Subprime lender "crisis" with affect on European shares.

ECB cash - 95 milliards EUR - intervention is a little bit contra productive and making stock markets more nervous. On the other side not even bonds are rising. This situation is the best for more defensive companies like pharmaceutical or high dividend stocks. And last week shows that those are the best picks.

(more details at: www.stockweb.blogspot.com)

In Czech Republic, the most dropping are shares of Erste Bank even though risky loans are only 2 mil. EUR. Komercni Banka is also loosing but could be seen as profit taking after rallies from last week. Come back to pharmaceutical stocks, Zentiva is unchanged this week, the same for German Bayer. Developers are going in different way, ORCO gaining, ECM loosing. Unipetrol is seen better after announcement that rafinery costs are expected smaller. Discounted Telefonic O2 with CZK 577 per share is attractive for buyers with coming dividend on September.
Next week we see earnings results for CEZ and Unipetrol.