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

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UK Corporate Announcements

Rank reports a full year revenues of £572m from £556m and an operating profit of £65.5m from £62.9m

Pennon announces that its performance has been in line with its expectations

Innovation Group states that trading has continued positively

Melrose announces a recommended offer to merge with Petroceltic, valued at C165m where it will hold 46% of the new company, conditional on market approval

AEA Technology announces that trading has been in line


UK Market News

Lonmin stays in the news as local gangs operating under the two rival unions continue to clash with police, with the events now gaining widespread international coverage as reports suggest up to 30 people may have now died

Wal-Mart’s ASDA has criticised some of its local competitors for the use of vouchers to boost sales

The Telegraph suggests that Travelodge today will announce plans to cut 10% of its hotels as part of a deal to write off around £700m of debt

The UK is due to sell £3bn in bills at 11:10

 

UK Analyst Upgrades

Elementis Rated New Buy, Pt 260P At Berenberg

Laird Raised To Buy Vs Neutral At Ubs

National Grid Pt Raised To Gbp595 Vs Gbp575 At Berenberg

Reckitt Benckiser Pt Raised To 4,100P Vs 3,900P At Nomura

 

UK Analyst Cuts

Afren Cut To Neutral Vs Buy At Goldman

Borders & Southern Cut To Neutral Vs Buy At Goldman

Enrc Pt Cut To 400P Vs 500P At Nomura, Stays Reduce

Enrc Pt Cut To 400P Vs 500P At Nomura, Stays Reduce

Firstgroup Cut To Sell Vs Hold At Deutsche Bank

Genel Cut To Neutral Vs Buy At Goldman

Jkx Oil & Gas Cut To Neutral Vs Buy At Goldman

Kazakhmys Pt Cut To 925P Vs 1,050P At Nomura, Stays Neutral

Max Petroleum Cut To Neutral Vs Buy At Goldman

Petra Diamonds Cut To Neutral Vs Buy At Goldman

Premier Oil Cut To Equalweight Vs Overweight At Morgan Stanley

Travis Perkins Cut To Neutral Vs Outperform At Credit Suisse

 

UK Insider Buying

Ladbrokes Plc, (LAD), 1 insider(s) bought 5,900 shares, £1.68

Speedy Hire Plc, (SDY), 1 insider(s) bought 498 shares, £0.26

Sig Plc, (SHI), 1 insider(s) bought 130 shares, £0.96

 

UK Insider Selling

Marks & Spencer Group, (MKS), 1 insider(s) sold 244,867 shares, £3.58

 

Major European Companies Reporting

Swiss Life Holding AG, S1, 0,  Ratos AB, Q2, 0,  Valiant Holding, S1, 0,  PSP Swiss Property AG, S1, 0

 

European Market Summary

Heineken is reportedly in talks with Fraser & Neave over a higher offer for Asia Pacific Breweries

Merkel has stated that she backs Draghi’s on conditions for ECB help, while Swedish banks are in the news after the government states that its rules are out of date and too lax, allowing banks to hide mortgage assets risks

While Finland’s Finance Minister states that the country is preparing for a Greek exit of the euro

 

S&P 500 Companies Reporting

JM Smucker Co/The, Q1, 0.994,  Salesforce.com Inc, Q2, 0.388

S&P 500 Ex Dividends (gross):-  AmerisourceBergen Corp, ABC, (.13)

 

Major US Stock Movers After Hours

Marvell Technology the chip maker fell 8% after hours as it announced Q3 numbers under the forecasts on slowing PC demand, and as key customers such as research in Motion continue to lose market share

Aeropostale fell 7% after hours as it announces Q2 earnings and guides lower on Q3 stating that back to school sales had been weak

 

US Market News

The S&P 500 yesterday moved up to its highest levels since April and continues its apparent march to fresh highs for the year, which would also be highs for the past five years, while an S&P index on homebuilders has already moved to highs not seen since 2008

Facebook shares are in the news as they hit a fresh low following its IPO, on nervousness surrounding a key lockup period for insiders expires

The UN peacekeeping chief has ended its monitoring mission in Damascus stating that the government and the rebels had chosen the path of war

 

Overnight Market News

The China Banking Regulatory Commission has reportedly told lenders that they should demand additional collateral or instruct developers to sell stakes if the banks feel they will have difficultly repaying loans, and that they should push developers to make faster home sales


FX Summary

The Chilean central bank left its key interest rate unchanged at 5%, while Moody’s lifts its outlook on Peru to Baa2 up one notch with a positive outlook

The aussie has come off a little after the Treasury states that it is overvalued increasing expectations of possible monetary easing ahead

 

Commodity Summary

Cotton prices have come off 67% from the highs in March 2011, and the lower prices are seen denting crops in Australia as farmers are less inclined to plant and harvest the crops, Australia this year is expected to be the world’s second largest exporter

While the FT details how Argentinean wheat farmers have planted their smallest crop based on lad area for over 100 years, over concerns on the dry conditions

The US is reportedly studying the option of releasing its strategic oil reserves

 

Economic Data Due

09:00 Eurozone June ECB Eurozone Current Account, -€2.5bn previous

14:55 US August Uni. of Michigan Confidence, 72.2 exp. 72.3 previous

15:00 US July Leading Indicators 0.2% exp. -0.3% previous

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