TODAY’S FAYRE – Sunday, 25th January 2015
“Poet of Nature, thou hast wept to know
That things depart which never may return:
Childhood and youth, friendship and love’s first glow,
Have fled like sweet dreams, leaving thee to mourn.
These common woes I feel. One loss is mine
Which thou too feel’st, yet I alone deplore.
Thou wert as a lone star, whose light did shine
On some frail bark in winter’s midnight roar:
Thou hast like to a rock-built refuge stood
Above the blind and battling multitude:
In honoured poverty thy voice did weave
Songs consecrate to truth and liberty,–
Deserting these, thou leavest me to grieve,
Thus having been, that thou shouldst cease to be.”
Percy Bysshe Shelley – poet – 1792-1822
Fifty years ago on Tuesday I joined a queue with friends, which went over Westminster Bridge then meandered past St Thomas’s Hospital, and then went over Lambeth Bridge, then slowly passed College Green before being allowed to enter St Stephen’s Hall in the Palace of Westminster, to pay homage and give thanks for the life of Sir Winston Churchill, who was lying in state, before his funeral on Saturday 30th January 1965. It took 5 hours. The temperature was below freezing. I remember having no coat – just a large scarf! Though an occasion of mourning, it was also a celebration of the life of the most inspirational person of my lifetime.
Greece and its future will be at the top of the financial agenda this week. Expectations for the introduction of QE by the ECB last week could be described as stratospheric that equity markets rose sharply with bond yields falling measurably. Last week the S&P 500 added 2%, the FTSE 4.3%, Euro stocks an average of 5.1% and the NIKKEI 3.8%. Since the 6th January, when it became clear that QE was more than a live threat, the FTSE has added 7%, the DAX 11%, the CAC 12% and Euro Stoxx 600 11%! Now it’s all about the implementations of QE against a background of fierce resentment and opposition to QE by Germany and its supporters. It would appear that Chancellor Merkel and ECB President Draghi are not the best of friends at present. This is also a huge week for earnings both sides of the ‘Pond.’
Apart from Greece there are a fair few events worth watching – The acquisition of 02 by Hutcheson Lampoa’s “Three.”, the tenuous future of Standard Chartered’s CEO, Peter Sands – We suspect his days are numbered. Finally having declines to make hostile overtures in the direction of Debenhams, Sports Direct may buy Evans Cycles for about £100 million.
UK companies posting results and trading statements – Monday – AVEVA, Tuesday – CREST NICOLSON, PZ CUSSONS, GEM DIAMONDS, FOXTONS, CARPETRIGHT, EASYJET, BRITISH LAND, Economics – 4th quarter UK GDP, Wednesday – ANGLO AMERICAN, ANTOFAGASTA, PREMIER FARNELL, JOHNSON MATTHEY, SAGE, BREWIN DOLPHIN, Economics – FOMC Thursday – ROYAL DUTCH SHELL, RPC, 3iii, DIAGEO, FULLER, SMITH & TURNER, Friday – BT GROUP, VEDANTA RESOURCES – Economics BBA mortgage applications
US companies posting interim results – Monday – DR HORTON, CITIZENS, MICROSOFT, TEXAS INSTRUMENTS, Tuesday – CATERPILLAR, COACH, PFIZER, LOCKHEED MARTIN, PROCTOR & GAMBLE, BRISTOL MYERS SQUIBB, AMGEN, APPLE, YAHOO!, AT&T, Wednesday – BOEING, FACEBOOK, GENERAL DYNAMICS, Thursday – FORD, ZIMMER, RAYTHEON, CONOCO-PHILLIPS, HERSHEY, PULTE, VIACOM, NORTHROP GRUMMAN, ABBOTT LABS, VISA, GOOGLE, AMAZON, Friday – XEROX, MATTEL, MASTERCARD, CHEVRON.
Panmure Gordon & Co One New Change | London | EC4M 9AF | United Kingdom www.panmure.com