The S&P Index is hovering around 2,060 with EPS presently at $86.53 and P/E at 23.85 or 22.1 depending on the source one likes. The prices for equities can be considered rather high if compared with median values of P/E around 14. US Q1 reported earnings certainly do not justify such high current prices. Share repurchase programmes should have increased EPS as many companies have acquired debt to shore up their stock prices, thereby enriching executives.
Slowdown in prices in the UK and still miles away from the 2% target set by the Bank of England. After signs of recovery offered from the end of 2015, inflation slowed sharply in April, registering the first negative figure since last September. According to the Office for National Statistics (ONS), consumer prices recorded in April increased by 0.3% year on year, down from + 0.5% in March, being below the expectations of analysts who were for a + 0.5%.
UBS announced a cooperation with the US SigFig, independent California company that offers technologies for asset management (so-called "robo-advisor", sort of virtual financial advisor). The two companies will jointly develop technologies for the financial sector UBS Wealth Management Americas (WMA), its consultants and their customers, it said in a statement released yesterday by UBS in the US. As part of this alliance, the bank also made a capital investment in SigFig, without spreading details.
Vodafone records the first growth since 2008, on a comparable basis, revenues and earnings for the year core, supported by an increase in revenues in Europe in the fourth quarter. In particular, the British telecommunications group posted a net loss of 3.8 billion pounds, compared to 5.86 billion for the year to 31 March 2015. Revenues are down 3% to 40.97 billion but showed an increase in organic growth of 2.3%.
Emmi strengthens activities in the United States: the dairy group Lucerne detects the American Society Cowgirl Creamery Corporation, a company that produces cheese made from organic milk, along with its commercial subsidiary Tomales Bay Foods. The two companies based in California have a total of 96 employees and a turnover of about 20 million dollars a year, Emmi has indicated in a statement today. No financial details of the transaction shall be specified. The acquisition of both companies is in line with the development strategy internationally. Emmi generates 44% of its sales abroad: one third by exports from Switzerland and two-thirds of the products manufactured locally by subsidiaries Emmi, the statement said. North America is the main international market group.
According to Goldman Sachs, known until now for being particularly bearish, "black gold" market has completed the period of excess supply because of production disruptions last period, which occurred in Nigeria and Venezuela, not to mention the United States and Canada. After the publication of the report, the price of crude rose: Brent travels around $ 50 a barrel and WTI of around $ 48.
China's industrial production, retail sales and investment undershot expectations in April, despite Beijing's aggressive easy-money policies in the first quarter, indicating ongoing weakness in the world's second-biggest economy. Industrial output increased 6.0% year-over-year in April, down from 6.8% growth in March, the National Bureau of Statistics reported, coming in below economists' forecast for a 6.6% gain. In addition to that, retail sales rose by a less-than-predicted 10.1% in April compared with a year earlier, slowing from March's 10.5% year-over-year surge. Fixed-asset investment in urban areas grew by a weaker-than-expected 10.5% year-over-year in the January-to-April period, compared with an annual increase of 10.7% for the first three months of 2016.
HSBC, one of the largest financial groups in the world, today announced that 840 jobs in IT will be transferred by the end of the year, of which at least 600 currently employed at Sheffield. These relate to a part of the cutting surface of 8,000 workers in the UK, announced in June 2015. "As part of a global redeployment plan, approximately 840 workstations without direct contact with customers will be transferred from the UK to other sites in the world," said the CEO of HSBC for Britain John Hackett, in a statement
Pfizer buys Anacor Pharmaceuticals in a transaction valued $ 5.2 billion. The two companies have signed the agreement and it is stated in a joint statement that the transaction is in cash and that Pfizer will pay $ 99.25 for each Anacor action. The price represents a premium of 55% over Friday Anacor title last Friday. The transaction, which is expected to close in the third quarter of 2016, should not impact on the guidance of this year, said Pfizer. Meanwhile springs forward the title Anacor: the Wall Street pre-market marks an increase of over 53 percent. In April, the mega merger between Pfizer and Irish Allergan had jumped after the move by the US Treasury against tax inversion, the practice among corporate mergers aimed only to make the displacement of the legal office in countries with favorable tax treatment.
Norway's sovereign wealth fund, with assets amounting to 850 billion, has decided to sue the Volkswagen to the heavy losses incurred as a shareholder of Volkswagen home to the so-called 'dieselgate ": the scandal broke out in the US on tampered units installed on diesel cars to reduce emissions of harmful gases during the test. Peter Johnsen, to the Norges Bank Investment Management, announced the Financial Times, so the next move: "We have been advised by our lawyers that the conduct of the company provides us with elements to seek compensation according to German law. As investors and it is our responsibility to safeguard our investment in Volkswagen. " The Norwegian fund is the fourth shareholder in the Wolfsburg home with the 1.64% stake.
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