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For more interesting research & professional Technical Analysis from Cantor Index click here to register for free. UK Corporate Announcements Smiths Group announces full year revenues of £3.04bn just ahead of the forecasts and an operating profit of £407m and states that the economic environment remains uncertain and that pressures on government spending continues Redrow reports a full year pre-tax profit of £43m up from £25.3m on revenues of £478m from £452m ASOS reports Q4 retail sales gained 31% to £145m, in line with the expectations PZ Cussons states that its group performance has been in line with the management forecasts and stays confident of a return to profitable growth this year despite the challenging market conditions Northgate details today that its trading has been in line with the expectations French Connection announces an H1 loss of £6.1m and operating expenses of £55.7m Capital & Counties announces a share placing of around 10% of its current capital to fund its covent garden expansion |
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UK Market News Lonmin is in the news as workers at its Marikana mine have ended their strike after agreeing to 11% wage increases, the mine produces as much as 10% of global platinum output, and recent violence there has cost the lives of 45 people The FT suggests that BP is in talks to sell Texas assets for as much as $2.5bn The paper also writes on how bondholders are becoming increasingly confident of a successful IPO of RBS’ Direct Line unit, after some reports that RBS could yet pull the move if it was to be valued at less than £3bn The Telegraph details on how The Pentagon has asked for more information on any BAE/EADS deal Manchester City lost to Real Madrid 3-2 in the early stages of the Champions League last night, to two late goals, the last of which by Ronaldo, and the UK press details how yesterday the football club announced it posted a loss of £4.7m last year, citing the early exit from the European tournament last year as a major factor FTSE 100 Ex dividends (net): Aviva (10), Petrofac ($0.21), G4S, (3.42) Estimated FTSE 100 Dividend Impact: 1.5 points FTSE 250 Ex dividends (net): BBA Aviation PLC, BBA, ($.042), Computacenter PLC, CCC, (5), IG Group Holdings PLC, IGG, (16.75), Interserve PLC, IRV, (6.40), IRP Property Investments Ltd, IRP, (1.80), Kier Group PLC, KIE, (44.50), Melrose PLC, MRO, (2.60), Premier Farnell PLC, PFL, (4.40), Renishaw PLC, RSW, (28.20), RPS Group PLC, RPS, (3.06) FTSE Small Share Ex dividends (net): Chime Communications PLC, CHW, (2.10), Consort Medical PLC, CSRT, (12.10), Costain Group PLC, COST, (3.50), Henderson Smaller Companies Investment Trust PLC/The, HSL, (5.50), IRP Property Investments Ltd, IRP, (1.80), Standard Life UK Smaller Co Trust, SLS, (2.10), Tribal Group PLC, TRB, (.40) |
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UK Analyst Upgrades Buy AstraZeneca, UBS Says After Meeting; To Return Cash Ashmore Rated New Overweight At Morgan Stanley, Pt 390P Whitbread Pt Raised To 2,050P Vs 1,770P At Jefferies |
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UK Analyst Cuts GlaxoSmithKline Cut to Underperform from Outperform at Exane Kingfisher Cut To Neutral From Buy At Nomura |
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UK Insider Buying Cls Holdings Plc, (CLI), 1 insider(s) bought 10,000 shares, £7.05 Ladbrokes Plc, (LAD), 1 insider(s) bought 14,300 shares, £1.8 |
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UK Insider Selling Euromoney Instl Investo, (ERM), 1 insider(s) sold 10,000 shares, £7.88 |
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Major European Companies Reporting Smiths Group PLC, R, 0.912, Inditex SA, S1, 1.43 |
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European Market Summary Draghi is reportedly open to the idea of publishing ECB meeting minutes, matching the model set by the Fed and the Bank of England, the change would need to be decided by a majority of the ECB council Inditex, Spain’s largest company by market cap, announces an H1 net profit of €944m, ahead of the estimates of €893m on sales of €7.24bn also just ahead of the estimates Germany sells up to €5bn in 2 year notes at 11:30, while Portugal sells bills and Sweden sells Sek3.5bn in bonds UBS was aware of a $3.6bn ‘black hole’ by the ‘rogue trader’ as much as six weeks before his arrest, as he continues his defence that his practices were known by his superiors and were part of the culture of the trading unit |
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S&P 500 Companies Reporting General Mills Inc, Q1, 0.625, AutoZone Inc, Q4, 8.412, Adobe Systems Inc, Q3, 0.585, Bed Bath & Beyond Inc, Q2, 1.018 S&P 500 Ex Dividends (gross):- Chubb Corp/The, CB, (.41), Coventry Health Care Inc, CVH, (.125), Equity Residential, EQR, (.3375), Fifth Third Bancorp, 316773209, (2.125) |
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Major US Stock Movers After Hours Denison Mines stated after hours that nothing undisclosed caused market gains intraday of as much as 19% at one stage |
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US Market News Morgan Stanley details that it bought more than 2% of Facebook shares through the $16bn offering, the stock is down around 40% from its issue price and ranks as the worst performing large tech stock IPO ever Knight Trading details that its head of algorithms has left the firm, with a spokesman stating that this was unrelated to the recent trading error which nearly bankrupted the firm US homes starts are seen gaining in August to highs not seen for around 4 years as residential property continues to recover despite the troubled wider economy Google has joined a lobbying group, which already contains the likes of Amazon and Facebook, as the industry pushes back on increased regulation on online privacy Goldman details that David Viniar is to retire as CFO at Goldman’s at the end of the year, currently he is the longest serving CFO on Wall Street S&P revises its outlook on New Jersey to negative from stable Apple announces today a proposal to end the EU price fixing probe on e-books |
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Overnight Market News Japan Airlines has started trading at Y3810 after its IPO price at Y3790, the second largest IPO in the world this year, just three years after its bankruptcy filing Australia and New Zealand Banking Group has reportedly walked away from a plan to expand into Hong Kong after failing to agree on a price for a local bank Bloomberg details on how some Chinese buyers are thinking twice about buying Japanese products on fear they will become targets for the hate mobs, and highlights how some have even suggested that the current turmoil could end up costing the Japanese economy more than the tsunami, it also emerges that the US ambassador’s car was slightly damaged by protestors as it entered the embassy grounds ThaiBev gained after Heineken states that it has been given the go ahead of its planned purchase by billionaire stakeholder Sirivadhanabhakdi |
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FX Summary The Bank of Japan details that it has extended its asset purchase fund to 55tn yen in an unexpected move, causing Japanese stocks to gain, and pulled the yen lower, down to four week lows against the dollar S&P today affirms its AAA rating on Australia and keeps its stable outlook |
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Commodity Summary Bloomberg details how platinum holdings have gained over 9% this year, ahead of gains in holding in gold ETFs, and up to a fresh record high as international safe haven buying demand stays strong |
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Economic Data Due 09:30 UK Bank of England Minutes 13:30 US August Housing Starts, 765k exp. 746k previous 15:00 US August August Existing Home Sales, 4.56m exp. 4.47m previous |
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Economic Events Fed’s Lacker speaks in New York For more interesting research & professional Technical Analysis from Cantor Index click here to register for free. |