ThyssenKrupp (aviate RB): the one clue from Voestalpine
The one take-away from VOE's call yesterday was they reiterated they are moving away from being a classical steel company to being a steel-based technology and capital goods group. We believe TKA will...
View ArticleThyssenKrupp (cont)
There are many moving parts to the story, but the most important one short term is progress on the sale of Steel Americas. Not just because it has been a long time coming, but it’s a major driver of...
View Article2nd derivative improvements in Europe (Cont.)
Juniper provided upbeat commentary yesterday, against low expectations, and we picked up on specific commentary with regard Europe; “signs of European service providers starting to pick up where 2...
View ArticleEurope second derivative improvements. More corporate anecdotes
Last week we had Ciena and Juniper talk of unexpected momentum (Ciena) and trends being above historical patterns (Juniper), bringing to 13 the number of companies we have picked up that are witnessing...
View ArticleClues from Europe: further signs of stabilization
Today 3M was the latest to talk of stabilization in Europe, bringing to 13 the number of companies we have picked up that are witnessing improvements in the region. In most instances the change has...
View ArticleThe flip-side is Europe
As discussed last week, it is an odd world when Europe looks the most certain in terms of risks/growth. Sure, it may not be growing, at all, but the rate of change relative to its investment exposure...
View ArticleBRAMBLES (BXB AU): Leverage to US growth and improvement in Europe
We now count 14 companies sounding out improvements in Europe. The latest being $76bn company 3M with the CEO sounding out stabilization in Europe. The others? Juniper, Ciena, Honeywell, Infineon,...
View ArticleFrom a global perspective, Europe is fast becoming investable
It has been often observed that whenever the US economy is doing well, investors should buy something other than the S&P, such as Europe. As Hartnett reminds us today, Europe tends to outperform...
View ArticleWhen history is no guide
We have spent the past two days reviewing/reading about what happens (or has happened historically) when yields rise, the Fed starts tightening and rates normalise etc. Sadly and frustratingly the...
View ArticleStrategy reminder
We have spent the past two days reviewing/reading about what happens (or has happened historically) when yields rise, the Fed starts tightening and rates normalise etc. Sadly and frustratingly the...
View ArticleStocks are not the market and the market is not the economy
Perceptions, especially in the US, of Europe being a perpetual disaster, are still very much alive. If you don’t believe this then listen to the Maria Bartiromo/Bill McDermott (co-CEO of SAP) interview...
View ArticleChange at the ECB and tactical considerations
Having re-read the BIS statement, and then listened to Carney and Draghi yesterday it now seems quite clear Central Banks, least those of America, Europe and the UK are colluding to steepen their...
View Article“Growth of permanent UK staff placements accelerated markedly in June”
Growth of permanent staff placements accelerated markedly in June, reaching the fastest rate for over two years (The Recruitment and Employment Confederation). Similarly, temporary/contract staff...
View ArticleMake that 19 and counting
We now count 19 companies that are talking up Europe. GE’s CEO Immelt has just said Europe’s economy is “rounding the corner” The opportunity = most Americans, least those who watch CNBC seem quite...
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 ArticleFix UK Housing, fix a lot of things
More evidence of the recovery in the UK Housing market, this time from the RICS survey where a net 21% of surveyors reported prices rising, with a net 23% expecting these price rises to continue. In a...
View ArticleMore evidence of UK recovery: CFOs are planning for GROWTH
The second quarter Deloitte Survey of UK Chief Financial Officers is published this morning and the findings are very positive. 135 CFOs, including 37 at FTSE100 companies, took part in the survey....
View ArticleDanaher raised guidance yesterday. Who?
Danaher (DHR) raised guidance yesterday, the stock rallied 3% to all-time highs. It is a $46bn company few in Europe seem to have heard of, and yet their biggest customer is Siemens (5% of sales). Is...
View ArticleBernanke wants a steeper curve. So do Draghi and Carney
In saying the FED won’t raise short-term rates for ‘some time after the unemployment rate hits 6.5%’ he is anchoring the short-end of the curve. By being ambivalent, contradictory and otherwise utterly...
View Article
More Pages to Explore .....