Global Fund Manager Survey - Cash says “buy”
European Fund Manager Survey - Biggest drop in European earnings outlook
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Henkel KGaA Exec: Russia growth did not slow in H1, but expects slowing in H2
- Q3 to remain challenging in terms of fx impact.
(UR) Ukraine Foreign Ministry Ambassador: Russian aid convoy on its way to eastern Ukraine meets the criteria required by the Ukraine govt - press
BFW 08/12 06:04 *LUNDIN PETROLEUM BUYS 35% INTEREST IN PL674 OFFSHORE NORWAY
BN 08/12 06:01 *LUNDIN BUYS 15% PL674 INTEREST FROM PETROLIA, 20% FROM E.ON
BN 08/12 06:01 *LUNDIN PETROLEUM BUYS 35% INTEREST IN PL674 OFF NORWAY
BN 08/12 06:00 *LUNDIN PETROLEUM BUYS INTEREST IN PL674, OFFSHORE NORWAY
BN 08/12 06:01 *LUNDIN BUYS 15% PL674 INTEREST FROM PETROLIA, 20% FROM E.ON
BN 08/12 06:01 *LUNDIN PETROLEUM BUYS 35% INTEREST IN PL674 OFF NORWAY
BN 08/12 06:00 *LUNDIN PETROLEUM BUYS INTEREST IN PL674, OFFSHORE NORWAY
Lundin Petroleum acquires interest in PL674, offshore Norway
2014-08-12 06:00:25.430 GMT
Lundin Petroleum acquires interest in PL674, offshore Norway
Lundin Petroleum AB
Company Announcement
Lundin Petroleum acquires interest in PL674, offshore Norway
Stockholm, 2014-08-12 08:00 CEST (GLOBE NEWSWIRE) --
Lundin Petroleum AB (Lundin Petroleum) through its wholly owned subsidiary
Lundin Norway AS (Lundin Norway) is pleased to announce that it has entered
into agreements to acquire a 35 percent interest in PL674. Lundin Norway will
acquire a 15 percent interest in PL674 from Petrolia Norway AS and a 20 percent
interest of a carve out area of PL674 from E.ON. The effective date for both
transactions is 1 January 2014.
PL674 is located east of PL501/265 where the Johan Sverdrup field is located,
and covers an area of 1,027 square kilometres. E.ON is currently the operator
of PL674 with a 50 percent interest and Petrolia Norway AS holds the remaining
50 percent interest.
These transactions remain subject to Norwegian government approval.
Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets
primarily located in Europe and South East Asia. The Company is listed at the
NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX)
(Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 194
million barrels of oil equivalent (MMboe).
For further information, please contact:
Maria Hamilton Teitur Poulsen
Head of Corporate Communications VP Corporate Planning & Investor Relations
E-mail: maria.hamilton@lundin.ch Tel: + 41 22 595 10 00
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
This information has been made public in accordance with the Securities Market
Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).
Forward-Looking Statements
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable securities
legislation). Such statements and information (together, "forward-looking
statements") relate to future events, including the Company's future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to estimates of
reserves and/or resources, future production levels, future capital
expenditures and their allocation to exploration and development activities,
future drilling and other exploration and development activities. Ultimate
recovery of reserves or resources are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
relied upon. These statements speak only as on the date of the information and
the Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, operational risks (including exploration and development risks),
productions costs, availability of drilling equipment, reliance on key
personnel, reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail under the
heading "Risks and Risk Management" and elsewhere in the Company's annual
report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward-looking
statements are expressly qualified by this cautionary statement.
Reserves and Resources
Unless otherwise stated, Lundin Petroleum's reserve and resource estimates are
as at 31 December 2013, and have been prepared and audited in accordance with
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE
Handbook")."). Unless otherwise stated, all reserves estimates contained herein
are the aggregate of "Proved Reserves" and "Probable Reserves", together also
known as "2P Reserves". For further information on reserve and resource
classifications, see "Reserves, Resources and Production" in the Company's
annual report.
Contingent Resources
Contingent Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from known accumulations using established
technology or technology under development, but are not currently considered to
be commercially recoverable due to one or more contingencies. Contingencies may
include factors such as economic, legal, environmental, political and
regulatory matters or a lack of markets. There is no certainty that it will be
commercially viable for the Company to produce any portion of the Contingent
Resources.Unless otherwise stated, all contingent resource estimates contained
herein are the best estimate (“2C”) contingent resources.
Prospective Resources
Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both a
chance of discovery and a chance of development. There is no certainty that
any portion of the Prospective Resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to produce any
portion of the Prospective Resources. Unless otherwise stated, all Prospective
Resource estimates contained herein are reflecting a P50 Prospective Resource
estimate. Risked Prospective Resources reported herein are partially risked.
They have been risked for chance of discovery, but have not been risked for
chance of development.
BOEs
BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=620079&messageId=769009
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=482787-0- Aug/12/2014 06:00 GMT
2014-08-12 06:00:25.430 GMT
Lundin Petroleum acquires interest in PL674, offshore Norway
Lundin Petroleum AB
Company Announcement
Lundin Petroleum acquires interest in PL674, offshore Norway
Stockholm, 2014-08-12 08:00 CEST (GLOBE NEWSWIRE) --
Lundin Petroleum AB (Lundin Petroleum) through its wholly owned subsidiary
Lundin Norway AS (Lundin Norway) is pleased to announce that it has entered
into agreements to acquire a 35 percent interest in PL674. Lundin Norway will
acquire a 15 percent interest in PL674 from Petrolia Norway AS and a 20 percent
interest of a carve out area of PL674 from E.ON. The effective date for both
transactions is 1 January 2014.
PL674 is located east of PL501/265 where the Johan Sverdrup field is located,
and covers an area of 1,027 square kilometres. E.ON is currently the operator
of PL674 with a 50 percent interest and Petrolia Norway AS holds the remaining
50 percent interest.
These transactions remain subject to Norwegian government approval.
Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets
primarily located in Europe and South East Asia. The Company is listed at the
NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX)
(Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 194
million barrels of oil equivalent (MMboe).
For further information, please contact:
Maria Hamilton Teitur Poulsen
Head of Corporate Communications VP Corporate Planning & Investor Relations
E-mail: maria.hamilton@lundin.ch Tel: + 41 22 595 10 00
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
This information has been made public in accordance with the Securities Market
Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).
Forward-Looking Statements
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable securities
legislation). Such statements and information (together, "forward-looking
statements") relate to future events, including the Company's future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to estimates of
reserves and/or resources, future production levels, future capital
expenditures and their allocation to exploration and development activities,
future drilling and other exploration and development activities. Ultimate
recovery of reserves or resources are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
relied upon. These statements speak only as on the date of the information and
the Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, operational risks (including exploration and development risks),
productions costs, availability of drilling equipment, reliance on key
personnel, reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail under the
heading "Risks and Risk Management" and elsewhere in the Company's annual
report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward-looking
statements are expressly qualified by this cautionary statement.
Reserves and Resources
Unless otherwise stated, Lundin Petroleum's reserve and resource estimates are
as at 31 December 2013, and have been prepared and audited in accordance with
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE
Handbook")."). Unless otherwise stated, all reserves estimates contained herein
are the aggregate of "Proved Reserves" and "Probable Reserves", together also
known as "2P Reserves". For further information on reserve and resource
classifications, see "Reserves, Resources and Production" in the Company's
annual report.
Contingent Resources
Contingent Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from known accumulations using established
technology or technology under development, but are not currently considered to
be commercially recoverable due to one or more contingencies. Contingencies may
include factors such as economic, legal, environmental, political and
regulatory matters or a lack of markets. There is no certainty that it will be
commercially viable for the Company to produce any portion of the Contingent
Resources.Unless otherwise stated, all contingent resource estimates contained
herein are the best estimate (“2C”) contingent resources.
Prospective Resources
Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both a
chance of discovery and a chance of development. There is no certainty that
any portion of the Prospective Resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to produce any
portion of the Prospective Resources. Unless otherwise stated, all Prospective
Resource estimates contained herein are reflecting a P50 Prospective Resource
estimate. Risked Prospective Resources reported herein are partially risked.
They have been risked for chance of discovery, but have not been risked for
chance of development.
BOEs
BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=620079&messageId=769009
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=482787-0- Aug/12/2014 06:00 GMT
>>> Up
*AMADEUS IT ADDED TO CONVICTION BUY LIST AT GOLDMAN
*C.A.T. OIL RAISED TO BUY VS NEUTRAL AT BOFAML
*FERRAGAMO RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*LUFTHANSA RAISED TO BUY VS HOLD AT EQUINET
*MEDIASET RAISED TO OVERWEIGHT VS UNDERWEIGHT AT HSBC
*NATIXIS RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*R. STAHL RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*RSA INSURANCE RAISED TO NEUTRAL VS UNDERPERFORM: CREDIT SUISSE
*TAURON RAISED TO OVERWEIGHT AT JPMORGAN
>>> Down
*DRILLISCH REMOVED FROM LARGE-CAP ALPHA LIST AT BANKHAUS LAMPE
*FLUIDRA CUT TO UNDERPERFORM VS OUTPERFORM AT EXANE
*HALKBANK CUT TO NEUTRAL VS BUY AT UBS
*MANZ REMOVED FROM SMALL-CAP ALPHA LIST AT BANKHAUS LAMPE
*SIPEF CUT TO HOLD FROM BUY AT ING; PT CUT TO EU61 FROM EU75
*TOD’S CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
>>> PT Change
*MOTHERCARE REINSTATED OVERWEIGHT AT JPMORGAN, PT 267P
>>> Call
*AMADEUS IT ADDED TO CONVICTION BUY LIST AT GOLDMAN
*GERRY WEBER ENTERS LARGE-CAP ALPHA LIST AT BANKHAUS LAMPE
*HARGREAVES LANSDOWN RATED NEW SELL AT UBS, PT 850P
*ZOOPLA RATED NEW BUY AT NOMURA; PT 350P
US MArket close, improvment of geopolitical outlook, a ceasefire was agreed upon in Gaza on Sunday, while pro-Russian separatists in east Ukraine also asked for a pause in fighting., clear sector leadership as the consumer staples sector (+0.8%) ended in the lead, while other countercyclical groups underperformed. Meanwhile on the cyclical side, consumer discretionary (+0.4%) and technology (+0.6%) outperformed, while energy (-0.2%) and financials (+0.2%) lagged throughout the session, Sysco (SYY 37.44, +1.17), which rallied 3.2% in reaction to in-line earnings. Peer Dean Foods (DF 15.20, -0.61) was not as fortunate, falling 3.9% in reaction to a bottom-line miss and cautious guidance for the third quarter. In addition, the company withdrew its full-year guidance due to a volatile dairy commodity environment, countercyclical sectors, the utilities space (-0.4%) widened its third-quarter loss to 7.0%, while health care (unch) lagged throughout the session, volume were light @ 585mil shares. VIX @ 14,23 -9,76%...In Asia, Australia dominated economic calendar ahead of more notable releases of Japan
GDP and more China July figures later this week. Improvement in NAB business...Nikkei +0,08% Hang Seng -0,13% Shanghai -0,21%
Eur$ 1,3373 S&P +0,10% EuroStoxx Dax FTSE SMI
Keep an eye on :
- ANA SM : Acciona, KKR Hire Banks for IPO of Renewable-Energy Assets: WSJ
- BA/ LN : BAE Wins GBP348m U.K. Royal Navy Contract for 3 Patrol Vessels
- BES PL : Banco Espirito Santo Cut to CC From B- by S&P
- BIO3 GY : Biotest Cuts 2014 Sales Forecast to 7% from 10%
- GALN SW : Galenica 1H Ebit Beats; Targets Higher FY Profit, Changes Management Structure; Names Two CEOs
- GFK GY : GFK Sees 2014 Sales Flat as 1H Rev. Falls 4.2%
- GSK LN : GlaxoSmithKline Faces New Syria Bribery Allegations: Reuters
- OME BB : Omega Pharma expects first nonbinding offers by next week
- RHK GY : Rhoen-Klinikum Shrs Being Sold in Bookbuilding at EU22-EU23 ( ALecta selling 2.9mil shares)
- RWE GY : RWE Reviewing Additional Plant Shutdowns, Sueddeutsche Reports
- STL NO : Statoil, Exxon Among Final Winners in Colombia 2014 Oil Round
- VOW3 GY : Audi Says China JV Will Accept Penalty for Antitrust Violations
Omega Pharma expects first nonbinding offers by next week
The Belgian, OTC medicines group Omega Pharma is expecting its first nonbinding offers this week or by the next, Belgian daily de Tijd wrote, citing unspecific sources.
Several potential industrial bidders reportedly have been invited to make offers by Morgan Stanley. Omega Pharma is held by founder Marc Coucke and private equity Waterland.
Omega Pharma last year reported turnover of over EUR 1.2bn, the article added.
Source De Tijd
Asian Market Update: Fog of war obscures political developments in Iraq and Ukraine
***Economic Data*** - (SI) SINGAPORE Q2 FINAL GDP Q/Q: +0.1% V -0.3%E; Y/Y: 2.4% V 2.3%E - (AU) AUSTRALIA JUL NAB BUSINESS CONFIDENCE: 11 (2 1/2-year high) V 8 PRIOR; NAB BUSINESS CONDITIONS: 8 (4-year high) V 2 PRIOR - (AU) AUSTRALIA Q2 HOUSE PRICE INDEX Q/Q: 1.8% V 1.0%E; Y/Y: 10.1% V 9.3%E - (AU) AUSTRALIA JUN CREDIT CARD BALANCES (A$): 49.9B V 49.7B PRIOR; CREDIT CARD PURCHASES: 23.1B V 22.9B PRIOR - (AU) Australia ANZ Roy Morgan Weekly W/W: 108.5 v 115.0 prior - (NZ) NEW ZEALAND REINZ JULY HOUSE PRICE INDEX: 3,885 V 3,913 PRIOR; M/M: -0.7% V -0.3%; HOUSE SALES Y/Y: -13.0% V -6.1% PRIOR - (NZ) NEW ZEALAND JUL ANZ TRUCKOMETER HEAVY M/M: +2.6% V -0.7% PRIOR (first increase in 3 months) - (JP) JAPAN JUL PPI M/M: 0.3% V 0.4%E; Y/Y: 4.3% V 4.4%E - (UK) UK JULY BRC SALES LFL Y/Y: -0.3% V +0.9%E (2nd consecutive decline)
***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.4%, S&P/ASX +1.1%, Kospi +0.3%, Shanghai Composite -0.6%, Hang Seng -0.2%, Sept S&P500 +0.1% at 1,934
***Commodities/Fixed Income/Currencies*** - Dec gold -0.2% at $1,308, Sept crude oil -0.2%, Sept Copper -0.4% at $3.16/lb - (US) PIMCO: Lowers Total Return Fund's holding of US Treasuries to 45% in July from 47% in June - financial press - JGB: (JP) Japan MoF sells ¥547B in 1.7% (1.7% prior) 30-yr notes; Avg yield: 1.676% v 1.703% prior; Bid to cover: 4.06x v 3.12x prior - (CN) PBoC to drain CNY20B in 14-day repos (5th consecutive drain) - (AU) Australia MoF (AOFM) sells A$100M in 3.0% 2025 indexed Bonds; avg yield: 1.1056%; bid-to-cover: 5.47x - USD/CNY: (CN) PBoC sets yuan mid point at 6.1517 v 6.1522 prior setting (4th consecutive firmer setting; Strongest setting since July 14th)
***Market Focal Points/Key Themes*** - Easing of tensions on the Russia/Ukraine border continues to prop up risk assets, even as the situation on the ground remains highly fluid. Russian Foreign Ministry had reportedly secured an agreement with Ukraine govt to participate in a humanitarian mission to provide aid to displaced locals in a joint effort with representatives from the US and EU. This could potentially lead to a more lasting ceasefire and de-escalation in violence that is estimated to have killed over 1K people since April. Subsequent reports however also indicate that US Pres Obama's conversation with Ukraine's Poroshenko insist that any Russian help must require full consent from Kiev, which remains extremely suspicious of Moscow sending additional personnel into the country and has accused Russia of still amassing 45K troops near the border. Obama is also pushing for the Ukraine military to be restrained in military operations to avoid further civilian casualties.
- In Iraq, the problem of political vacuum continues to play out in the botched transition in the post of prime minister. Iraq's Maliki maintains the nomination of Al-Abadi by the new Pres Masoum has no legal basis, solidifying his claim to the 3rd term as PM with support of his State of Law party. Pres Obama held a press conference, reiterating that US supports the new Iraqi President Masoum and the newly-named PM Al-Abadi. Obama also said US airstrikes have prevented ISIS from making further advances on Erbil, but it will be easier for Iraqi army to mobilize once the govt transition is sorted out.
- Australia dominated economic calendar ahead of more notable releases of Japan GDP and more China July figures later this week. Improvement in NAB business sentiment was particularly impressive, hitting 10-quarter high on Confidence and 4-year high on Conditions components. NAB chief economist said "stronger sales and profits are driving the trend, but the recovery continues to be relatively jobless with the employment index seeing more moderate gains." AUD/USD bounced about 20pips on the release toward $0.9270. NZD/USD is testing 2-month lows below $0.8420, with losses accelerating after a bigger slide in New Zealand house prices.
***Equities*** US markets: - ICPT: Reports Q2 -$0.79 v $1.26e, R$0.4M v $0.4Me (2 est); updates clinical trials for its lead product candidate in cirrhosis and NASH; +57.7% afterhours - TRAK: Reports Q2 $0.41 v $0.37e, R$225M v $213Me; +13.3% afterhours - DTSI: Reports Q2 $0.47 v $0.13e, R$36.2M v $28.4Me; +11.8% afterhours
- RAX: Reports Q2 $0.16 v $0.16e, R$441.1M v $437Me, guides Q3 R$454-461M v $455Me; -1.5% afterhours - MTZ: Reports Q2 $0.40 v $0.41e, R$1.10B v $1.11Be; -3.6% afterhours - CZR: Reports Q2 -$3.24 v -$1.24e, R$2.19B v $2.21Be; -4.8% afterhours - CALL: Reports Q2 $0.31 v $0.32e, R$29.5M v $31.6Me (only 1 est.); -8.7% afterhours - NUAN: Reports Q3 $0.27 v $0.27e, R$475.5M v $499Me, Guides Q4 $0.24-0.29 v $0.35e, R$500-520M v $541Me, Cuts FY14 guidance; -9.9% afterhours - INTX: Reports Q2 -$0.11 v $0.08 y/y, R$64.3M v $80.7M y/y; to restructure; -15.9% afterhours - NIHD: Reports Q2 -$3.65 v -$2.38, R$968.8M v $877Me, liquidity position not sufficient to support business; -58.8% afterhours
Notable movers by sector: - Consumer Discretionary: Slater & Gordon Ltd SGH.AU +5.1% (FY14 results); Domino's Pizza Enterprises DMP.AU +8.0% (FY14 results) - Consumer staples: Yonghui Superstores Co Ltd 601933.CN +10.0% (Dairy Farm acquires stake); Henan Shuanghui Investment & Development 000895.CN -1.6% (H1 results) - Financials: Poly Property Group 119.HK -2.2% (July operating results); Mitsubishi UFJ Financial Group 8306.JP +1.6% (planning to work with client on risk assets) - Materials: Ishihara Sangyo Kaisha 4028.JP -2.2% (Q1 results) - Industrials: Toyo Tanso 5310.JP -3.5% (H1 results); Bradken Ltd BKN.AU +4.9% (FY14 results) - Technology: Tencent Holdings 700.HK +0.8% (may bid for Sinopec's retail business); Anhui USTC iFlytek 002230.CN +3.3% (H1 results) - Utilities: Ebara Corp 6361.JP -3.6% (Q1 results)
Ex-Barclays Buyout Arm Said to Seek $2.3 Billion for Europe Fund
2014-08-12 04:41:12.681 GMT
By Sabrina Willmer and Kiel Porter
Aug. 12 (Bloomberg) -- Equistone Partners Europe, a
private-equity group spinout from Barclays, plans to seek about
EU1.7b ($2.3b) for its second buyout fund since independence
from the British bank, according to a person with knowledge of
the matter.
* The firm hired Lazard to help raise the money, said the
person, who asked not to be named because the information is
private; Equistone raised EU1.5b for its first independent
fund in January 2013
* Link to full story
For Related News and Information:
Barclays Said to Plan $1.4 Billion Sale of Natural Resource Unit
NSN N8EHZ46KLVRL <GO>
RBS Said to Stake in Private-Equity Arm to Adams Street
NSN N6BYFK6KLVRA <GO>
To contact the reporters on this story:
Sabrina Willmer in New York at +1-212-617-2515 or
swillmer2@bloomberg.net;
Kiel Porter in London at +44-20-3525-2448 or
kporter17@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Pierre Paulden
2014-08-12 04:41:12.681 GMT
By Sabrina Willmer and Kiel Porter
Aug. 12 (Bloomberg) -- Equistone Partners Europe, a
private-equity group spinout from Barclays, plans to seek about
EU1.7b ($2.3b) for its second buyout fund since independence
from the British bank, according to a person with knowledge of
the matter.
* The firm hired Lazard to help raise the money, said the
person, who asked not to be named because the information is
private; Equistone raised EU1.5b for its first independent
fund in January 2013
* Link to full story
For Related News and Information:
Barclays Said to Plan $1.4 Billion Sale of Natural Resource Unit
NSN N8EHZ46KLVRL <GO>
RBS Said to Stake in Private-Equity Arm to Adams Street
NSN N6BYFK6KLVRA <GO>
To contact the reporters on this story:
Sabrina Willmer in New York at +1-212-617-2515 or
swillmer2@bloomberg.net;
Kiel Porter in London at +44-20-3525-2448 or
kporter17@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Pierre Paulden
Is Market in Rally Mode?
Headlines attributed the market's strength at the end of last week to a cooling in the Ukraine conflict, but technicals offer a different reason. The combination of slowing downside momentum, strong relative performance by typically aggressive sectors vs. defensive sectors, and an investing climate rife with fear made it almost inevitable. The question now is whether the August decline is over or the past few days have merely been a short-covering rally as the bears take some profits.
For now, there are still too many hurdles to overcome to declare the pullback to be over.
It is important to note that the major market indexes are not acting in unison. Small stocks are clearly lagging big stocks. Even the Dow Jones Industrial Average and Standard & Poor's 500 are in technically different places, though they have fairly similar charts. And the Nasdaq never actually suffered a breakdown.
Let's start with the Dow. Last week, it moved below its bull market trendline drawn from the November 2012 low (see Chart 1). It found support, however, at its key 200-day moving average to avoid a major breakdown.
It is now up to the bulls to keep the rebound going until both the trendline and the 50-day moving average are retaken. In other words, all we have is a bounce off oversold conditions until proven otherwise.
One question investors will ask is, "Why wait until the Dow rallies another 200 points or so before buying?" The answer is risk. We just don't know if the market has truly found a bottom until it proves that the tide has turned in its favor. It does that by clearing technical levels and yes, money is left on the table in the ever-raging battle between risk and reward. It is better to be sure, or at least more confident, that the market is back in bullish form before jumping in.
Another indicator to watch is the follow-through day (FTD) devised by William O'Neil, founder of Investor's Business Daily. After a price decline, the market finds its footing and starts to rally. O'Neil, however, postulated that the early stage of that rebound is often due to simple reactions and other short-term positioning by traders. On the other hand, a surge in price and volume several days into the rally attempt signals that the market is back in a sustainable rally mode. New bulls, and not just exiting bears, become active.
The parameters seem to change often, but the gist is that a 1.5% or greater rally accompanied by an increase in volume four to seven days into the rally attempt creates the FTD signal. Last Friday counts as day one, so the window opens up Aug. 13 and runs through Aug. 18. Fortunately, that time frame puts the Dow on track to meet its trendline and 50-day average in a reasonable manner.
Unlike the Dow, the Nasdaq never really broke down, so it presents a different picture. While it did dip below the bottom of its summer trading range in late July, the break was not significant (see Chart 2). It also created a smaller range on the lower border of the larger range and a formidable support level around 4,325 (the index traded at 4,404 Monday afternoon).
Friday's rally was not impressive in terms of price movement or volume. Monday's jump, however, did break the small range to the upside and put the index on track to return to previous highs.
There is one factor suggesting that it can reach that goal. It has outperformed and continues to outperform the market. Chart watchers look for sectors that hold up better during market declines and often find that they lead the market if and when prices rise again. So far, the Nasdaq is fulfilling that role. Thanks to its technology component, bullish investors should find this the best place to be.
That said, relative performance does not guarantee absolute performance. The Nasdaq has to prove itself by breaking out to the upside from its summer range, allowing the long-term rising trend to resume.
Finally, the S&P 500 is somewhere between the Dow and the Nasdaq in terms of technicals. It did bounce off a short-term support last week and managed to reclaim its rising 2012 trendline Monday morning, but so far volume for the market as a whole has been rather low. The same volume condition exists on most of the major index exchange-traded funds. If this is supposed to be the end of the pullback as bulls swarm in to scoop up bargains, then volume should be a little more robust.
For now, the bulls are in charge. The question is whether they can keep control and we'll have to wait a few more days to find out.
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Michael Kahn, a longtime columnist for Barrons.com, comments on technical analysis at www.twitter.com/mnkahn. A former Chief Technical Analyst for BridgeNews and former director for the Market Technicians Association, Kahn has written three books about technical analysis.