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Reports

US stock market, economy and companies update (July 28, 2014)

July 28, 2014, Monday
 Participants appear to be positioning themselves conservatively ahead of the first reading of second-quarter GDP on Wednesday. Equity indices did well in Asia trading and were pretty flat in Europe ahead of the US open, but have tracked the decline in US stocks. The yield on the 10-year UST has come in and is not too far above its May low of 2.438%. As of writing, the DJIA is down 0.27%, the S&P500 is down 0.45% and the Nasdaq is down 0.53%.

European stock market, economy and companies update (July 28, 2014)

July 28, 2014, Monday
China markets surge over optimism that govt stimulus measures were supporting the economy. Ukraine continues to casts shadow on Europe; US intelligence claims that Russia was now directly involved in the conflict with Ukraine. ECB's Constancio (Portugal): June measures should address the problem of too low inflation in Europe and would assess the impact of situation.

Russian stock market daily morning report (July 28, 2014, Monday)

July 28, 2014, Monday
Risk of further expansion of the sanctions does preserve and the situation is up tight. We assume that the trend towards reduction of the Russian indices does not change this week. The big news of Monday is announcement of the decision arbitration court in Hague on Yukos case. The word is that the Dutch court admitted that Russia has violated the Energy Charter in Yukos case and has actually admitted expropriation of the oil company, having evaluated the loss at 50 bn USD. Decisions on expanding sanction might be made by EU.

Indian stock market daily morning report (July 28, 2014, Monday)

July 28, 2014, Monday
 Benchmark share indices ended their eight-day winning streak on profit taking after they hit fresh all-time highs in the previous session even as selective buying was seen in defensive pharma and FMCG shares. The 30-share Sensex ended down 145 points at 26,127 and the 50-share Nifty closed 40 points lower at 7,790. Four organised retailers fell by 1.24% to 4.97% on BSE on reports the government has not decided its stance to allow foreign direct investment in the retail sector.

Asian stock market, economy and companies update (July 28, 2014)

July 28, 2014, Monday
USD majors are largely unchanged despite the overall positive sentiment and a major rally in Shanghai. NZD/USD is the biggest mover with a loss of about 20pips below $0.8540, fresh 6-week lows. Economist's annual release of Big Mac index saw NOK overvalued by over 60%, EUR overvalued by 3%, JPY undervalued by 24% and RUB undervalued by 47%. Latest CFTC data also saw Euro net short positioning rising by over 40% to 20-month highs.

Indian stock market and companies daily report (July 28, 2014, Monday)

July 28, 2014, Monday
 Indian markets expected to open on flat note tracking SGX Nifty and most of the Asian markets. US market started under pressure remaining firmly negative till the end of the session. This was due to partly due to the negative reaction on the earnings, leads to profit booking by the traders. Additionally, the worries about the situation in Ukraine and New Ukrainian PM resignation also weighed on the markets on Friday.

News

Global Outlook

2014 Earnings Growth in Critical Care Zone

July 28, 2014, Monday
Economic doldrums are setting in as the stock market hits new highs. Fear is rising as measured by the VIX, a popular measure of the market's implied volatility. What fuels this is a tepid earnings reports season. With few signs of improvement in the overall 3% topline revenue growth rate this quarter, stock market valuations are stretching to their limits.

The Truth About China's Massive Gold Hoard

July 28, 2014, Monday
I don't want to say that mainstream analysts are stupid when it comes to China's gold habits, but I did look up how to say that word in Chinese... One report claims, for example, that gold demand in China is down because the yuan has fallen and made the metal more expensive in the country. Sounds reasonable, and it has a grain of truth to it. But, as you will see below, it completely misses the bigger picture, because it overlooks a major development with how the country now imports precious metals.

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.

Recommendations

Axis Bank 1QFY2015 performance highlights and results update

July 28, 2014, Monday
Axis Bank delivered a healthy performance for the quarter with earnings growth of 18.3% at Rs.1,667cr. Domestic NIM was 4.2% whereas overseas NIM was 1.6% resulted in overall NIM of 3.9% (flat qoq and yoy). Advances grew by 16.3% yoy driven by retail and SME segment, which resulted in 15.5% growth in NII. On the asset quality front, stressed asset addition (slippages and restructuring) was at Rs.1,106cr as against Rs.1,417cr in last quarter and Rs1367cr in 1QFY2014.

M&M Financial Services Q1FY15 results update

July 28, 2014, Monday
Mahindra & Mahindra Financial Services Ltd (MMFS) reported performance significantly below expectation on account of sharp rise in provisions. MMFS reported 19% YoY and 50.1% QoQ decline in PAT for Q1FY15. Margins declined led by higher slippages. Asset quality deteriorated resulting from delayed cash flows for farmers on account of poor rainfall.