Global fertiliser prices forecast to plunge as Russian potash cartel breaks down July 30, 2013 The break-up of a Russian potash cartel could spark a global price war among fertiliser producers, its chief executive has said. Uralkali pulled out of the Belarus Potash Corporation (BPC) after accusing its partner Belaruskali – which controls around 47 per cent of the global potash market – of selling fertiliser outside of the marketing [...]
Before the open – 30/07 July 30, 2013 Asian stocks were buoyed last night after the Chinese central bank gave the markets a liquidity shot for the first time since February and the dollar index recovered from a five week low. Early losses in the Hang Seng and Shanghai Composite were quickly erased, while a weaker yen and a small (but less than [...]
Daily FX: Analyst picks July 29, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Closed long Aussie-yen. Short Aussie-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks The bearish bias on the Aussie has been revived, and there are two main reasons to look short early this week: Chinese data has worsened since second [...]
Before the open – 29/07 – Asian stocks down, FTSE seen opening higher July 29, 2013 Asian stocks traded lower last night as weak Chinese manufacturing data heightened fears of a hard landing and investors showed caution ahead of the US Federal Open Market Committee (FOMC) policy statement later this week. The Nikkei fell below the 14,000 mark for the first time in nearly a month as the yen strengthened against [...]
Bottom Line: Ad giants at watchdogs’ mercy July 28, 2013 RIVAL boss of ad firm Havas David Jones took to Twitter when he heard rumours of the Omnicom-Publicis deal, scoffing “oh wow just saw a flying pig”. It turns out it was no pig, it was a well-camouflaged POG: Publicis Omnicom Group, six months in the planning yet still a bolt from the blue. [...]
Wells Fargo takes title as world’s biggest bank by market value July 24, 2013 AMERICAN lender Wells Fargo has overtaken China’s ICBC as the world’s largest lender by market capitalisation, as growth in the US runs up against worries of a slowdown in the world’s second largest economy. Wells Fargo is now worth around $237bn (£154.9bn), above ICBC’s $225bn, according to Financial News. The Chinese lender has been the [...]
GlaxoSmithKline reports solid second quarter results but warns over impact of bribery scandal July 24, 2013 The pharmaceutical company at the centre of a Chinese bribery investigation GlaxoSmithKline (GSK) has reported a second quarter net profit of £1.05bn, and an expected four per cent rise in core earnings per share to 26.3p (release). Total group turnover in the second quarter was up two per cent to £6.6bn, while it remained flat [...]
Tate & Lyle expect another year of profitable growth after a slow start in US July 24, 2013 British agribusiness Tate & Lyle says its outlook for 2013 has remained unchanged as adjusted operating profit in the period 1 April to 30 June 2013 was reported in line with expectations (release). As expected, a cold spring and slow start to summer in the US impacted negatively on sales volumes in its beverage sector, [...]
Before the open – 24/07 July 24, 2013 We're expecting a muted start to European markets after China saw some grim manufacturing data overnight. HSBC's manufacturing PMI saw 11-month lows, at just 47.7, implying that the contraction in the sector is accelerating. $FTSE flat on open despite weaker Chinese Manufacturing Data. UK – ARM 2Q rev sales in line. $BLND IMS, $KGF lfl [...]
Diageo takes controlling stake in baiju-maker Shuijingfang July 23, 2013 DIAGEO has been given the go-ahead by Chinese authorities to take full control of the company that owns Shuijingfang, the white spirits producer, as it looks to expand its presence in the Asian market. The world’s largest drinks company said yesterday that it has bought the remaining 47 per cent stake it does not already [...]