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Hochtief, largest contributor to value, up 11%
Two positives today. First Leighton had good numbers today and reporting lower than expected debt, stock +12%. Second, President Obama’s pledge to $50bn to infrastructure (think roads, bridges and the...
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OECD forward indicators point to improving Europe
Further to our commentary as to an improving context for European growth, we note the OECD released its country specific composite leading indicators (CLIs) last monday. We are yet to see much...
View ArticleEurope remains our favoured Global exposure
Europe remains our favoured Global exposure because it is cheap, under-owned and where the fastest rate of change in terms of Economic growth seems to be happening. For this reason we suggest you look...
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Improvement in Europe few seem to believe
In what is perhaps the clearest signal yet of the market’s ignorance towards change in Europe, watch this interview between CNBC’s Maria Bartiromo and the co-CEO of SAP: Listen from 2:20 onwards… In it...
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The Change at the ECB: forward guidance
The ECB has made an unprecedented step and joined other central banks in providing forward guidance by Draghi saying he “expects the key ECB interest rates to remain at present or LOWER levels for an...
View ArticleImproving Europe: make that 21
We now count 21 corporates talking about an improvement in European trading. The latest is Marks and Spencer which follow WD40s (lubricants) and GE, yesterday. While it is too early to talk of...
View ArticleBond Like Equities
Whereas the logic for this ‘great rotation’ holds merit in the US, and perhaps the UK, Europe by contrast is a very different beast. Solvency regulations of European Insurance companies forces them to...
View ArticleTempleton Screen
Some of the names that we would consider include: ACS, Aviva, AXA, BAE Systems, BHP Billiton, BNP, BP, Continental, Delta Lloyd, Deutsche Bank, ING, Lanxess, Lufthansa, Michelin, Munich Re, Rio Tinto,...
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Another slant on value
Whilst it feels a little too early in the year to be considering locking in one’s profits and neutralizing the portfolio, the fact the backdrop for equities has become a lot more uncertain in the past...
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The European PMI has broken up above 50 for the first time since October 2009
The best PMI reading for one-and-a-half years provides encouraging evidence the euro area could pull out of its recession in the third quarter. The revival is being led by a broad-based upturn in...
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