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Trader Talk: An Analysis of the Markets this Morning

Good morning,

Markets are called to open flat this morning.

Mark’s and Spencer

Marks & Spencer Group Plc reported a tenth straight quarter of falling clothing sales, indicating that heavy discounting before Christmas had little effect in luring customers back to Britain’s largest apparel retailer. Non-food sales at stores open at least a year fell 2.1 percent in the 13 weeks ended Dec. 28, the London-based company said in a statement today. That’s worse than the median estimate for unchanged sales in a Bloomberg News survey of 19 analysts. Food sales rose 1.6 percent on that basis, less than the 2 percent anticipated by the analysts surveyed.

WHAT TO WATCH:

• Swedish Prime Minister Drops Stimulus Predicting Stronger Growth

• Draghi Faces Mission Conflict Balancing Growth With Bank Review

• France Should Impose Tax on Smartphones, Film Report Says: FT

• BMW’s Rolls-Royce Division Says 2013 Sales Exceeded 3,600 Cars

• Rolls-Royce Said to Explore Offer for Waertsilae’s Marine Unit

• Novartis Said to Be in Talks With Merck on $5b Unit Swap

• RBS Open to Takeover Bids for Citizens Before IPO: Van Saun

• RBS Considering Cutting Thousands More Jobs: Sky

• Bristol, AstraZeneca Win FDA Approval for New Diabetes Drug

• Portugal Said to Name Banks for First Bond Sale in Eight Months

• Raiffeisen to Redeem State Aid With $3b Sale of Shares

• RSA Gains as Co. Says ‘Confident’ Irish Accounting Woes Isolated

• RSA Shares Rally to One-Month High Amid Takeover Speculation

• Arkema Cuts FY 2013 Ebitda Forecast to Around EU900m vs EU920m

• Danone Says Its Brand Was Hurt by Fonterra Botulism Scare

• Monte Paschi Sells 5.7% Stake in Sorin for EU2.05/Shr

• Havas’s Yannick Bollore Replaces David Jones as Chief Executive

• Mechel Leads Decline Amid Commodities Selloff: Russia Overnight

EARNINGS All times CET:

• Marks & Spencer (MKS LN) 8am, 3Q sales. Preview

• Tesco (TSCO LN) 8am, Dec. trading update

• Hays (HAS LN) 8am, 2Q sales/trading

• Pace (PIC LN) 8am, 4Q sales/trading

• Rathbone Brothers (RAT LN) 8am, 4Q sales/trading

• Restaurant Group (RTN LN) 8am, trading update

• SIG (SHI LN) 8am, 4Q sales/trading

• Signet (SIG LN) 8am, Dec. sales/trading

• Ted Baker (TED LN) 4Q sales/trading

Good day and happy trading!

Kristian Camenzuli

The Calamatta Cuschieri Traders Blog is available daily on CC WebTrader. Other market coverage including coverage of the International Bond Markets is also available.

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