.9%, the prior annualized GDP was revised to 2.6% from 3.5%, the prior nominal GDP was revised to -0.1% from 0.2% and the prior GDP deflator was -1.3%. 05/15/2008 21:44:00 (UK) Banks in the UK are preparing to access the BoE's emergency liquidity scheme for as much as £90-100B (twice the original level indicated) - Telegraph - The report cites sources.05/16/2008 04:46:00 (SW) Riksbank & Norges Bank enters into a €500M swap facility with Icelandic central bank - Riksbank: Central Banks must cooperate amid uncertainty - Riksbank: Deal is to help Iceland maintain financial stability 05/16/2008 06:34:00 (EU) ECB's Leibscher sees no room for interest rate cut in 2008 - Says inflation rates above 3% are unacceptable and inflation risks are tilted to the upside- Adds that growth will slow and there is no need for pessimism - Notes that March growth projections are solid base for June - Favors "steady hand" monetary policy - Reiterates that sharp moves in FX are unwelcome 05/16/2008 08:30:00 *APR HOUSING STARTS: 1.032M V 939KE; BUILDING PERMITS: 978K V 915KE - Prior housing starts revised lower from 974K to 954K- Prior Building Permits revised slightly higher from 928K to 932K |
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