Our view is that the recent weakness in UK equity markets, may be the most attractive buying opportunity we see this decade. UK housebuilders, exporters and domestic service companies that will benefit from lower interest rates and a weaker pound – including retailers, hotels, restaurants, brewers and companies providing recruitment,... Show More

US housing starts: 1089k SAAR in March – from 1194k revised (1178k prior) in Feb and well below the 1166k consensus forecast Show More

On April 7 the EC adopted a rule, in the form of a Delegated Directive, that pushes the prospect of fully separating investment research costs from dealing commissions a significant step closer to becoming reality. Whilst this plays out thousands of miles away from Australia – local market participants should... Show More

Alcoa Q1 2016 sales $4.95bn = -5% below analyst expectations (-15% yoy) – we previously warned about this.... QMG analysis shows continued pressure on fundamentals across AA key/core markets – see attached chart below underscoring this point as regards US aluminium. Still no reason/opportunity to view this product group favourably.... Show More

Sherwin-Williams (SHW US) announced a $9.3bn acquisition of rival pain maker Valspar (VAL US). In addition to acquisition cost, SHW will assume $2bn of debt and the $113/share all cash offer represents a 41% premium to 30-day average VAR share price. Good news if you owned VAL – which was... Show More

Japanese data trends are weakening – it is no longer a preferred market for us globally. An area that we had seen as supportive of Japan was the strength of margins – this is now deteriorating on account of weak pricing trends. This graphic shows the trend in our country level... Show More

Our updated analysis on Germany shows encouraging signs of recovery. In particular, our unique data insight highlights a volume (ie demand) driven improvement across Industrials and Materials - augmenting the ongoing strength across Info Tech and Consumer Discretionary. Investors looking for opportunities in Germany should consider cement, trucks, aerospace and... Show More

Pretty much as anticipated both economic & corporate releases yesterday captured the strength within US homebuilders....Housing Starts came in ahead of consensus and essentially boost homebuilders productivity benefit, deflate unit labour cost and boost margins... NVR also reported 15’Q3 bottomline earnings ahead of expectations but crucially from our perspective as... Show More

The National Association of Home Builders (NAHB) Market Index for October came in at 64 - above the 62 consenus estimate and the highest reported number in a decade... This confidence indicator reinforces our positive stance on the sector which we have been highlighting all year... On top of the... Show More

With the release of CPI figures last week we have completed our September economic model for the USA…Overall price weakness is the area of key concern and the average year-on-year price increase across the QMG coverage universe (10 countries) is now -2.5% with the trend having been consistently negative across... Show More