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22 October 2012
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UK Corporate Announcements Senior announces that trading has been in line and that it sees further progress in 20013 and beyond if the markets are stable Devro states that it sees full year operating profits coming in ahead of last year, but that slightly under its original expectations citing higher raw material costs Telford Homes states that it sees its full year in line with the expectations |
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UK Market News BP confirms that it is in talks with Rosneft over its stake in TNK BP but details that no agreement has been made as yet, Rosneft has reportedly agreed to the terms of a deal to take BP’s half of TNK BP, and would move Rosneft to become the world’s largest publicly traded oil producer The Telegraph suggests that the UK Takeover Panel is set to review its ‘Cadbury Law’ after concerns the moves intended to safeguard UK businesses was overly stifling the takeover market The Nationwide Building Society has declined to rule out that it may bid for the several hundred RBS branches still up for sale The Sunday Times writes on how some shareholders at Man Group are talking about leadership changes as the group details net client outflows for the fifth consecutive quarter The Sunday Telegraph writes on how Amazon had considered a move for ASOS as it looks to extend its success in online books and technology into fashion Vince Cable is expected to detail his concerns on high frequency stock market trading today Barron’s suggested that SABMiller may still be looking for additional acquisitions |
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UK Analyst Upgrades Hammerson Pt Raised 2% To 530P At Exane; Kept At Outperform |
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UK Analyst Cuts Hikma Pharmaceuticals Cut To Sell Vs Neutral At Ubs |
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UK Insider Buying Westhouse Holdings Plc, (WHL), 1 insider(s) bought 10,000 shares, £0.1 |
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UK Insider Selling Smiths Group Plc, (SMIN), 5 insider(s) sold 191,254 shares, £10.67 Rotork Plc, (ROR), insider(s) sold 1,000 shares, £23.53 |
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Major European Companies Reporting Scania, Electrolux, Svenska Handelsbanken, Philips Electorioncs |
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European Market Summary Spain is seen extending the short selling ban for an additional three months from November The Irish Times writes that Merkel and Kenny agree that Ireland needs a ‘special approach’ and is also expected to warn the UK today on its European budget veto and the she may yet delay next months planned Euro budget summit The Greek economy has shrunk 18.4% over the past four years, and the IMF expects it to contract a further 4% in 2013, the US in the great depression in the 1920’s contracted by 27% Fiat details that it may make all of its Jeep models in China Philips announces a Q3 net income of €169m ahead of the forecasts of around €128m seen and confirms its full year targets France sells up to €3.8bn in 84 day bills
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US Market News Bloomberg details how the US stock market has been beating every major asset class so far in 2012, with the S&P 500 up 14% in 2012 Barron’s highlights analyst’s that see potential upside in BB&T, the paper also suggest that shares in Annie’s may now be overvalued following its initial success since its IPO, the paper also saw gains ahead in Monster Beverage and National Oil A new book detailing Goldman practises shows that from 2005 it amended its yearly bonus from revenues brought in plus how good you were for the organisation, to a largely mathematical calculation based on revenues, increasing risk taking Yahoo, Wynn Resorts, Caterpillar, Hasbro and SunTrust are amongst the S&P 500 companies reporting today Canada rejected the $5.21bn bid from Malaysia’s state owned Petronas for Progress Energy Resources, in a short statement on Friday and so far has declined to detail further on the decision Ancestry.com agrees to be bought by Permira for $1.6bn |
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Overnight Market News North/South Korean tensions are high as the North states that it could fire on ‘activists’ that were preparing to send over balloons across the border with leaflets critical of the regime Bank of Singapore states that it expects to double its global assets under management within four years, buoyed by growth in China Pictet & Cie, the 11th largest private bank, based on AUM, has also set up a branch in Hong Kong, in order to increase expansion in the region India’s Food Minister responds to criticisms and denies that food theft within food distribution is not ‘rampant’ after the World Bank report which suggest that theft in the system was depriving as many as 160m Indian families of food Bloomberg details that sales of puts on Chinese stocks have fallen to a six year low, ahead of the upcoming leadership change, on expectations the new leaders could increase stimulus measures |
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FX Summary Canadian inflation was a little lower than expected, reducing expectations that the Bank of Canada next month will need to emphasise the focus on rising rates |
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Commodity Summary Gold has gained a little as traders move back into the metal after the slight weakness in recent days Australia’s Queensland state is expected to overturn a ban on uranium mining |
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Economic Data Due 10:00 Eurozone Govt debt.GDP ratio 87.2% previous |