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Markets are called to open lower. This is what's happening today:
Companies in Europe reporting results today:
Asian stocks fell for the fourth time in five days on prospects the Federal Reserve will curb stimulus as the U.S. economy improves. The yen, South Korea’s won and oil climbed, while European share futures and copper slumped. The MSCI Asia Pacific Index slid 1.7 percent as of 7:15 a.m. in London. Euro Stoxx 50 Index futures were down 0.8 percent and contracts for the Standard & Poor’s 500 Index lost 0.4 percent. Japan’s Topix index plunged 3.1 percent and the yen advanced 0.5 percent. The won strengthened 0.6 percent, gaining for a third day and copper fell 0.3 percent.
Fed Bank of Dallas President Richard Fisher called for a reduction in the central bank’s bond purchases, which economists from Goldman Sachs Group Inc. and Deutsche Bank AG predict may be curbed from September. A private report today will probably show U.S. job growth quickened in May. Japanese Prime Minister Shinzo Abe outlined the “third arrow” of his revival plan and vowed to end deflation.
Tesco – Price Target 440p
Deutsche Bank Research – We believe growth prospects for Tesco remain good beyond the February 2013 year of "reset". We see only modest risk that UK margins will fall further as we believe Tesco's efforts to recover market share will be slow and steady and will not elicit an aggressive competitor response. Moreover, margins should continue to benefit from a relatively stable UK competitive environment, ongoing gains from the growth of Tesco's UK non-food business as it builds its multi-channel capabilities and (perhaps slightly less aggressive) productivity gains. The international business is now well established – new overseas capex is earning better returns, visibility and disclosure on this profit stream is improving and the cash cost of growth for Tesco overall is declining. Tesco Bank should see strong profit growth as it annualises the cost of its infrastructure build and product launches start to leverage the savings balance, brand and infrastructure. While short-term visibility will likely remain marred by pressures on consumers in the UK and Europe, we believe that earnings will be stronger in outer years than the current multiple suggests, and Tesco remains a Buy.
For more information on Tesco or other stocks and bonds we follow, contact our offices on 25688688.
Good day and happy trading!
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