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*GAZ DE FRANCE 2007 NET EU2.5 BLN; ANALYST ESTIMATE EU2.3 BLN

*BOUYGUES 4Q NET EU265 MLN; ANALYST ESTIMATE EU337 MLN

*PPR 2007 NET EU922 MLN; ANALYST ESTIMATE EU840 MLN

*ROYAL & SUN FY OPERATING PROFIT 814M PNDS; ANALYST EST. 725M

*HONG KONG ECONOMY GREW 6.3% IN 2007 FROM YEAR EARLIER

*BRENT CRUDE OIL RISES TO RECORD $100 A BARREL IN [...]

Today’s drop in ISM non-manufacturing to 41.9 (vs 53 expected) was a clear shock to equity markets. The weakness reported was across almost all sectors: only three reported an improvement in conditions: utilities, scientific services & education. The last time we’ve seen such a big drop in non-manufacturing ISM was directly following the 9/11 attacks, [...]

Ok, so what was that saying again? Oh yes, NEVER FIGHT THE FED.

Well we can’t really say that the market is following that old piece of advice (this time will be different!) as equities have basically gone nowhere despite a massive 125bp rate cut by the FED within two weeks. Everybody betting against assets though [...]

By Christine Richard and Mark Pittman
Jan. 30 (Bloomberg)—MBIA Inc. and Ambac Financial Group
Inc., the two largest bond insurers, may each lose $11.6 billion
on guarantees of residential mortgage securities and some
collateralized debt obligations, according to hedge fund manager
William Ackman.
Ackman calculated the losses using a model supplied by an
unnamed investment bank and sent the findings in a [...]

So there it is, finally they’re attacking the heart of the problem in today’s credit crisis:
     Jan. 23 (Bloomberg)—New York State’s insurance
regulators met today with U.S. banks to discuss raising new
capital for bond insurers, said a department spokesman.
Talks in New York with the unnamed banks are part of
Insurance Superintendent Eric Dinallo’s effort to stabilize the
bond [...]

APPLE 1Q EPS $1.76; ANALYST EST. $1.61. REVENUE $9.61B, ESTIMATE $9.43B. SEES 2Q EPS $94, ESTIMATE $1.12

It’s been an interesting day. European equities markets started the day in ultra-bearish territory, kicking off with a 4.5% drop in the Stoxx 600 Index, a benchmark of the six hundred biggest companies in Europe. After a good hour of trading a sticky rumour hit the markets that we would see a coordinated rate cut [...]

European & Asian equity markets took a real beating today, closing at the lowest points of the day, generally down anywhere between 5-7%. The financial sector was the bleeder once again, this because of genuine fear that the Ambac’s and MBIA’s of this world will go belly up and with that create another round of [...]

The Financial Times has put up a couple nice pictures which give you a very clear view of how the world’s oil production, consumption and flow is currently working. Check it out by following this link.

TEXAS INSTRUMENTS SEES 4Q EPS 50C-54C; ANALYST EST. 51C
China Inflation Surges to 11-Year High; Trade Surplus Swells
Oil Rises on Speculation Fed Cut Will Help U.S. Avoid Recession
Novartis Plans to Reduce Workforce, Bureaucracy, WSJ Reports
Xstrata May Open Takeover Talks With Possible Bidders, FT Says
Fiat May Spin Off Auto Unit, Marchionne Tells Automotive News
Rio Tinto Applies in [...]