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Reports

European stock market, economy and companies update (March 30, 2015)

March 30, 2015, Monday
Talks between Greece and its creditors continue; could take some more days before a reform list emerges that both sides are happy with. Oil prices maintain soft tone as Iran and P5+1 world powers try to reach a deal that could add oil to the market if sanctions against Tehran are lifted. Japan Feb Prelim Industrial Production fell at its fastest pace since Jun and raises doubts about domestic demand (M/M: -3.4% vs -1.9%e). PBoC Gov Zhou says the central bank still has room to manoeuvre; Shanghai hit 7-year high at 3,786

Russian stock market daily morning report (March 30, 2015, Monday)

March 30, 2015, Monday
Fundamentally, the Russian exchange market looks seriously oversold, however, in terms of the neutral foreign background the technical factors might prevail. From the view point of the technical analysis, the domestic market is within a downside channel. Therefore, we do not exclude that further drop of the market early this week.

UK stock market morning note (March 30, 2015)

March 30, 2015, Monday
 The FTSE 100 is called to open higher this morning following the performances on Wall Street and in Asia overnight although Greece will continue to impact upon sentiment due to the ongoing talks over its debt situation. There is no major economic data due for release today for investors to focus upon in this shortened UK trading week. Commodity prices are mixed and on the foreign exchanges, the pound is weaker against the dollar and the euro.

Asian stock market, economy and companies update (March 30, 2015)

March 30, 2015, Monday
Asian indices are trading mixed, with Shanghai Composite leading the regional rally with new 7-year highs, while Australia struggles under the brunt of new lows in base metals. Over the weekend, PBoC Gov Zhou expressed some added concern over the risk of deflation, potentially paving the way to another easing move as soon as next month. Zhou also noted China may update laws on currency controls and that there is still room for more rate cuts.

UK stock market commentary (March 30, 2015): Yellen reminds us not to fight the Fed

March 30, 2015, Monday
 European equities are set gain on the open tracking gains in the US on Friday and overnight moves higher in Asia. Comments from Janet Yellen on Friday stating that any rate hikes this year would be gradual seems to have been taken as dovish and given support to the bulls. The cautious tone that she struck stating that there was no set path, completely dependant on the data, and the fact that she highlighted the risks of raising rates too quickly as greater than leaving them low for too long is also set to play in to the hands of the bulls this morning.

Indian stock market daily morning report (March 30, 2015, Monday)

March 30, 2015, Monday
 Markets ended flat, amid a volatile trading session, led by Infosys and a rebound in bank shares even as select index heavyweights capped upside gains. The 30-share Sensex ended up 1 point at 27,459 and the 50-share Nifty ended down 1 point at 8,341. Four IT stocks closed 0.11% to 6.65% up on BSE after global a global management consulting, technology services and outsourcing giant Accenture raised its full year revenue growth forecast for the second time in a year. MphasiS (up 0.92%), Hexaware Technologies (up 6.65%), Infosys (up 2.68%) and TCS (up 0.11%) gained.

News

Global Outlook

Driverless Cars Poised To Transform Automotive Industry

March 27, 2015, Friday
The newest Mercedes autonomous car looks like a car on the outside but like a lounge on the inside, with four swivel seats facing each other in a multimedia bubble of padded leather and walnut veneer. The F 015 'Luxury in Motion' concept car unveiled at the Consumer Electronics Show in Las Vegas earlier this year is completely self-driving but still has a steering wheel and brake if you want to swivel around and drive it manually.

Active vs. passive redux

March 25, 2015, Wednesday
Most of you know I spend my days gathering “thin reeds” and try to weave them into a favorable “investment bouquet.” As Yogi Berra said, “You can observe a lot by just watchin’!” To this point, about a month ago I wrote:

Give'em the Old Razzle Dazzle

March 24, 2015, Tuesday
Janet Yellen channels Billy Flynn? Last week the Fed Chairwoman treated us to a master class of rhetorical misdirection which produced some memorable examples of doublespeak, including the soon to be classic "Just because we removed the word 'patient' does not mean we're going to be 'impatient."' But perhaps more surprising than her new heights of verbal dexterity was the market's euphoria at being so blatantly manipulated. Never has the financial world enjoyed a lie so thoroughly.

Wall Street Losing Millions From Bad Energy Loans

March 24, 2015, Tuesday
Oil companies continue to get burned by low oil prices, but the pain is bleeding over into the financial industry. Major banks are suffering huge losses from both directly backing some struggling oil companies, but also from buying high-yield debt that is now going sour.

Recommendations

Goodyear India 4QCY2014 performance highlights and results update

March 2, 2015, Monday
For 4QCY2014, Goodyear India (GIL) reported a disappointing set of numbers. Its top-line for the quarter declined by 11.2% yoy to Rs.360cr, below our expectation of Rs.424cr. The raw material cost as a percentage of sales declined by 314bp yoy to 66.5% but employee and other expenses (both as a percentage of sales) increased by 210bp yoy and 231bp yoy to 8.5% and 16.6% respectively, negating the benefits of lower raw material cost.

Indian Railway Budget 2015-16

February 27, 2015, Friday
The Railway Budget for 2015-16 laid the foundation for a five year vision to transform the Indian Railways as a prime engine for propelling the Indian economy. It laid thrust on customer satisfaction, investment towards capacity building and modernisaion of infrastructure. The Railway Budget for the next fiscal emphasized on augmenting capacity through network expansion, expansion of freight handling capacity, setting up of Transport Logistics Corporation of India towards provision of end-to-end logistics solution, revision of policy for private freight terminals, harnessing PPP, and awarding 750 km of civil contracts and 1300km of system contracts on dedicated freight corridor