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For more research & Technical Analysis from Cantor Index click here to register. UK Corporate Announcements JD Wetherspoon announces a full year profit of £44.5m on sales of £1.2bn just ahead of the expectations and aims for a reasonable year Domino Printing states that it stays cautious about market conditions and that confidence amongst Chinese manufacturers has fallen |
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UK Market News In what will naturally be a ‘risk-on’ day today the BAE EADS story will take a back seat, but UK press does detail how BAE System has set out various conditions on any merger with the European giant, including the importance of its independence from political interference Hikma Pharm will be eyed after an FDA advisory panel voted against the use of its blood pressure drug for a broad population of patients, with the FDA due to make its full decision by November 9th RBS details that it must sell its Direct Line unit by the end of 2014 under the EU rulings, and states that the planned IPO will be all secondary, to sell shares to institutional investors The FT suggests that BT has decided not to use set top boxes supplied by Pace, and has had to delay the rollout of its YouView service as it acquires replacements from Korean supplier Humax The UK sells up to £2.5bn in bills at 11:10 |
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UK Analyst Upgrades DS Smith Added To Ubs’S Uk 1St Xi, Replaces Bae National Express Raised To Buy Vs Neutral At Citi Stagecoach Cut To Neutral Vs Buy At Citi |
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UK Analyst Cuts Kazakhmys Pt Cut To 800P Vs 925P At Nomura, Stays Neutral Daily Mail Cut To Equalweight Vs Overweight At Barclays |
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UK Insider Buying Ncc Group Plc, (NCC), 1 insider(s) bought 5,000 shares, £8.9 |
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UK Insider Selling Computacenter Plc, (CCC), insider(s) sold 19,529 shares, £4.01 Fidessa Group Plc, (FDSA), 1 insider(s) sold 3,000 shares, £14.62 Jupiter Fund Managemen, (JUP), insider(s) sold 200,000 shares, £2.5 Ncc Group Plc, (NCC), 2 insider(s) sold 191,909 shares, £8.9 |
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European Market Summary Eurozone finance ministers meet in Cyprus today the first time they have come together since the German courts gave conditional for Germany to participate in the ESM, and as the IMF states that Greece will need a third international bailout After pressure from Germany initial EU plans for a single EU guarantee scheme to cover all the €5tn in eurozone bank deposits has been dropped from discussions German Finance Minister responds to talk from France about Spain and states that Spain would be ‘daft’ to request a full bailout, stating that any such request risked another round of financial market turmoil The FT writes on how Deutsche Bank has been seen trying to find technology partners, as it looks to save on middle and back office costs by sharing technology within the industry |
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S&P 500 Companies Reporting None Detailed S&P 500 Ex Dividends (gross):- Ecolab Inc, ECL, (.20) |
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Major US Stock Movers After Hours Western Digital announced after hours that it was cutting its full year revenue forecasts, and also details plans for a $1.5bn share buyback, the stock fell around 2% after hours on the news Analogic gained over 7% in late trading as it announces Q4 numbers ahead of the forecasts |
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US Market News The Fed delivered on the expectations yesterday detailing it would undertake $40bn MBS purchases a month and increases its economic outlook forecasts for 2013 and 2014 The Dow closed up over 200 points higher yesterday at 13,539, and it has moved to within touching distance of its all time high is at 14,198 The FT details how yields on Mortgage Backed Securities came off 24 basis points late yesterday as investors looked to move into the market ahead of the buying from the Fed The VIX has fallen back down to 14, down 11%, and back to the summer lows and the traditional buying areas |
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Overnight Market News Asian markets have also been buoyed by the moves in the US Shares in Fraser & Neave have moved above the price offered by Sirivadhanabhakdi as the market awaits a higher offer from Heineken Zhengzhou Coal Mining is reportedly looking at a Hong Kong listing in October, and is already sounding out potential interest on a $600m float, to build upon its existing listing in Shanghai Fortescue has posted large falls in recent days in Australian trading after market speculation that it was in financial difficulties, and it even asked the exchange to suspend its shares as states it continues to seek a restructuring on its debt, and it also stated overnight that talks with banks ‘progressed significantly’ |
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FX Summary S&P details that it has lifted its rating on South Korea to A+ Chlie has left its interest rates unchanged overnight at 5% The Swiss National Bank chairman has stated that there was no alternative to the franc ceiling The Japanese government also is quick to respond to US QEIII stating that it would intervene in the market, adding pressure to the Japanese central bank to ease monetary policy The dollar moved to a fresh four month low against the euro on the Fed news Pimco suggests that the RBA needs to cut rates if the Aussie dollar does not track commodity prices |
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Commodity Summary Commodities have gained to five month highs on the QEIII moves, as US interest levels are seen largely unchanged through to end 2015, gold for example gained 2.2% yesterday |
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Economic Data Due 10:00 Eurozone August CPI, 0.4% exp. -0.5% previous 13:30 US August CPI, 0.6% exp. 0.0% previous 13:30 US August Advance Retail Sales, 0.8% exp. 0.8% previous 14:15 US August Industrial Production, -0.1% exp. 0.6% previous 14:55 US September Uni of Michigan Confidence, 74.0 exp. 74.3 previous |
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Economic Events EU-27 Finance Ministers in Cyprus
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