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Reports

European stock market, economy and companies update (September 18, 2014)

September 18, 2014, Thursday
US dollar pares some of its gains vs European majors after trading higher directly following the Fed commentary; JPY broadly weaker. GBP volatile as voting beings for Scottish referendum. Core European bonds open lower, tracking Treasuries, amid focus on Fed's rate path and exit strategy. Spain and France sell debt at record low yields. Italy Debt Chief suggested that low yields are not sustainable for investors in the long term

Russian stock market daily morning report (September 18, 2014, Thursday)

September 18, 2014, Thursday
Today the markets will be driven by the Fed session results. As expected earlier, the buyback program has been cut by 10 bn USD from 25 to 15 bn USD per month. The statement also says that a decision of total cancellation of buyback might be made in course of the next session. At the meantime, re-investing of assets might be continued up to the moment of launching rates upping.

UK stock market morning note (September 18, 2014)

September 18, 2014, Thursday
 The FTSE 100 is called to open slightly higher this morning but investor attention will be focusing on the Scottish independence referendum vote given that the latest polls are still showing it is too close to call the outcome. The economic diary today also sees the release of domestic retail sales data, the CBI industrial order expectations survey, the latest US weekly jobless claims, building permits and Philly Fed manufacturing index together with a speech from the US Federal Reserve Chair, Janet Yellen.

Asian stock market, economy and companies update (September 18, 2014)

September 18, 2014, Thursday
China property sector figures took another turn for the worse. Aug new home prices m/m declined in 68 cities (record high) of 70 vs 64 prior. M/M decline of -1.1% was also 4th consecutive decline, while y/y growth slowed sharply to just 0.5% from 2.5% prior. Also of note out of China, PBoC offered yield in its CNY10B open market operations was set at 3.5% - down from 3.7% and widely interpreted as another sign of an easing bias. Shanghai Composite reversed its initial slide to trade higher by 0.5% once the repo rate offer yield was announced.

Indian stock market daily morning report (September 18, 2014, Thursday)

September 18, 2014, Thursday
 Benchmark share indices ended higher on Wednesday, snapping two-day losses, after China announced fresh monetary stimulus and hopes that US Fed, which ends its two-day policy meet soon, may continue with its low interest rate regime for a considerable time. The 30-share Sensex gained 139 points to end at 26,631 and the 50-share Nifty climbed 43 points to close at 7,975.

UK stock market commentary (September 18, 2014): All eyes on the Scots

September 18, 2014, Thursday
 European equities are set to take their cue from the US markets and open higher. After an initial spasm, US equities finished in the green as Yellen kept the “considerable time” phrase in the FOMC statement and European equities are set to adjust for this before hunkering down and seeing how the Scottish Independence vote pans out. However, despite the jubilant reaction from equities traders, currency, commodity and bond traders took the whole statement as hawkish and subsequently sold commodities, sold bonds and bought dollars.

News

Global Outlook

A New Fed Playbook for the New Normal

September 17, 2014, Wednesday
While many economists and market watchers have failed to notice, we have entered a new chapter in the short and checkered history of central banking. This paradigm shift, as yet unaddressed in the textbooks, changes the basic policy tools that have traditionally defined the sphere of macroeconomic decision-making.

Are Government Bonds Really ‘Safe’?

September 17, 2014, Wednesday
One of the striking ironies of our modern economy is that government bonds are considered safe-haven investments, while gold is a “barbarous relic” to be avoided at all costs. Since the 2008 financial collapse, the bond market has been on a tear, thanks to the Federal Reserve’s endless interest rate suppression. This has only served to reinforce the traditional notion that government bonds are “safe.”

Then and Now

September 16, 2014, Tuesday
At a meeting the other day, I was introduced as “a formerly notorious short seller.” A friend asked, “Whatever happened to the old Shad? You never seem to have anything mean to say anymore?” ... Could it have something to do with interest rates? In our short selling days in the 1980’s, we looked for poorly managed companies that burned cash, faced brutal competition, and engaged in dubious accounting.

The Global Forest Industry in the 2Q/2014

September 16, 2014, Tuesday
Sawlog prices moved up in North America, Eastern Europe and Latin America, while falling in Western Europe. Both the softwood and hardwood pulpwood prices were generally higher than in the 1Q/14 in the 20 countries tracked by the WRQ. The price discrepancy continues to widen between NBSK pulp and BHKP pulp. Lumber production fell in the US and Canada.

Recommendations

Shemaroo Entertainment IPO note

September 16, 2014, Tuesday
Shemaroo Entertainment Ltd (SEL) is an integrated media content house in India with activities across content acquisition, value addition to content and content distribution. Its content Library consists of more than 2,900 titles including 700+ of “perpetual rights”. “Perpetual Rights”, allows the company to distribute content worldwide for a perpetual period across all mediums.

Relaxo Footwears 1QFY2015 performance highlights and results update

September 16, 2014, Tuesday
Relaxo Footwears (Relaxo), predominantly a low value mass-product (‘Hawaii’) company, has over the years gained a respectable market share in the mid-market segment by successfully establishing specialized high-value products like 'Flite' and 'Sparx'.