Trader Talk: An Analysis of the Markets this Morning

Good morning,

European stock-index futures rose, after four weeks of gains for the Stoxx Europe 600 Index, as investors weighed company earnings and awaited data on manufacturing in Germany and the euro zone. U.S. futures gained while Asian shares declined.

The Stoxx 600 climbed 0.4 percent last week as companies from BP Plc to Alcatel-Lucent SA posted results that exceeded estimates and cooling inflation fueled speculation the European Central Bank may ease monetary policy. The ECB will announce its decision on interest rates on Thursday.

WHAT TO WATCH:

• U.K. Growth Forecasts Raised by CBI as Recovery Builds Momentum

• CBI Backs Cameron on ‘Fundamental’ Need for U.K. in Reformed EU

• S&P Backs Mortgage Financing Shakeup in Denmark

• Scandinavia Splits Over Bank Rules as Denmark Adopts EU Timeline

• Pemex Disappointed by Repsol Returns and YPF Distractions

• Chinalco Group Shortlisted to Bid for Glencore Peru Copper Mine

• South Africa Union Starts Strike Over Pay at Northam Platinum

• FirstGroup Shortlisted for Scotrail Franchise by Scottish Govt

• Co-Operative Bank scheduled to publish restructuring plan

• Co-Op Bank Will Give Some Protection to Retail Bondholders: FT

EARNINGS All times CET, estimates where available:

• Ryanair (RYA ID) 7am, 2Q adj. net est. EU527m. Preview

• HSBC (HSBA LN) noon, 3Q pretax est. $5.49b, rev. est. $15.75b

• Fuchs Petrolub (FPE GR) 7am, 3Q adj. EPS est. EU0.82

• Dufry (DUFN VX) 7am, 3Q EPS GAAP est. CHF1.65

• Weir Group (WEIR LN) 8am, 3Q sales

• Telecity Group (TCY LN) 8am, 3Q sales

• Banco Comercial Portugues (BCP PL) 6pm, 3Q adj. net loss est. EU126m

Good day and happy trading!

Kristian Camenzuli