Citi cuts its year-end forecast for India’s stock exchange nearly ten per cent August 20, 2013 Source: Yahoo Citi Bank has cut its year-end forecast for India’s Sensex stock exchange by nearly ten per cent, to 18,900 from 20,800. The index currently stands at around 18,297. Citi downgraded Indian banks to neutral, but upgraded pharma, telecom, energy and IT sectors to "overweight". JP Morgan has also downgraded Indian shares to "neutral" [...]
BHP optimistic for the longer term outlook as profits fall August 20, 2013 Mining giant BHP Billiton has reported a 15 per cent fall in profit and a 30 per cent fall in earnings per share for the first half of the year (release). Earnings per share fell to 204.4 cents (130.6p) from 289.6 cents – less than half the 429.1 cents reported in 2011. In the face [...]
Daily FX: Analyst picks August 19, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long dollar-yen, short euro-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Last week I was beginning to look at the dollar long against the euro and yen, but neither trade got off the ground. Now, attention turns to the [...]
What the other papers say this morning – 19 August 2013 August 18, 2013 FINANCIAL TIMES House of Fraser eyes London listing House of Fraser, the British department store chain, has considered a return to the public markets to help simplify its ownership structure. The group is mulling a listing in London, although this is being considered alongside other options to allow shareholders to exit the group, said one [...]
L’Oreal targets Chinese skincare market with £540m acquisition August 16, 2013 Paris-based beauty company L’Oreal has offered to buy Chinese facial mask maker Magic Holdings International for HK$6.54bn (£540m). L’Oreal is hoping its HK$6.30 per share offer will allow it to take advantage the Chinese company’s leading market share of the fastest growing sector in China’s $15bn skincare market. The facial mask market is projected to [...]
Everbright investigating trading error related to Shanghai spike August 16, 2013 Major Chinese brokerage firm China Everbright Securities suspended its trading in domestic A shares yesterday after a trading error potentially resulted in a sudden spike on the Shanghai Composite Index. Rumours are circulating that the issue derived from an Everbright broker mistakenly switching a mock trading session into a live one. Everbright lost over eight [...]
Before the open – 16/08 August 16, 2013 The Shanghai Composite Index posted the biggest intraday jump since March 2009 and volumes 76 per cent higher than the 30-day average, despite no news of note. Chinese officials are looking into what happened, with some traders speculating it could be government intervention to support the markets or a trading error. The bourse said it [...]
Earnings up at China Mobile August 15, 2013 China Mobile, the world’s biggest mobile carrier by subscribers, posted a two per cent rise in second-quarter net profit yesterday, roughly in line with market expectations, buoyed by an increase in 3G subscribers. China Mobile’s net profit for the April-June quarter came in at 35.2bn yuan (£3.7bn). China Mobile, the only Chinese carrier that does [...]
China to launch a new pharmaceutical probe August 14, 2013 CHINA is intensifying its investigation into bribery in the pharmaceutical and medical services sector with a fresh three-month probe slated to begin today, the official Xinhua news agency reported. The probe by the State Administration for Industry and Commerce (SAIC), one of China’s anti-trust regulators, is aimed at stamping out bribery, fraud and other anti-competitive [...]
Bottom Line: Australia slowdown not a bust August 13, 2013 SUCH is the FTSE’s reliance on mining and commodities stocks that closely watched data from the sector – be it a slowdown in the Chinese economy or a lift in factory output – can make or break a day’s trading. But as Michael Page proved yesterday, the knock-on effects go even further. The white-collar [...]