CSS Investment news -- 22-8-12

[The Machine]

Highlights of the Day

* Asian stocks dropped, with the regional gauge retreating from a three month high, after Japan reported a wider than expected trade deficit and as investors await developments from a euro area finance ministers meeting this week to discuss details of the bailout package for Greece.

* Greece's prime minister on Wednesday called for more time to make spending cuts and reforms to unlock funds to keep the debt-ridden country afloat, two days before crunch talks with Germany.

* Concessions are possible for Greece so long as Prime Minister Antonis Samaras shows a willingness to meet the main targets set out in his country's bailout program, a senior lawmaker with Chancellor Angela Merkel's party said.

Today's News

* BHP Billiton Wednesday reported its first drop in annual profit for three years and said it won't approve any new projects until at least mid-2013, in the biggest sign yet that the global mining boom has run its course. BHP announced plans to dramatically scale back a planned expansion of its Olympic copper and uranium mine and defer development of a Queensland coal deposit as it moves to conserve cash in the wake of a slump in commodity prices, triggered largely by weakening Chinese demand.

* Stagecoach Group said Wednesday that the overall profitability of the group has remained good, adding that overall current trading remains good and the prospects for the Group remain positive.

* Soco International Wednesday reported record revenue as oil production continued to rise at its Vietnam operations, but said it won't pay a dividend due to future exploration opportunities.

* Vedanta Resources may suspend production at its alumina refinery in the eastern indian town of Lanjigarh in Orissa state because of a shortage of bauxite - a key material in the making of Aluminium.

* Carillion saw revenues fall by over a tenth in the first half but profits were ahead of last year on the back of a continuing improvement in operating margins. Revenue slipped 12% from £2,453.5m to £2,156.8m in the six months to June 30th.

* Kenmare doubled revenues in the first half and said it expected a significant improvement in production in the latter part of the year. Revenues were up 95% to $109m from $56m the year before, as the company benefited from price increases and the falling away of legacy contracts.

* Microsoft and Samsung Electronics may face greater scrutiny of their labor practises as Apple Inc's biggest supplier improves conditions at its Chinese plants after protests by rights activists.

* The first half of 2012 saw Murray International Trust outpace its benchmark index, while the company's share price premium to net asset value per share widened.

* A plunge in shipping costs and iron ore prices mean it's cheaper for Chinese steel mills to buy the material from Brazil more than 8,000 nautical miles away than to buy the lower-grade ore being dug up in their own backyard.

* Oil traded near the highest price in three months in New York after a report showed stockpiles declined the most in three week in the US, the world's biggest crude consumer.

Market Open

FTSE 100

5811.62-45.9

-0.8%

DAX7044.32-45.0

-0.6%

STOXX 50

2470.93-19.34

-0.8%

OIL (WTI)

96.85+0.01

+0.01%

GOLD1681.20-1.10

-0.07%

% Risers & Fallers

CompanyPriceChange% Change Tullow Oil1388+13

+0.9%

Tate & Lyle649 +0

+0%

SSE1338+0

+0%

ENRC357.1-13.1

-3.5%

Evraz256.8-9

-3.4%

Kingfisher284.3-9.7

-3.3%

Broker Consensus

CompanyBrokerRecommendationTargetAntofagastaJP MorganOverweight1300p Anglo AmericanJP MorganUnderweight1900pENRCCitigroupNeutral400pJohn Wood GroupUBSNeutral825p

Key Data Releases

Time/DataPreviousForecastConsensus12:00pm US MBA Mortgage Applications---3:00pm US Existing Home Sales4.37M--

Highlights of the Day

* Asian stocks dropped, with the regional gauge retreating from a three month high, after Japan reported a wider than expected trade deficit and as investors await developments from a euro area finance ministers meeting this week to discuss details of the bailout package for Greece.

* Greece's prime minister on Wednesday called for more time to make spending cuts and reforms to unlock funds to keep the debt-ridden country afloat, two days before crunch talks with Germany.

* Concessions are possible for Greece so long as Prime Minister Antonis Samaras shows a willingness to meet the main targets set out in his country's bailout program, a senior lawmaker with Chancellor Angela Merkel's party said.

Today's News

* BHP Billiton Wednesday reported its first drop in annual profit for three years and said it won't approve any new projects until at least mid-2013, in the biggest sign yet that the global mining boom has run its course. BHP announced plans to dramatically scale back a planned expansion of its Olympic copper and uranium mine and defer development of a Queensland coal deposit as it moves to conserve cash in the wake of a slump in commodity prices, triggered largely by weakening Chinese demand.

* Stagecoach Group said Wednesday that the overall profitability of the group has remained good, adding that overall current trading remains good and the prospects for the Group remain positive.

* Soco International Wednesday reported record revenue as oil production continued to rise at its Vietnam operations, but said it won't pay a dividend due to future exploration opportunities.

* Vedanta Resources may suspend production at its alumina refinery in the eastern indian town of Lanjigarh in Orissa state because of a shortage of bauxite - a key material in the making of Aluminium.

* Carillion saw revenues fall by over a tenth in the first half but profits were ahead of last year on the back of a continuing improvement in operating margins. Revenue slipped 12% from £2,453.5m to £2,156.8m in the six months to June 30th.

* Kenmare doubled revenues in the first half and said it expected a significant improvement in production in the latter part of the year. Revenues were up 95% to $109m from $56m the year before, as the company benefited from price increases and the falling away of legacy contracts.

* Microsoft and Samsung Electronics may face greater scrutiny of their labor practises as Apple Inc's biggest supplier improves conditions at its Chinese plants after protests by rights activists.

* The first half of 2012 saw Murray International Trust outpace its benchmark index, while the company's share price premium to net asset value per share widened.

* A plunge in shipping costs and iron ore prices mean it's cheaper for Chinese steel mills to buy the material from Brazil more than 8,000 nautical miles away than to buy the lower-grade ore being dug up in their own backyard.

* Oil traded near the highest price in three months in New York after a report showed stockpiles declined the most in three week in the US, the world's biggest crude consumer.

Market Open

FTSE 100

5811.62-45.9

-0.8%

DAX7044.32-45.0

-0.6%

STOXX 50

2470.93-19.34

-0.8%

OIL (WTI)

96.85+0.01

+0.01%

GOLD1681.20-1.10

-0.07%

% Risers & Fallers

CompanyPriceChange% Change Tullow Oil1388+13

+0.9%

Tate & Lyle649 +0

+0%

SSE1338+0

+0%

ENRC357.1-13.1

-3.5%

Evraz256.8-9

-3.4%

Kingfisher284.3-9.7

-3.3%

Broker Consensus

CompanyBrokerRecommendationTargetAntofagastaJP MorganOverweight1300p Anglo AmericanJP MorganUnderweight1900pENRCCitigroupNeutral400pJohn Wood GroupUBSNeutral825p

Key Data Releases

Time/DataPreviousForecastConsensus12:00pm US MBA Mortgage Applications---3:00pm US Existing Home Sales4.37M--

Highlights of the Day

* Asian stocks dropped, with the regional gauge retreating from a three month high, after Japan reported a wider than expected trade deficit and as investors await developments from a euro area finance ministers meeting this week to discuss details of the bailout package for Greece.

* Greece's prime minister on Wednesday called for more time to make spending cuts and reforms to unlock funds to keep the debt-ridden country afloat, two days before crunch talks with Germany.

* Concessions are possible for Greece so long as Prime Minister Antonis Samaras shows a willingness to meet the main targets set out in his country's bailout program, a senior lawmaker with Chancellor Angela Merkel's party said.

Today's News

* BHP Billiton Wednesday reported its first drop in annual profit for three years and said it won't approve any new projects until at least mid-2013, in the biggest sign yet that the global mining boom has run its course. BHP announced plans to dramatically scale back a planned expansion of its Olympic copper and uranium mine and defer development of a Queensland coal deposit as it moves to conserve cash in the wake of a slump in commodity prices, triggered largely by weakening Chinese demand.

* Stagecoach Group said Wednesday that the overall profitability of the group has remained good, adding that overall current trading remains good and the prospects for the Group remain positive.

* Soco International Wednesday reported record revenue as oil production continued to rise at its Vietnam operations, but said it won't pay a dividend due to future exploration opportunities.

* Vedanta Resources may suspend production at its alumina refinery in the eastern indian town of Lanjigarh in Orissa state because of a shortage of bauxite - a key material in the making of Aluminium.

* Carillion saw revenues fall by over a tenth in the first half but profits were ahead of last year on the back of a continuing improvement in operating margins. Revenue slipped 12% from £2,453.5m to £2,156.8m in the six months to June 30th.

* Kenmare doubled revenues in the first half and said it expected a significant improvement in production in the latter part of the year. Revenues were up 95% to $109m from $56m the year before, as the company benefited from price increases and the falling away of legacy contracts.

* Microsoft and Samsung Electronics may face greater scrutiny of their labor practises as Apple Inc's biggest supplier improves conditions at its Chinese plants after protests by rights activists.

* The first half of 2012 saw Murray International Trust outpace its benchmark index, while the company's share price premium to net asset value per share widened.

* A plunge in shipping costs and iron ore prices mean it's cheaper for Chinese steel mills to buy the material from Brazil more than 8,000 nautical miles away than to buy the lower-grade ore being dug up in their own backyard.

* Oil traded near the highest price in three months in New York after a report showed stockpiles declined the most in three week in the US, the world's biggest crude consumer.