Nordic markets ended the week in rather level-headed mood. Hennes & Mauritz made sure the final number was slightly on the red, after JP Morgan started covering the stock and gave it an underweight recommendation.
More and more critical voices are heard against the decision of the FED to buy 600 billion dollars worth of bonds. Germany’s financial minister Wolfgang Schäuble blamed the FED for creating problems for the rest of the world. He feels that Europe’s example should show that accumulating a larger deficit is not the right way. Opinions raised in China and China Daily and Global Times went from ”unlikely to benefit global economy” to ”another crisis is inevitable and there is a need to strictly control inevitable capital influx after FED entered unbridled money printing”. Other emerging economies joined the chorus and felt that most of the cash will find its way to emerging markets with disastrous consequences. Japanese Prime Minister Naoto Kan was also negative about it, at least until the Japanese Central Bank saw this as a good opportunity to follow suit as it announced its own purchase plan.
The jobless report from the US was a little bit better than expected. German manufacturing data from September surprised to the downside. Bloomberg news tried to get its hands internal documents about the ways of use of derivates to hide its government debt. The European Commission rejected. See the story at http://www.bloomberg.com/news/2010-11-05/ecb-rejects-request-for-files-on-greek-derivative-use-cites-acute-risks.html. The risk spread of Greece debt elevated considerably as a result. In what is likely to create a further twist into the ongoing island saga, a pair of video footage of the Chinese trawler and Japanese coast guard vessel collision near the disputed islands has apparently been linked to Youtube.
HK Scan said its third quarter went according to plan. The business in Finland has normalized along with strong development in Poland. Third quarter EBIT came to 18.8 million Euro. The company reaffirmed guidance for 2010. The company continued to tout the acquisition of Rose Poultry A/S and says the execution of the makes HK Scan leading Nordic poultry company.
Following the news that Kai Mäkelä sold most of his Alma-Media holding to Ilkka-Yhtymä, his new plan is starting to unveil. Mäkelä told newspaper Arvopaperi that his plan is now to gain power in Ilkka-Yhtymä. Part of the trade yesterday included a provision which enables conversion of bonds used in the trade to be exchanged into stocks in Ilkka-Yhtymä. Ilkka-Yhtymä’s more liquid share gained 5% today.
Norwegian’s passenger numbers improved greatly in October. Eitzen Maritime services was the big winner of the day, after it announced a 100 million USD contract from an undisclosed European NATO member country. The company’s stock advanced one third on the news. Cermaq announced its best ever quarterly result. Its stock went down in the days trading. Electronic weather system monitoring company Vaisala joined the long list of companies citing component shortages.
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