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Reports

US stock market, economy and companies update (November 21, 2014)

November 21, 2014, Friday
 Global markets have rocked higher this morning thanks to China's PBoC and its surprise rate cut. The DJIA and the S&P500 notched fresh record highs right after the open of cash trading and remain pretty well bid, but off their highs. As of writing, the DJIA is up 0.63%, the S&P500 is up 0.66% and the Nasdaq is up 0.45%. The biggest equity beneficiaries of the Chinese cuts are in the materials segment, including miners and equipment manufacturers.

European stock market, economy and companies update (November 21, 2014)

November 21, 2014, Friday
ECB chief Draghi stressed that the inflation situation was increasingly challenging and would seek to raise inflation as fast as possible; reiterated view that Council was ready to step up action if needed. Committed to adjust size, pace and composition of asset purchases if needed. He highlighted that large asset purchases in the US, Japan led to exchange rate depreciation.

Russian stock market daily morning report (November 21, 2014, Friday)

November 21, 2014, Friday
No serious macroeconomic releases are scheduled for tomorrow. Curtain effect on the Russian market’s dynamics might be provided by the statement by M.Draghi at European Bank Congress. Decreased speculative projections and technical factors indicate high probability of progressing strengthening of ruble in the mid-term prospect, which would be favorable for the dollar RTS index.

UK stock market morning note (November 21, 2014)

November 21, 2014, Friday
 The FTSE 100 is called to open flat this morning despite the overnight performances on Wall Street and in Asia which saw both the Dow and S&P again finishing at record highs. However, investor attention will be focusing on a speech by the ECB President Mario Draghi followed by the release of domestic public sector borrowing figures. Commodity prices remain mixed and on the foreign exchanges, the pound is slightly weaker against both the dollar and the euro but all are within narrow trading ranges ahead of Mario Draghi's speech and the release of this UK data.

Asian stock market, economy and companies update (November 21, 2014)

November 21, 2014, Friday
After flirting with the ¥119 handle overnight, USD/JPY has succumbed to profit-taking going into the weekend, and the latest comments Japan Finance Minister have chased a few more yen bears out of the crowded trade. Fin Min Aso said the Yen decline has been too fast, and the abrupt weakness or strength were unwelcome. Comments sent USD/JPY down by another 50pips below 117.40 before afternoon session recovery toward 117.80.

UK stock market commentary (November 21, 2014): Fingers crossed Draghi delivers an early xmas present

November 21, 2014, Friday
 European equities are set to open flat as persistent weakness continues to keep the bulls tempered. Despite US markets’ continuing to plough ever higher, that optimism is being offset by European traders instead focussing on weak domestic factors. Yesterday’s weak manufacturing and services PMI data were another indication of how precariously balanced Europe’s economy is on the edge of recession. On Monday Draghi said that the ECB will do more but wants to assess how current tools were working.

News

Global Outlook

The Abenomics Death Spiral

November 19, 2014, Wednesday
As Japanese Prime Minster Shinzo Abe has turned his country into a petri dish of Keynesian ideas, the trajectory of Japan's economy has much to teach us about the wisdom of those policies. And although the warning sirens are blasting at the highest volumes imaginable, few economists can hear the alarm. (A longer version of this article can be found in Euro Pacific Capital's Global Investor Newsletter.)

Crude Oil?

November 18, 2014, Tuesday
“Integrity,” Webster’s dictionary defines it as, “The quality of being honest and having strong moral principles.” Recently the voters of America sent the D.C. crowd a message that they want “integrity” back in government. Consequently, I viewed the midterm election as a “turning point.” And, a turning point approaches on December 21st of this year. That’s when the Winter Solstice arrives.

Contemplating Stocks without QE

November 14, 2014, Friday
Some influences on the stock market are casual, subtle or open to interpretation, but the catalyst behind the current stock market rally really shouldn't be controversial. As far as stocks go, we have lived by QE. The only question now is, whether we will die without it. A larger version of this article appears in the fall edition of Euro Pacific Capital's Global Investor newsletter.

Early Signs Of A Pullback In Drilling Activity

November 13, 2014, Thursday
With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30 percent since summer highs, raising fears among producers across the globe. Yet, many oil majors are relatively diversified, with large holdings downstream.

Recommendations

State Bank of India 2QFY2015 performance highlights and results update

November 20, 2014, Thursday
For 2QFY2015, State Bank of India (SBI) reported a PAT growth of 30.5% yoy to Rs.3,100.4cr, mainly on account of 14.9% yoy growth in operating income and lower opex growth of 2.2% yoy. During 2QFY2015, the bank’s advances grew at a tepid pace of 9.7% yoy with domestic advances growing at 6.9% yoy. The SME book grew by just 1% yoy while the Mid Corporate segment de-grew by 3% yoy, as companies continue to struggle due to pile-up of receivables and highly leveraged balance sheets.

Visaka Industries Initiating Coverage

November 19, 2014, Wednesday
Visaka Industries (VIL) is engaged in two businesses – building products (cement asbestos products and fibre cement flat products like V-boards and V-panels) and synthetic yarn. It has an installed capacity of 7,52,000MT of cement asbestos products with a strong network of 6000 plus stockists / dealers across India. In the synthetic yarn segment it has an installed capacity of 31 MTS M/CS.