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Reports

US stock market, economy and companies update (July 25, 2014)

July 25, 2014, Friday
 The weak July German IFO survey and reports of fresh EU sanctions on Russia are being blamed for the steep declines in European indices. Skepticism about the June durables report has further dampened sentiment in the US session. As of writing, the DJIA is down 0.90%, the S&P500 is down 0.30% and the Nasdaq is down 0.76%. The June durables data were stronger than expected across the board, with the exception of capital shipments non-defense/ex-aircraft (core capital goods).

European stock market, economy and companies update (July 25, 2014)

July 25, 2014, Friday
Japan Jun CPI touch higher than expectations but down from month-ago levels; official stress too early to declare end to deflation (CPI YoY 3.6% v 3.5e). German IFO Business Sentiment falls for third straight month over geo-political concerns. Euro Zone M3 data touch higher than expectations but Private lending fall for the 26th straight month. UK Q2 GDP YoY reading shows economy back above its pre-crisis peak

UK stock market morning note (July 25, 2014)

July 25, 2014, Friday
 The FTSE 100 is called to open lower this morning following the indifferent overnight performances on Wall Street and in Asia with sentiment cautious as we end the trading week against the backdrop of the ongoing developments in Ukraine and Gaza. The economic diary today focuses on the release of the first domestic reading of GDP for Q2 which if growth of 0.8% is confirmed, would take the size of the UK economy back above its previous high last seen in Q1 2008. This will be followed at lunchtime in the US with the publication of durable goods orders.

Indian stock market daily morning report (July 25, 2014, Friday)

July 25, 2014, Friday
 Markets maintained winning streak for the eight straight session to end at record closing highs with metal shares rallying the most on the back of upbeat economic data from China. Further, the Cabinet approval for 49% foreign investment in insurance companies through the FIPB route also aided sentiment. The 30-share Sensex ended at 26,272 up 125 points and the 50-share Nifty ended at 7,831 up by 35 points.

UK stock market commentary (July 25, 2014): Soft start but no real danger

July 25, 2014, Friday
 European equities are set to ease on the open dragged lower by US earnings. Despite a good day for European equities yesterday, the US markets bobbed around unchanged on the day. However, after hours results from Amazon saw US index futures sell off and this will be weighing on the open.

Asian stock market, economy and companies update (July 25, 2014)

July 25, 2014, Friday
Another set of disappointing numbers from Japan is further indicative of the rising possibility of Abenomics hitting the skids. Following a 2nd consecutive drop in exports overnight, the trend of steady growth in CPI also appears to be waning, adding to pressure on the BOJ to take more action to meet its targets. Analysts noted that Japanese yen has not been weak enough to spur more overseas demand, and consumption still remains hamstrung by the higher sales tax.

News

Global Outlook

Yellen: Where No Man Has Gone Before

July 25, 2014, Friday
Although Fed Chairwoman Janet Yellen said nothing new in her carefully manicured semi-annual testimony to Congress last week, her performance there, taken within the context of a lengthy profile in the New Yorker (that came to press at around the same time), should confirm that she is very different from any of her predecessors in the job. Put simply, she is likely the most dovish and politically leftist Fed Chair in the Central Bank's history.

As Russia's Isolation Grows, Oil Companies Caught in Middle

July 22, 2014, Tuesday
The confrontation between Russia and the West took a turn for the worse with the downing of a Malaysian airliner on July 17, and that could spell trouble for several major oil companies operating in Russia.

“How High is High?” (To Whom?)

July 22, 2014, Tuesday
I have a number of friends who succeeded as investors in the late 1960s, and they are succeeding now. The key to their success more than 20 years ago was that they managed to get out with most of their capital when the market turned down. Most investors were not so astute.

Fireside Chats

July 15, 2014, Tuesday
While I was in the Pacific Northwest and Canada most of last week, I did have the privilege of listening to J.P. Morgan’s (JPM/$55.80/Strong Buy) Chief Market Strategist last Monday. Dr. David Kelly has long been known for his keen insights on the equity markets, with JPM’s senior portfolio managers like George Gatz and Tom Luddy steering their mutual funds, on said strategic views, to outsized gains for many years. Dr. Kelly began last week’s “Fireside Chat” by noting, “There are basically six themes.” First, the U.S. economy is set up for a rebound. Second, the direction of interest rates is likely higher.

Recommendations

MRF 3QSY2014 performance highlights and results update

July 25, 2014, Friday
For 3QSY2014, MRF reported a good set of numbers. Its top-line grew 9.4% yoy to Rs.3,337cr, above our estimate of Rs.3,218cr. The raw material cost as a percentage of sales declined by 124bp yoy to 63.7%. Though the EBITDA margin declined by 119bp yoy to 14.7%, it expanded by 215bp on a sequential basis. The net profit for the quarter came flat on a yoy basis at Rs.230cr but it was 8.2% higher than our estimate of Rs.213cr.

Zensar Technologies Q1FY15 results update

July 25, 2014, Friday
USD Revenues grew by 3.8% led by good growth seen in the enterprise business which grew 6.6% QoQ. During the quarter, the IM services grew by 2.5% QoQ whereas IM Products business grew by 1% QoQ. Management consciously plans to reduce low margins IM product business. ZTL’s share is trading at attractive valuations of 7.2x and 6.1x its expected earnings for FY15E and FY16E. With improvement in the deal pipeline, we continue to remain positive and have a BUY recommendation on the stock.