Best of the brokers for 03 September 2013 September 2, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com INMARSAT Morgan Stanley has upgraded the mobile satellite group from “equal weight” to “overweight’”with a rise in target from 740p to 820p. The broker thinks the market is being too cautious about the value of Inmarsat’s partnership with American firm LightSquared. FRESNILLO UBS [...]
London Report: Strong data and delay in moves on Syria lift FTSE September 2, 2013 BRITAIN’S top shares bounced back yesterday as a delay in potential US military action against Syria alongside robust economic data from China and the UK helped drive a broad-based equity market rally. The FTSE 100 ended up 93.26 points, or 1.5 per cent, at 6,506.19 points, its highest close since 14 August 14. The rally [...]
Europe Report: Factory stats boost Europe’s stock markets September 2, 2013 EUROPEAN shares surged yesterday in a broad-based rally after Chinese and European factory data showed the global economic recovery is on track. A batch of upbeat notes from top investment banks, including a UBS upgrade on continental European equities to “overweight” from “neutral”, also lifted the market mood. The FTSEurofirst 300 index of top European [...]
Germany still lacks a vision for Europe September 2, 2013 IT MAY be simplistic to claim that the German elections on 22 September will determine the future of Europe and the euro, but in many ways both are at the end of a very long road. What will Germany’s new coalition look like? Will we see a renewed mandate for the alliance between Angela Merkel’s [...]
DailyFX: Analyst picks September 2, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks I’ve started to tentatively look at long dollar-yen, now that the price has perked above the descending trendline from 22 May and 8 July highs. A weekly close above ¥98.80 [...]
Any Other Business – 03/09 September 2, 2013 A few corks, or bottle tops, will be popping at supermarket Asda over the news that the chain’s own-brand Extra Special Golden Ale (pictured) is all the rage in Japan. The bottled drink is the second-best-selling beer over all the 368 branches of Japanese supermarket chain Seivu, according to the Grocer magazine. In fact, it [...]
Bank’s cheap credit scheme cuts costs of state-backed banks as their net lending drops September 2, 2013 The Bank of England saw 18 participants in its Funding for Lending Scheme (FLS) take a total of £2bn in the second quarter (ending 30 June 2013). Total net lending was only £1.6bn in the same quarter. Many have accused the scheme of pumping up the housing market with easy credit, a total of £17.6bn [...]
UK manufacturing output and new orders rise at fastest pace since 1994 September 2, 2013 The UK's manufacturing outlook for output and new orders has hit a 1994 high, as output and new orders expand sharply, according to new data from Markit. While analysts had expected a jump from 54.8 (revised up from 54.6) to 55.0, the survey smashed expectations, rising to 57.2. That main index a two and a [...]
Eurozone manufacturing outlook at 26 month high September 2, 2013 The Eurozone manufacturing recovery continues, as data from Markit shows the currency bloc's purchasing managers' index rising from 50.3 to 51.4. A jump to just 51.3 was expected, but growth in Germany, the Netherlands, Italy, Austria and Ireland pushed the index higher. German manufacturing data shows strongest growth in two years French manufacturing output contraction [...]
German manufacturing data shows strongest growth in two years September 2, 2013 The German manufacturing sector has seen production expand at it fastest pace since June 2011. Markit's purchasing managers' index rose from 50.7 to 51.8, while economists had forecast a rise to 52.0. Nonetheless, a July 2011 high for the sector. New orders came in at 54.5, and output at 54.8, both strong numbers (any above [...]