Xstrata’s interim results came in a little ahead of Evolution Securities’ expectations, and it maintains its “add” rating on the mining group. It notes that the company’s focus was on its change of strategy and $14bn growth pipeline. Evo expects the key areas of growth to be in copper and nickel, although the company is also spending money in coal.

UBS gives Savills a “neutral” rating noting that the property group’s share price is up 22 per cent from its lows in late June. UBS believes there is upside risk in Savills from a potential recovery in the global real estate market but believes that the downside stems from the risk of a second half slowdown in Asia Pacific and the UK.

BMW’s surprisingly strong second quarter underlines Morgan Stanley’s confidence in peak earnings per share potential of €7 by 2013. While some factors supporting second quarter margins will fade, a raft of supporting factors should more than compensate, it says. Morgan Stanley gives the luxury car group an “overweight” rating.