|EPIC CODE||ASK PRICE||CHANGE|
AG Barr: Investec cuts target price from 591p to 581p, while upgrading from add to buy. Canaccord Genuity upgrades to buy with its target price at 570p.9 days ago
Afren: Goldman Sachs shifts target price from 224p to 221p keeping a buy recommendation.2 weeks ago
Inter-dealer brokers Tullett Prebon and ICAP surged on Thursday afternoon after UBS upgraded both stocks from 'sell' to 'neutral' following their recent underperformance.3 weeks ago
AMEC: Morgan Stanley reduces target price from 1220p to 1100p and retains an underweight rating.3 weeks ago
Icap is fighting to restructure and survive. Hence the very positive market reaction on Tuesday when it announced that it would beat its target for cost savings. Far more important even, traders breathed a sigh of relief that it did not cut its dividend payment. Nevertheless, a 12 per cent revenue decline alongside pre-tax profits off by 20 per cent at 284m pounds shows how difficult it is to align costs with declining markets. In addition, there are pending regulatory changes the impact of which, positive or negative, is hard to discern. Icap has been dragged into the Libor scandal, and if found guilty, could face a fine of up to 25m dollars. "The yield of 6.5 per cent may look attractive, but, given the uncertainties, I would be in no mood to chase," The Times´s Tempus says.5 weeks ago
This morning there has been a sharp fall in equity prices with the FTSE 100 falling below 6200 at the time of writing.
The sell-off has been brutal and the market reaction to Bernanke’s comments last night with regards to the end of tapering sending shudders through the markets. The reaction seems overdone as what he said was as expected but the markets always over-shoot.
‘[We are] letting up a bit on the gas pedal… not beginning to apply the brakes.’ - Chairman Ben Bernanke, Fed press conference, 19 June 2013.
He might not be applying the brakes to QE, but he has certainly caused investors to swerve dramatically away from risk.
With Indian growth slowing, the currency has been hit hard. But while this benefits some parts of the economy, the impact of the US Fed decisions and upcoming Indian elections means there could be lots more different pressures on the rupee in the medium-term future.
The weakness in the rupee in 2013 has been astounding. The severity of the fall in the last few weeks has caught many by surprise with the rupee falling from the low 80s against sterling (INR/GBP) to the current level of 91.70 (on 18 June 2013), and the low 50s against the US dollar (INR/USD) to 58.60 at the time I write this.
Falkland Islands Holdings (FKL) provides investors with a lower risk exposure to the potential development of oil and gas prospects in the Falkland Islands. However, the return on the investment is unlikely to be seen until 2015 at the earliest.
Last year, FTSE 250 company Premier Oil acquired a 60% stake in the Sea Lion prospect discovered by Rockhopper.
From a purchasing power point of view, sterling above 1.50 USD seems difficult to justify and with Mark Carney taking the reins at the Bank of England from July we may already have seen sterling's 2013 year high. Carney has been a strong advocate of more quantitative easing (QE) in the UK, which would drive sterling sharply lower.
Sterling’s sharp rise against the US dollar has caught many by surprise, the currency has recovered from 1.51 USD in May to the current 1.57 USD level. However, the 1.57 level is proving difficult to cross and we won’t be surprised if the USD now begins to regain some ground and take the GBP back to below 1.55 USD over the next couple of weeks.
Daily global markets overview with the overnight activity and what can be expected in the markets today. Information straight from the traders’ desks. Insights on commodities, equities, stocks and forex currencies.