Market news round up, upgrades & downgrades courtesy of Cantor Index

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UK Corporate Announcements

Antofagasta announces an H1 pre-tax profit of $646m down 7.2% with group sales of $3.16bn up 3.5% and maintains its full year outlook

Serco Group reports H1 revenues of £2.34bn just ahead of the estimates and a pre-tax profit of £120.5m from £11.8m, and states that UK conditions are starting to improve

888 announces an H1 pre-tax profit of $18.4m from the loss of $22.1m with revenues up 21% to $186.4m and states that H2 margins will be affected by marketing investment

Chime Communications announces an H1 pre-tax profit of £10.9m from £7m and states that a new chairman is being actively sought


UK Market News

The FT suggests that the Norwegian SWF has opposed the terms on the Glencore and Xstrata merger

The LSE is being buoyed by talk that IPO rules will be eased to make the market more attractive, and could cut the minimum stake candidates are required to sell from 25% to 10%, looking to override previous concerns that such small float sizes artificially create demand

The Telegraph details how the government has responded to backbench calls and states that there is not going to be a rethink on a third runway at Heathrow

The Guardian writes on how Nick Clegg has urged that the wealthiest in the UK should be the focus of an emergency tax to avoid a breakdown in social cohesion as the UK is braced for an ‘economic war’

The Independent writes on how claims firms in the UK may be forced to pay back millions more to consumer after new rules announced by the Ministry of Justice

FTSE 100 Ex dividends (net): Croda International PLC, CRDA, (26.75), Glencore International PLC, GLEN, (.054), Legal & General Group PLC, LGEN, (1.96), Xstrata PLC, XTA, (.14)

Estimated FTSE 100 Dividend Impact: 1.7 points

FTSE 250 Ex dividends (net): African Barrick Gold PLC, ABG, (.04),  Alliance Trust PLC/The, ATST, (2.3175),  Devro PLC, DVO, (2.65),  Ferrexpo PLC, FXPO, (.033),  Henderson Group PLC, HGG, (2.10),  Hikma Pharmaceuticals PLC, HIK, (.06),  Hochschild Mining PLC, HOC, (.03),  Lancashire Holdings Ltd, LRE, (.05),  Micro Focus International PLC, MCRO, (.234),  Rank Group PLC, RNK, (2.50),  Rotork PLC, ROR, (16.40),  Stagecoach Group PLC, SGC, (5.40),  John Wood Group PLC, WG/, (.057)

FTSE Small Share Ex dividends (net): AcenciA Debt Strategies Ltd, ACD, (1.73),  Bloomsbury Publishing PLC, BMY, (4.31),  Low & Bonar PLC, LWB, (.80),  NCC Group PLC, NCC, (11),  Promethean World PLC, PRW, (GBp)


UK Analyst Upgrades

Reed Elsevier Raised To Overweight From Neutral At Jpmorgan


UK Analyst Cuts

Travis Perkins Cut To Hold From Buy At Jefferies


UK Insider Buying

4Imprint Group Plc, (FOUR), 1 insider(s) bought 3,500 shares, £3.06


Major European Companies Reporting

Accor SA, S1, 0.51,  Antofagasta PLC, S1, 0.651,  Banca Popolare dell’Emilia Romagna Scrl, S1, 0,  Banca Popolare di Sondrio SCARL, S1, 0,  Bourbon SA, S1, 0,  Eiffage SA, S1, -1.28,  Exor SpA, S1, 0,  Lundbergforetagen AB, Q2, 0,  Paddy Power PLC, S1, 1.21,  Raiffeisen Bank International AG, Q2, 0.7,  Serco Group PLC, S1, 0.152 


European Market Summary

Merkel meets with Monti in Berlin today as the top level discussions continue apace, while Bloomberg suggests that Italian yields easing in recent weeks could help Merkel sidestep ongoing calls for the ECB to step up bond buying

Draghi and other ECB board members have pulled out of the Jackson Hole meeting ahead of the upcoming governing council meeting

The Irish property market is in the headlines as Bernard McNamara is looking to sell the Burlington Hotel in Dublin for around €75m, around 25% of the price he paid for it just 5 years ago

While Bloomberg details how German house prices, particularly in Berlin continued to be buoyed by Euro safe haven buying, including the old East German communist Plattenbauten, the prefabricated concrete blocks which have become increasingly desirable

Italy sells 181 day bills today and will be eyed as the yield on Spanish bills sold yesterday were down almost 50%

While Buffet states that those looking to find a safe haven pulling funds out of Spain and Italy were paying too much for French debt and states that France is significantly overvalued


S&P 500 Companies Reporting

Joy Global Inc, Q3, 1.892,  Brown-Forman Corp, Q1, 0.623,  HJ Heinz Co, Q1, 0.801

S&P 500 Ex Dividends (gross):-  Analog Devices Inc, ADI, (.30),  Allstate Corp/The, ALL, (.22),  Broadcom Corp, BRCM, (.10),  Broadcom Corp, BRCMB, (.10),  Cooper Industries PLC, CBE, (.31),  CSX Corp, CSX, (.14),  Dominion Resources Inc/VA, D, (.5275),  Dun & Bradstreet Corp/The, DNB, (.38),  Dover Corp, DOV, (.35),  Corning Inc, GLW, (.075),  Loews Corp, L, (.0625),  Lorillard Inc, LO, (1.55),  Lexmark International Inc, LXK, (.30),  NextEra Energy Inc, NEE, (.60),  Northeast Utilities, NU, (.343),  Newell Rubbermaid Inc, NWL, (.10),  Perrigo Co, PRGO, (.08),  Ross Stores Inc, ROST, (.14),  Sealed Air Corp, SEE, (.13),  Sigma-Aldrich Corp, SIAL, (.20),  Schlumberger Ltd, SLB, (.275),  Scripps Networks Interactive Inc, SNI, (.12),  SunTrust Banks Inc, STI, (.05),  Molson Coors Brewing Co, TAP, (.32),  Molson Coors Brewing Co, TAP/A, (.32),  Integrys Energy Group Inc, TEG, (.68),  TE Connectivity Ltd, TEL, (.21),  Tyson Foods Inc, TSN, (.04),  Tyson Foods Inc, TSNFB, (.036),  Tesoro Corp, TSO, (.12),  Time Warner Cable Inc, TWC, (.56),  Time Warner Inc, TWX, (.26),  Union Pacific Corp, UNP, (.60),  Whirlpool Corp, WHR, (.50)


Major US Stock Movers After Hours

Dycom Industries fell as much as 13% in late trading as it announces Q4 net income under the expectations, despite detailing revenues gained 5% to $318m

 

US Market News

Hopes have trimmed in recent days that Bernanke would use Jackson Hole as an opportunity to detail plans for additional easing

Wellpoint announced after hours that its CEO and chairman Angela Braly has stepped down

Zynga announces that its creative chief is to leave to form his own gaming company

Over the past few days VIX has rallied a touch of the lows, and now is at monthly highs, albeit still at traditional support areas

Fidelity Investments announces Abigail Johnson is to become president, with her father Edward Johnson remaining as Chairman

US home prices continue to show signs of a recovery, as prices last quarter jumped by the fastest amount for 6 years

S&P suggests that Washington Post’s BBB+ ratings could be cut


Overnight Market News

Chinese press suggests that authorities may soon allow for ‘Sunrise’ private trust funds to list on the Shanghai Stock Exchange when conditions were suitable, the move would allow the greater international investment into the bourse

Renesas has gained as much as 35% in trading today after reports of possible interest from KKR

The International Business Daily states that foreign trade was having difficulties reaching its targets this year due to tough overseas demand

The South China Post details how five editors at the Oriental Guardian have been suspended after they were critical of the official cover up over the injuries of 110m hurdler Liu Xiang before the games, He did not get out of the heat stages in the Olympics through a flare up of his injury

Hong Kong’s chief executive states that he would control the amount of mainland visitors after Shenzhen announces that it would allow non permanent residents to make multiple visits


FX Summary

S&P has revised its outlook on Peru to positive to stable

The euro has moved up to near 8 week highs against the dollar, as hopes continues of an ECB bond buying program


Commodity Summary

Gold calls have traded up around highs not seen since 2008 on speculation that the Jackson Hole summit will detail a shift in stance by authorities


Economic Data Due

13:00 German August CPI, 0.4% previous

13:30 US Q2 GDP 1.7% exp. 1.5% previous

15:00 US July Pending Home Sales, 1.0% exp. -1.4% previous

19:00 US Fed’s Beige Book


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