Torsdag
Thursday is the busiest day of the week for results, and a key moment for the pharmaceutical sector. Heavyweights Novartis, Sanofi and AstraZeneca will all release 3Q earnings, expected to be impacted heavily by the loss of patents. Novartis, Europe's biggest health care firm, is forecast to report a 5% drop in 3Q sales but analysts believe it will maintain guidance for FY sale in line with last year. Sanofi should report marginally higher revenues, with the weak euro lending a helping hand, but earnings could fall around 14%. AstraZeneca is arguably facing the biggest problems, with sales expected to slump 18% y/y, presenting a major challenge for new CEO Pascal Soriot. Spain's largest bank Santander is one of the first banking giants to report 3Q numbers, with its Latin American franchise expected to be a saving grace with the domestic market remaining turbulent. Other major financial companies reporting include Credit Suisse and France's number one insurer, Axa. Most consumer staples companies have disappointed with 3Q results so far, although Reckitt Benckiser was a notable exception on Wednesday. Anglo-Dutch firm Unilever is forecast to report quarterly organic growth of around 5%. A weak quarter is on the cards for French carmaker Renault, with sales seen dropping around 8% y/y, although its problems pale in comparison to those of compatriot PSA. In the chemicals sector, German giant BASF posts 3Q numbers while France's Air Liquide reports sales. The first estimate of UK GDP is set to show that the British economy rebounded out of recession in 3Q, with the economy seen growing 0.6%.
Key Events:
• Consumer Discretionary
o ASOS (UK):
FY. Consensus forecasts sales of GBP552.1m (+62.5%); PTP of GBP44m and adj EPS of 39.6p (+45%). Deutsche Bank forecasts group sales of GBP552.90m (+37.2%); retail gross margin 49.5% (vs 47.2% y/y); EBITDA GBP23.10m (+39.4%); EBIT GBP43.2m (+34.8%); EBIT margin 7.8% (vs 8%); PTP before exceptionals GBP43.60m (+37.5%); fully dil EPS before exceptionals 39.1p. Does not expect a quantitative current trading update so focus should be on updates of major initiatives.
o BLOOMSBURY (UK):
1H.
o CIE DES ALPES (FR):
4Q sales. Oddo sees sales of EUR 135.6m (-5.4%).
o DAIMLER (DE):
3Q. Deutsche Bank expects group revenues of EUR 26.3bn and a group EBIT of EUR 1.7bn. Anticipates further signs of weakening, especially in the Mercedes Cars division.
o DEBENHAMS (UK):
FY. Consensus expects sales of GBP2.704bn (+22.3%); PTP of GBP159.1m (-0.8%) and adj EPS of 9.3p (+9.4%). UBS forecasts PTP of GBP159m. Deutsche Bank expects PTP of GBP156.6m. Thinks focus will be on the size of the next share buyback, any margin guidance and final dividend.
o EUTELSAT (FR):
1Q13 sales. Morgan Stanley sees sales of EUR 301m (+1.8%). UBS anticipates sales of EUR 311m (+5.4% y/y; 0.9% organic growth).
o INCHCAPE (UK):
3Q trading update. Citigroup forecasts total sales up 5% with LFL +6.5%.
o INDESIT (IT):
9M.
o LUXOTTICA (IT):
3Q. Nomura forecasts sales EUR 1.769bn (+16.1% y/y, with organic growth +9.2%); operating profit EUR 237m (+20.2%); net income EUR 133m. The broker highlights Luxottica's strong product offering, ongoing integration success of acquisitions and a late boost to sales from warm weather across Europe late in 3Q.
o PLASTIC OMNIUM (FR):
3Q sales.
o PPR (FR):
3Q sales. Consensus looks for sales of EUR 3.461bn (+10.7%). HSBC forecasts sales of EUR 3.517bn (+11%), of which Luxury EUR 1.589bn (+24%) and Retail EUR 916m (-5%). Expects 12% organic sales growth for its Luxury division. Credit Suisse expects sales of EUR 3.5bn (+12%), of which organic growth of 11% for Luxury division, 1% for Sport & Lifestyle division and -4% organic decline for Fnac. Deutsche Bank sees sales of EUR 3.47bn (+10.9%). UBS forecasts sales of EUR 3.5bn (+11%).
o PRAKTIKER (DE):
3Q.
o RENAULT (FR):
3Q sales. Consensus looks for revenues of EUR 8.91bn. Oddo anticipates revenues of EUR 9.35bn (-4.1%). BofA-ML expects revenues of EUR 9.2bn (-6%), of which Automobile EUR 8.657bn (-6.5%) and Finance EUR 501m (+3%). Citigroup forecasts revenues of EUR 9.12bn (-6.4%). UBS sees revenues of EUR 8.25bn (-10.6%). Deutsche Bank expects revenues of EUR 8.65bn (-12%) and unit sales of 580k (-8%).
o WPP (UK):
3Q/9M update.
• Consumer Staples
o CSM (NL):
3Q trading update. Consensus foresees revenue of EUR 853.1m (+8.7% y/y).
o PERNOD RICARD (FR):
1Q13 sales. Consensus look for sales of EUR 1.919bn (6.3% organic growth). Goldman Sachs sees sales of EUR 2.228bn (7.1% organic growth). Credit Suisse expects sales of EUR 2.218bn (+11.6%); organic growth of 5.6%, of which France -15%, Europe +1%, Americas +6%, Asia/rest of the World +12.5%. Expects management to give a relatively conservative FY organic EBIT guidance of perhaps +6%-7%. Kepler forecasts sales +6.9% LFL, of which Asia +13% LFL and North America +6% LFL.
o UNILEVER (UK/NL):
3Q. Consensus predicts revenue of EUR 13.38bn; EBIT of EUR 1.84bn; net income of EUR 536m and EPS of EUR 0.37. Citi anticipates solid sales of EUR 13.45bn, with organic growth of +5%, helped by positive European volumes. UBS expects sales of EUR 13.22bn (+9%), with organic growth of +4.7%. Forecasts some negative impact from the poor weather in northern Europe and P&G's increased activity as a major Olympic sponsor. Oriel forecasts organic growth of +4.9%, with +2.5% growth in Western Europe, +3% in the Americas and +8% in Africa, Asia, Central and Eastern Europe.
o WESSANEN (NL):
3Q. Consensus expects revenue of EUR 135m (-22.4% y/y) and EBIT of EUR 1.60m (-74.19%).
• Energy
o EXMAR (BE):
3Q trading update. Consensus anticipates EBITDA of US$44.2m and EBIT of US$25.3m.
o TECHNIP (FR):
3Q. S&P Capital IQ consensus looks for revenues of EUR 2.065bn; EBITDA of EUR 262.5m; EBIT of EUR 212m. UBS forecasts revenues of EUR 2.009bn (+18%); EBIT of EUR 225m (+25%); EPS of EUR 1.29 (+19%). Estimates the company has booked orders worth EUR 2.8bn, bringing the group backlog to EUR 13.5bn.
• Financials
o AXA (FR):
3Q sales. Consensus sees total gross revenues of EUR 67.672bn (+2.6%), of which Life & Savings EUR 40.6bn, Property & Casualty EUR 21.9bn, International EUR 2.4bn, Asset management EUR 2.4bn, Banking & Holding EUR 331m.
o BANCO SABADELL (ES):
9M. Consensus sees NII EUR 1.385bn (+20.1% y/y); pre-provision profit EUR 947m (+2.3%); net profit EUR 95.3m (-54%). Deutsche Bank notes that y/y comparisons are distorted due to the CAM acquisition. Looks for NII of EUR 1.384bn and net profit of EUR 95m. Thinks 3Q pre-provision profit should be EUR 337m, with net profit for the quarter of EUR 5m.
o CATALANA OCCIDENTE (ES):
9M. UBS forecasts total premiums of EUR 2.4bn (-0.5%); underwriting results EUR 170m (-28%) and net profit of EUR 147m (-15%).
o CS GROUP (CH):
3Q. Deutsche Bank looks for 3Q net profit of CHF55m, or CHF765m underlying (adjusted for own credit). As at UBS, the broker forecasts a seasonally slower private banking quarter, but thinks that Credit Suisse will be one of the better q/q FICC performers, given its strengths in North America, High Yield and Securitisation, all areas of strength in 3Q. Given Credit Suisse updated its cost target as recently as 2Q, broker does not expect new announcements.
o GRENKE LEASING (DE):
3Q.
o SANTANDER (ES):
9M. Consensus estimates NII EUR 23.2bn (+8% y/y); operating profit EUR 18.6bn (+5%); net profit EUR 2.5bn (-53%). Deutsche Bank notes its is unclear whether the pending EUR 2.2bn impact from the two Royal Decrees will be covered in 3Q or split between 3Q and 4Q, thus limiting visibility on the bottom line. Broker forecasts 3Q NII of EUR 7.63bn and pre-provision profit of EUR 5.9bn. For 9M, forecasts NII EUR 23.132bn and pre-provision profit of EUR 18.4bn.
o SE BANKEN (NORD):
3Q. Consensus looks for NII SEK4.488bn (+8.9% y/y); operating profit SEK3.8bn (+2.5%); net income SEK2.876bn (+2.1%).
o SEGRO PLC (UK):
3Q trading update.
• Health Care
o ASTRAZENECA (UK):
3Q. Consensus sees sales of US$6.735bn (-18%) and adj EPS of US$1.435 (-16.7%). Citigroup expects group sales of US$6.857bn (-17%); core operating income of US$2.566bn (-19%) and core EPS of US$1.50 (-12%). UBS forecasts sales of US$6.705bn (-18.4%); core EBIT of US$2.604bn (-18.0%) and basic core EPS of US$1.49 (-12.3%).
o BOIRON (FR):
3Q sales. Oddo anticipates sales of EUR 157.2m (+6.4%), of which France +12% and International +0%.
o ESSILOR (FR):
3Q sales. Citigroup forecasts revenues of EUR 1.243bn (+19.6% y/y) of which 5.1% LFL growth, 7.7% contribution from acquisitions and 6.8% currency benefit. By region, expects LFL sales growth of 2.5% in Europe, 4% in North America, 9% in Asia Pacific and 10% in Latin America. UBS forecasts sales of EUR 1.228bn (+18.3|% y/y; +4.8% LFL).
o GEMALTO (FR):
3Q sales. Consensus looks for revenues of EUR 540m. Deutsche Bank forecasts revenues of EUR 535m (+9% y/y; +5% at CER). UBS sees revenues of EUR 546m (+5% at CER).
o NICOX (FR):
3Q.
o NOVARTIS (CH):
3Q. Consensus looks for overall sales of US$14.55bn and core EPS of US$1.36. Analysts generally expect guidance to be maintained.
o RECORDATI (IT):
3Q. Credit Suisse estimates revenues of EUR 192.8m (+7.3%); EBIT of EUR 39.9m (-1.2%); net profit of EUR 27.7m (-5.8%).
o SANOFI (FR):
3Q. Consensus looks for sales of EUR 9.008bn; basic EPS of EUR 1.48. UBS sees sales of EUR 8.978bn (+2.6%); business op income of EUR 2.892bn (-13.6%); basic EPS of EUR 1.53 (-14.7%). Does not expect major changes to guidance. Deutsche Bank forecasts sales of EUR 9.0bn (+3% y/y; -3% at CER) and EPS of of EUR 1.47 (-18%). Points to the planned loss of patent rights in the US but sees the company still on track to meet FY guidance.
o SHIRE (UK):
3Q. UBS estimates revenues of US$1.116bn; EBIT of US$304m and EPS of US$1.25.
• Industrials
o ABB (CH/NORD):
3Q. Consensus looks for total orders of US$9.920bn, sales of US$9.804bn, EBIT excluding charges of US$1.224bn and EPS of US$0.33.
o AREVA (FR):
3Q sales.
o FAIVELEY TRANSPORT (FR):
1H sales.
o GILDEMEISTER (DE):
3Q.
o GO-AHEAD (UK):
Trading update.
o HUBER (CH):
3Q orders and sales.
o METSO (NORD):
3Q. SME Direkt consensus looks for order intake EUR 1.666bn (-13% y/y); net sales EUR 1.76bn (+12.7%); EBIT EUR 158m (+6%); net profit EUR 101m (+7.4%).
o NORBERT DENTRESSANGLE (FR):
3Q sales (after close). Oddo forecasts sales of EUR 950m (+2%), of which Transport -2% and Logistics +3%.
o RANDSTAD (NL):
3Q. Consensus calculates revenue of EUR 4.48bn (+5.86% y/y; organic growth: -3.5%); gross profit of EUR 806m (+5.37%); EBITA ex-one offs of EUR 160m (-8.5%); net income of EUR 103m (-9.8%) and EPS of EUR 0.60 (-9.1%). ING forecasts revenues of EUR 4.315bn (+2.0%); gross profit of EUR 774m (+1.2%); EBITA of EUR 136m (-22.3%) and adk EPS of EUR 0.5 (-24.2%). Believes results could disappoint the market as sales trends may be weaker than anticipated.
o SAFRAN (FR):
3Q sales. Citigroup forecasts revenues of EUR 1.243bn (+19.6% y/y) of which 5.1% LFL growth, 7.7% contribution from acquisitions and 6.8% currency benefit. By region, expects LFL sales growth of 2.5% in Europe, 4% in North America, 9% in Asia Pacific and 10% in Latin America. UBS expects revenues of EUR 3.111bn. The broker does not expect the group to change FY profit growth guidance of 20% or commercial aftermarket growth of 5-10% but thinks it may increase its low 2-digit revenue growth guidance given recent strength in the US$.
o SAFT (FR):
3Q sales. Oddo sees sales of EUR 147.3m, up 7%, but believes that a further warning cannot be ruled out.
o SAINT GOBAIN (FR):
3Q sales. S&P Capital IQ consensus looks for revenues of EUR 10.951bn. Morgan Stanley forecasts revenues of EUR 10.943bn (+2%), of which Flat Glass -11%, High-performance materials +7%, Interior solutions +4%, Exterior solutions -1%, Building distribution +4%, Packaging +6%. Kepler sees 9M sales of EUR 31.629bn (+3.1% y/y; -0.7% organic growth), including Flat glass -6.3% and High Performance Materials +1.5%.
o SANDVIK (NORD):
3Q. SME Direkt consensus sees order intake SEK24.05bn, sales SEK23.85bn, operating profit SEK3.53bn, PTP SEK3.03bn, net profit SEK2.221bn.
o SCHNEIDER (FR):
3Q sales. S&P Capital IQ consensus sees sales of EUR 6.151bn (+8%). Citigroup forecasts sales of EUR 6.25bn (organic decline of 0.7%). UBS anticipates organic decline of -1.1 % vs. 0.1% organic growth in 2Q12.
o SECHE ENVIRONNEMENT (FR):
3Q sales. Oddo expects sales of EUR 113.9m (+8%).
o SGS (CH):
Investor Day. Exane thinks SGS will update on its 2014 targets (CHF7bn of sales, EBITA margins close to 19.5% adjusted for FX). In 2014, broker still expects an EBITA margin of 18.5% (versus consensus at 18.9%). Meanwhile, broker expects SGS to confirm an optimistic outlook for the short-term with no particular change in business trends. It expects 3Q lfl sales growth to be maintained at c.10% (after +11% in 1H12).
o THALES (FR):
3Q sales. Consensus looks for revenues of EUR 2.894bn (including DCNS). Morgan Stanley forecasts revenues of EUR 2.867bn (8% underlying growth). Citigroup sees 9M12 revenues of EUR 9.307bn (+8%), but excluding DCNS forecasts a -2% organic decline due to lower defence revenues. Expects Thales to maintain its 2012 guidance.
o VINCI (FR):
3Q sales. Morgan Stanley expects sales of EUR 10.086bn (+4%). UBS expects order book of c.EUR 33bn, reported sales growth of 0.4%, with LFL decline of -0.6%, driven by continued weak traffic volumes and slowing contracting sales. Kepler sees total sales of EUR 27.915bn (+3.8% y/y; +1.8% LFL), including sales in France of EUR 17.649bn (+2.8% y/y; +2.7% LFL).
• Information Technology
o AIXTRON (DE):
3Q. Deutsche Bank says its customer analysis does not suggest a strong pickup in 3Q orders yet as customers focus on upgrading existing tools before committing fresh capital. That said, broker's checks with many major LED makers continue to indicate that 2013 should be a better LED capex year, but not as good as it previously expected.
o ATOS (FR):
3Q sales. Consensus looks for revenues of EUR 2.178bn. BofA-ML sees revenues of EUR 2.183bn (+4.3% y/y, +0.5% organically). On an organic basis, expects Germany and the UK to grow by 6% but Benelux to decline by -8% and France by -4%. Expects Atos to retain its FY12 guidance of slight organic revenue growth and 6.5% adj operating margin.
o BULL (FR):
3Q sales. Oddo forecasts sales of EUR 268.7m (+0.9%).
o DASSAULT SYSTEMES (FR):
3Q. Consensus looks for EUR 501.5m; operating profit of EUR 158.6m. BofA-ML forecasts revenues of EUR 501.2m; operating profit of EUR 159m.
o KONTRON (DE):
3Q.
o LOGITECH (CH):
2Q. UBS forecasts group sales of US$586m (-0.5% y/y); gross profit margin of 34.3% (+60bp); EBIT US$28m (+20%); margin 4.8% (+80bp); net income of US$23m (including one-off costs and charges of US$6m net of tax, +32% y/y). Notes that in the retail division, the keyboard cover for the iPad is supporting sales growth by cUS$30m.
• Materials
o AIR LIQUIDE (FR):
3Q sales. Consensus looks for sales of EUR 3.853bn. Deutsche Bank forecasts sales of EUR 3.798bn (+5.6%), including Gas& Services EUR 3.47bn (+5.9%). Expects management to reiterate 2012 guidance of net profit growth. Citigroup forecasts sales of EUR 3.755bn (+4.4%).
o ANGLO AMERICAN (UK):
3Q production. Citigroup anticipates a weak quarter with production declines for platinum (-10%); diamonds (-15%), manganese (-7%), met coal (-3%) and thermal coal (-4%). Sees increases in copper (+15% y/y), nickel (+58%) and iron ore (+13%). UBS expects copper production of 152kt (-6% q/q, +8% y/y), with the y/y improvement mainly driven by the ramp-up of Los Bronces. Says platinum output is likely to be affected by strike action. Expects an improvement in iron ore production to 13,400kt (+4% q/q, +10% y/y), but a decrease in diamonds to 6,764 kcarats (-7% q/q, -27% y/y).
o AZ ELECTRONIC MTRLS (UK):
3Q trading update. UBS forecasts revenues of US$203m (flat y/y) of which IC Materials US$139m (-1% y/y, +1% q/q) and Optronics US$59m (+3% y/y, +4% q/q).
o BASF (DE):
3Q. Consensus looks for sales of EUR 18.068bn (+2.6% y/y); EBITDA of EUR 2.784bn (+2.8%); adj EBIT of EUR 2.005bn (+2.1%); PTP of EUR 1.872bn (+8.8%) and net profit of EUR 1.030bn (-13.6%). Deutsche Bank expects 3Q EBIT to be broadly flat year on year due to ongoing macro weakness impacting volumes in industrial businesses (slower summer) and some lag in raw material pass-through offsetting strength in Ag and O&G. Expects management to reiterate 2012 guidance.
o BOLIDEN (NORD):
3Q. Reuters consensus puts sales at SEK10.044bn (-4.8% y/y); EBIT SEK1.139bn (-3.5%); net profit SEK748m (-10.4%).
o ERAMET (FR):
3Q sales. Morgan Stanley sees turnover of EUR 852m (+7.5%), helped by a volume recovery in manganese ore and alloy production and shipments.
o KAZAKHMYS (UK):
Trading update.
o SOLVAY (FR):
3Q. Consensus looks for sales of EUR 3.315bn (+103%); adj EBITDA of EUR 504m; adj EBIT of EUR 273m; adj EPS of EUR 1.64. Citigroup forecasts sales of EUR 3.372bn; adj EBITDA of EUR 543m; adj EBIT of EUR 347m; adj EPS of EUR 2.44. By division, Citigroup expects 3Q12 sales to rise by 4% for Chemicals to EUR 735m, by 4% for Plastics to EUR 955m and by 3% for Rhodia to EUR 1.681bn. Deutsche Bank expects recurring EBITDA of EUR 505m, including Chemicals +6.8%, Plastics -10.7%, Rhodia -4.6%; recurring EBIT of EUR 298m; reported EBIT of EUR 288m; net income of EUR 151m. Expects management to reiterate 2012 outlook (REBITDA similar to 2011 pro-forma).
o UPM (NORD):
3Q. UBS sees sales EUR 2.555bn (-2% y/y) and clean EBIT EUR 169m (+26%). Says paper deliveries/ prices are expected to be stable q/q while pulp prices are expected to be lower.
• Telecommunication Services
o COLT GROUP (UK):
3Q trading update. Deutsche Bank expects flat revenues of GBP395m, marking a meaningful sequential deceleration; EBITDA of GBP81.8m (-3%); EBITDA margin 20.7% vs 21.3%.
o FRANCE TELECOM (FR):
3Q. Consensus looks for revenues of EUR 10.765bn (-4.6%), of which France EUR 5.295bn (-5%), Spain EUR 1.044bn (+0.5%), Poland EUR 853m (-5%); restated EBITDA of EUR 3.638bn (-2.6%). Barclays anticipates revenues of EUR 10.669bn (-5.4%), of which France -6.4%; operating FCF of EUR 1.296bn (-52%). Deutsche Bank forecasts revenues of EUR 10.728bn (-4.9%), of which France -6%. Given the ongoing pressure on FCF, thinks management may look to lower its 2012 dividend target of EUR 1.20-EUR 1.34.
• Utilities
o APR ENERGY (UK):
3Q trading update. UBS expects a disappointing quarter with revenue of US$67m (+17% y/y but -13% q/q). Warns that given expectations for c200MW of new contracts in 3Q, this is likely to be the source of disappointment.
o SUEZ ENVIRONNEMENT (FR):
3Q. Exane forecasts sales of EUR 3.641bn (+1.1%); EBITDA of EUR 646m (-0.3%); EBITDA margin of 17.8% (-20bp). Sees 9M sales of EUR 10.964bn (-0.1%); EBITDA of EUR 1.779bn (-3.6%); EBITDA margin of 16.2% (-60bp). The broker anticipates negative organic growth of -1.1%.
Key Data:
• UK Preliminary GDP (3Q): Consensus and HSBC expects a q/q increase of 0.6% from -0.4% in 2Q, while Credit Suisse forecasts 0.5%.
• US Durable goods (September): Consensus looks for a leap to 7.1% from -13.2% in August, and HSBC sees a steeper increase to 8.2%. Both believe nondefense ex-air will drop to 0.7% from 1.1%, but consensus expects durables ex-transport to have risen to 0.8% from -1.6% whereas HSBC forecasts 0.4%. Initial jobless claims: Consensus anticipates a w/w drop to 370k from 388k the prior week. Pending home sales (September): Consensus forecasts a rise to 2.1% from -2.6% in August. HSBC foresees 3.0%.
Key Corporate Earnings / Trading Updates:
• EUROPE ABB, Air Liquide, Aixtron, Anglo American, Antisoma, APR Energy, Areva, Asos, AstraZeneca, Atos, Axa, AZ Electronic Materials, Banco Sabadell, BASF, Bloomsbury, Boiron, Boliden, Bull, Catalana Occidente, Cie des Alpes, Colt Group, CS Group, CSM, Daimler, Dassault Systemes, Debenhams, Eramet, Essilor, Eutelsat, Exmar, Faiveley Transport, France Telecom, Gemalto, Gildemeister, Go-Ahead, Grenke Leasing, Huber, Inchcape, Indesit, Kazakhmys, Kontron, Logitech, Luxottica, Metso, Nicox, Norbert Dentressangle, Novartis, Pernod Ricard, Plastic Omnium, PPR, Parktiker, Recordati, Randstad, Renault, Safran, Saft, Saint Gobain, Sandvik, Sanofi, Santander, Schneider, SE Banken, Seche Envrionnement, Segro, SGS, Shire, Solvay, Suez Envrironnement, Thales, Technip, Unilever, UPM, Vinci, Wessanen, WPP.
• US Aetna, Altria, Amazon.com, Apple, AutoNation, Ball Corp, Bemis, Biogen Idec, CA, Cabot OIl & Gas, Celgene, Cerner, Cincinnati Financial, Chubb, CME, CMS Energy, ConocoPhillips, Consol Energy, Coca-Cola Enterprises, Colgate-Palmolive, D&B, Dentsply INTL, Dominion Res, Eastman Chemical, Equitable Res, Expedia, Federated Inv, FLIR Sys, INTL Paper, KLA-Tencor, McKesson, Mead Johnson Nutrition, Mylan, National Oilwell Varco, Nobel Energy, Occidental Petro, Paccar, PerkinElmer, Precision Castparts, Principal Financial, Procter & Gamble, PulteGroup, Raytheon, Roper Ind, Sherwin-Williams, Simon Property, Sprint Nextel, Starwood Hotels & Resorts Worldwide, The Hershey Co, Varian Medical, VeriSign, Xcel Energy, Zimmer Hldg.
Key Economic Numbers:
Date
Time
Country
Indicator
For
Unit
Market
Previous
25-Oct-12
08:00
EU
M3 Money Supply (sa)
Sep
% y/y
3
2.9
25-Oct-12
08:30
UK
GDP (1st Est.)
3Q
% q/q
0.6
-0.4
25-Oct-12
08:30
UK
GDP (1st Est.)
3Q
% y/y
-0.5
-0.5
25-Oct-12
12:30
US
Durable goods orders
Sep
% m/m
6.5
-13.2
25-Oct-12
12:30
US
Durables ex defence
Sep
% m/m
n/a
-12.4
25-Oct-12
12:30
US
Durables ex transport
Sep
% m/m
0.6
-1.6
25-Oct-12
12:30
US
Initial Claims
20/10/2012
k
365
388
25-Oct-12
14:00
US
Pending Home Sales
Sep
% m/m
2
-2.6
(*)4cast estimate
Key Economic Events:
Date
Time
Country
Event
25-Oct-12
09:00
SE
Riksbank interest rate announcement followed by Press Conference
vizart