Germany Daybook: Osama Bin Laden Killed in U.S. Raid
Al-Qaeda leader Osama bin Laden was killed in Pakistan by a team of U.S. operatives early yesterday morning after a firefight at a house in Pakistan where he had been hiding, President Barack Obama said. U.S. stock futures surge while oil extends losses in New York.
European Central Bank President Jean-Claude Trichet and German Finance Minister Wolfgang Schaeuble will speak on the occasion of the inauguration of new Bundesbank President Jens Weidmann at 11 a.m.
EQUITIES: *Deutsche Bank (DBK GR) may create a position for Axel Weber, who steps down today as the head of Germany’s central bank, when it replaces Josef Ackermann as chief executive officer, FT reported, citing unidentified senior bank executives. *Deutsche Post’s (DPW AG) DHL Express unit sold its Canadian shipping business to Transforce Inc. *Hypo Real Estate plans to be profitable this year and is aiming for high single- to double-digit returns long-term, SZ reported, citing an interview with CEO Manuela Better. *Wilex (WL6 GR) sold U.S. commercialization rights on the experimental cancer drug Rencarex to Prometheus Laboratories Inc. in a deal potentially valued at more than $145M. *Fresenius Medical Care (FME GR) was downgraded to “Hold” at Deutsche Bank by equity analyst Holger Blum. The 12-month target price is EU56.00 per share.
ECONOMY: *The ECB may step up its inflation fight as up to a third of its Governing Council is replaced this year. An unprecedented seven seats on the ECB’s 23-member council may change hands in a year marked by the retirement of President Jean-Claude Trichet. *Germany wants concessions in exchange for backing Mario Draghi as the next European Central Bank head, Der Spiegel reported. *Starting yesterday, Germany allowed jobseekers from Poland, Czech Republic, Hungary, Estonia, Latvia, Lithuania, Slovakia and Slovenia to work freely within its borders, seven years after most of its European Union peers.
WHAT TO WATCH: *Franz Haniel & Cie. GmbH presents its annual results at a press conference at 9 a.m. in Duisburg. *European Central Bank Vice President Vitor Constancio, ECB’s Mario Draghi, European Union Economic and Monetary Commissioner Olli Rehn and EU Financial-Services Commissioner Michel Barnier speak at EU-sponsored conference at 9:45 a.m.-4:15 p.m. in Brussels. *Volkswagen’s (VOW@GY) Audi unit (NSU@GY) releases first quarter results at 10 a.m. *BOE Governor Mervyn King and Bank of Italy’s Andrea Enria, Vice Chairs of the European Systemic Risk Board, will testify to the European Parliament at 3 p.m. in Brussels.
MARKETS: *The DAX Index rose 0.52% to 7,514.46. Six-day streak, closed at the highest since Jan. 15, 2008. *The Stoxx Europe 600 Index gained 0.26% to 283.78 *MSCI Asia-Pacific Index fell 0.09% to 139.48. *German 10-year bond yield at 3.239% *Euro -- U.S. $1.479
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