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Reports

US stock market, economy and companies update (November 24, 2014)

November 24, 2014, Monday
 The slightly better-than-expected November German IFO survey buoyed sentiment this morning, although European indices are well off their highs. The S&P500 saw good gains before and just after the open of cash trading, led higher by financial stocks. As of writing the DJIA is flat, the S&P500 is up 0.15% and the Nasdaq is up 0.57%.

Asian stock market, economy and companies update (November 24, 2014)

November 24, 2014, Monday
Asia equity markets generally traded higher today, after China central bank PBoC cut interest rates over the weekend. Australian miners performed well, including BHP Billiton moved higher by 3.8%, Rio Tinto higher by 3.6%, and Fortescue Metals higher by 9.5%. Shanghai Composite ended morning session at fresh 3-year high. China brokers, insurers, as well as property developers also traded sharply higher on central bank's move.

European stock market, economy and companies update (November 24, 2014)

November 24, 2014, Monday
Low-liquidity conditions and dearth of data kept FX markets subdued. The EUR/USD hovered near the 1.24 level in quiet trading on Monday after German IFO Business Climate Survey registered its 1st MoM improvement in 7 months. Peripheral and other European yields continued to hit record lows. Spanish 10-year gov't yield below 2.00% level in early European trading for record lows. Italy, Austria and France all saw their respective 10-year yield hits record lows in the session

Russian stock market daily morning report (November 24, 2014, Monday)

November 24, 2014, Monday
Monday morning major indices of Asian region are winning back the Friday news, following Europe and US. The oil quotes have corrected a bit, but still stand above 80 USD per barrel, which might be supportive for the Russian exchange market in the morning.

UK stock market morning note (November 24, 2014)

November 24, 2014, Monday
 The FTSE 100 is called to open flat this morning as we start the new trading week following the comments by the ECB President Mario Draghi and the unexpected rate cut by China both on Friday which buoyed equity markets and has continued in Asia overnight except in Japan where it is a public holiday. There is no major economic data of note due for release today. Commodity prices are weaker and on the foreign exchanges, the dollar is lower against the pound, euro and yen.

UK stock market commentary (November 24, 2014): Central Bank efforts faded already

November 24, 2014, Monday
 European equities are set to start flat, already fully digesting Friday’s central bank euphoria. A surprise rate cut from the PBoC and a big hint from Mario Draghi that outright sovereign bond purchases are getting closer sent equities soaring on Friday. However, the dovish news wasn’t enough to keep the rally going in the US session, and although the major US indices notched up yet more gains, they closed well off their session highs.

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

Abbott India 2QFY2015 performance highlights and results update

November 24, 2014, Monday
For 2QFY2015, Abbott India (AIL) reported a good set of results. Its top-line grew by 28.9% yoy to Rs.589cr. Although the raw material cost as a percentage of sales increased marginally by 47bp yoy to 58%, the employee and other expenses as a percentage of sales declined by 49bp yoy and 59bp yoy to 12.9% and 14.1% respectively. As a result, the EBITDA margin witnessed a slight improvement of 61bp yoy to 14.9%.

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.