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Clues from Europe

Europe continues to move higher this morning helped by better than expected German IP numbers. Results from Aggregates – CRH, Heidelberg & Holcim- confirm what we already knew in the US, that a...

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Restructuring Basket

Rationale Since late June 2012, for those of more suspicious persuasions, we have been advocating allocating capital to quality restructuring stocks. We have been bullish on high quality growth stocks...

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Anhui Conch results – Economic consolidation happening

Anhui Conch results came broadly in line yesterday. 14.7% Sales growth 4.9% NI growth (2% miss). Commentary from their release was supportive of positive trends in China regarding capacity and...

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Just a thought: capex to trump consumer?

Are we about to see a reversal in fortunes from the Global Consumer towards the Global Manufacturer? It strikes us the past three years or so have been all about the consumer, China re-balancing,...

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Holcim, great entry point. Buy

We think this is a great entry point in Holcim. The stock has been hit hard on its India exposure, with the Rupee falling 28% relative to the USD from May to August. Now, with the help of China...

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Look East (cont): PMI/Steel sectors strong again

China PMI plays sharply higher again today; Hebei Steel +6% on huge volume as it breaks above its 100 day mav, WUHAN +3.2% and now back above its 200 day mav. Remember it was Hebei that last week...

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Holcim, great entry point. Buy

We think this is a great entry point in Holcim. The stock has been hit hard on its India exposure, with the Rupee falling 28% relative to the USD from May to August. Now, with the help of China...

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Capex/M&A (cont): Fund-managers want CFOs to spend their money

Further to our recent comments on this, note we have had two US deals in two days, one in the chemicals space and the other in paper (the most recent being Huntsman buying Rockwood Titanium for...

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Holcim (aviate Buy): keep adding on India improvement

India’s Sensex made new high in Rupees, up 25% from the lows in USDs. The Rupee is more a driver of sentiment than EPS but ACC/AC EM plus INR moves favourable, while other EM currency exposure...

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Global Capex & M&A (cont): “Looking for an Investment Boom”

More join us in support calling for an increase in Global Capex & M&A (inorganic capex). The heading of Deloitte’s Monday Briefing today is “Looking for an Investment Boom”. In it they provide...

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China PMI, hit the highest level since March

September preliminary manufacturing PMI 51.2 (est. 50.9, prev 50.1). The flash reading showed increases in output, new orders, export orders and prices, while employment fell at a slower rate. The...

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FX risks are rising again

Note against the EUR the BRL, IDR and ZAR are heading down again and the YEN has made a multi-year low. The Real is heading back to Summer lows. The Yen is heading to 2008 lows. The risk here is the...

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Stay long Holcim/Lafarge and their sector

Both Holcim and Lafarge are in our Reflation Recovery Basket (and Riccardo is a buyer of Lafarge), and assuming the deal gets through we see further upside. It seems a rather rational departure from...

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Holcim: stay long

Q1 Sales CHF4.09b (4.16b est.), Operating Profit CHF295m (267 est.), Net CHF80m (110.5m est.). No new detail re Merger. Europe weather really helping the results, cement volumes were +20%. NA weather...

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Robust US construction activity, stay long HeidelbergCement

Linked to the above we note robust construction activity in the US as well. According to the trade group Portland Cement Association (PCA), cement consumption is expected to rise 7.9% this year, up...

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Construction recovery: Euroconstruct raise output forecasts

Euroconstruct published its revised European forecasts on Friday (last one was published at the end of last year). They are increasing their overall construction output forecasts for 2014 and 2015, by...

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