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Reports

European stock market, economy and companies update (January 29, 2015)

January 29, 2015, Thursday
New Zealand Central Bank (RBNZ) left its Official Cash Rate unchanged at 3.50% (as expected); replaces tightening bias with a neutral one. Japan Dec Retail Sales falls for the 3rd straight month (MoM: -0.3% v +0.3%e). The Fed has stayed 'patient' but its reference to "international developments" has provided an additional angle to its outlook. German State CPI data turning more negative

UK stock market morning note (January 29, 2015)

January 29, 2015, Thursday
 The FTSE 100 is called to open lower this morning following the overnight performances on Wall Street and in Asia after the FOMC statement which reaffirmed that the US central bank would be 'patient' in deciding on when to raise interest rates and painted an upbeat picture of US economic growth with markets interpreting this as still on track for a first rise in rates this year.

Asian stock market, economy and companies update (January 29, 2015)

January 29, 2015, Thursday
US stocks fell sharply for the 2nd consecutive session despite the seemingly innocuous FOMC policy statement. As widely expected, the Fed maintained the "patient to normalize" policy stance despite the improving labor markets and prospects for growth, but also expressed some further caution about inflation, referencing the troubling message sent by the TIPS markets. The yield on the long bond fell to new record low below 2.3%, even though the greenback strengthened against the European currencies.

UK stock market commentary (January 29, 2015): Even the thought of interest rate hikes make the bulls sick

January 29, 2015, Thursday
 European equities are set to open lower following last night’s FOMC statement. There was no chance in the language or their stance that they remain patient on raising rates but this sent US markets into a tail spin because for traders who are now addicted to accommodative monetary policy, even “patient” is deemed to be hawkish. With a host of central banks either cutting interest rates this year already or alluding to the possibility that they may in the face of slowing growth and deflation, it was hoped that there would have been a bit of loosening up in the Feds timeline.

Indian stock market daily morning report (January 29, 2015, Thursday)

January 29, 2015, Thursday
 Markets came off their record highs and the benchmark Sensex ended its eight day winning streak, amid a volatile trading session, as investors booked profits ahead of the expiry of January derivative contracts tomorrow and caution ahead of US Federal Reserve's annoucement later today. The 30-share Sensex lost 12 points to end at 29,559 after hitting a record high of 29,786 and the 50-share Nifty climbed 4 points to close at a record closing 8,914 for the sixth straight session after hitting a fresh record high of 8,985.

Malaysia stock market and companies daily report (January 29, 2015)

January 29, 2015, Thursday
 LPI Capital’s earnings shot up by 40.5 percent to RM283 million in FY14, as a result of a boost from its unit Lonpac Insurance (Lonpac). Press Metal will invest RM2 billion in the Phase 3 expansion of its aluminium smelter project to raise production capacity, which will bring its total investment in aluminium smelting facilities in Sarawak to RM5.5 billion. CIMB Equities Research said that UMW Oil & Gas Corporation (UMW O&G) is on the verge of a new phase of international expansion after building a solid presence in Southeast Asia, with a potential contract in the Middle East by year-end.

News

Global Outlook

Lies And Deception In Ukraine's Energy Sector

January 28, 2015, Wednesday
The Ukrainian government has repeatedly claimed it is doing its best to improve the oil and gas investment climate, but official statements are the opposite of the reality, as Prime Minister Arseniy Yatsenyuk is leading the great deception.

Random thoughts on a cruise to nowhere

January 28, 2015, Wednesday
We have lost our way as a people and a country when we ignore and/or fail to see the significance of history. King Abdullah and his father King Abdul Aziz al Saud were titans of the modern day middle east that so affected us all. I read about his death in the B section of the local paper after a story about our local nursing home under new management. God, Allah, Adonai ... please help us all.

Oil Prices Changing The Face Of Global Geopolitics

January 27, 2015, Tuesday
In a documentary that aired recently on the Canadian Broadcasting Corporation's popular The Fifth Estate program, an allegory of Vladimir Putin was presented. The wily Russian president was described growing up in a shabby St. Petersburg apartment, where he would often corner rats.

Tsunamis Most Often Come Without Warning

January 23, 2015, Friday
On Thursday, January 15th, the Swiss National Bank (SNB) discontinued its three year effort to maintain its minimum currency floor of the Swiss franc. In a single day the move sent the Swiss Franc (SWF) climbing a massive 21% against the U.S. dollar and 41% against the euro. The move sent shockwaves of unprecedented ferocity through the massive foreign exchange (FX) market, which is by far the largest, and most highly levered, trading market in the world.

Recommendations

South Indian Bank 3QFY2015 performance highlights and results update

January 27, 2015, Tuesday
South Indian Bank has reported a weak set of numbers for 3QFY2015. Its PAT for the quarter de-grew by 37.8% yoy, primarily on account of lower net interest income (NII) and higher provisioning. During 3QFY2015, the bank’s advances and deposits grew at a moderate pace of 9.2% and 8.5% yoy, respectively. Within advances, retail advances de-grew by 13.1% yoy. Gold loans, which form a part of retail advances, de-grew by 32.5% yoy, thus leading to a de-growth in retail advances.

Rallis India 3QFY2015 performance highlights and results update

January 27, 2015, Tuesday
Rallis India (Rallis) posted a disappointing set of numbers for 3QFY2015. On the top-line front, it reported a de-growth of 2.8% yoy to Rs.385cr. Sales were impacted by a lower kharif yield and lower prices of key crops. On the operating front, the company reported an EBITDA margin of 11.9% V/s 12.9% in 3QFY2014, a dip of 100bp yoy. This was inspite of the gross margin expanding by 588bps yoy for the quarter to 46.8%.