Alexandra West
23 March 2017 · 4 min read

Comac C919 aircraft to fly next month, three years late

Challenges remain though to establish a Chinese aerospace manufacturing industry

The first Chinese narrowbody aircraft, the Comac C919 looks set to make its first flight next month. This is a significant milestone which will attract the attention of the aerospace industry across the globe and the event will no doubt be lauded by the Chinese government. However, this maiden flight will be nearly three years late. When the programme was launched in 2008 the target for first flight was June 2014, with the first delivery due in 2016.

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Stephen Rawlinson
22 March 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 22nd March 2017

Redrow has issued an unexpected trading update today and has organised a visit to its Colindale site on 4th April and Kingfisher’s final results for the 12 months to end January 2017 are released as expected.

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Elaine Reynolds
21 March 2017

Wells to watch in 2017

Since the oil price crash of 2014, exploration has been particularly badly hit as companies looked to trim expenditure. Wood Mackenzie estimates that 2017 exploration will account for 8% of upstream expenditure, down from historic norms of 14%. In this more difficult environment, any surviving exploration has tended to be led by majors, for example ExxonMobil’s giant Liza discovery offshore Guyana in 2015. In our most recent Exploration Watch, we highlight wells due to spud in 2017 that involve independent companies, with resources estimates greater than 100mmboe. Our exception is the much anticipated multi-billion barrel potential Korpfjell prospect in the Barents Sea offshore Norway, which is operated by Statoil and partnered by major companies.

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Richard Windsor
21 March 2017

Samsung - Edge dancer pt II.

We think Bixby will struggle against Google Assistant.

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Stephen Rawlinson
21 March 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 21st March 2017

Mears and Bellway provide results this morning, the former its full year numbers to end December 2016 and the latter interims to end January. There was very little movement among sector stocks yesterday. The sector is currently becalmed as the puzzle of what post Brexit Britain might look like unfolds.

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Stephen Rawlinson
20 March 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 20th March

News today comes from Michelmersh, the small UK brick maker, with its finals, JLIF, also with finals, Volution with its interims and Carillion with news of a £90m construction contract in Cyprus to build a communications centre for the MoD’s Defence Infrastructure Organisation (DIO). No news on the Bovis/Redrow/Galliford Try front.

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Richard Windsor
19 March 2017

Spotify - Patience Pays

shareholders will see more value by being patient

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Stephen Rawlinson
17 March 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 17th March 2017

Berkeley Group’s trading update this morning emphasises the turbulence it has faced in the last 12 months (since the rises in Stamp Duty). There are three key messages Balfour Beatty was the backmarker yesterday with a 4.3% fall to 271.8p.

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Richard Windsor
16 March 2017

Amazon vs. Google - Homefront pt. II

Amazon is pre-emptively moving to keep Google out.

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16 March 2017 · 3 min read

Just what the Fed wanted

A rate increase and a rising market – but was it really dovish?

Having primed markets to fully expect a US rate increase, the FOMC followed through on the 15th March. If the aim was to deliver a rate increase without abruptly causing tighter financial conditions (code for declining equity and credit markets), then it was mission accomplished. Following the FOMC announcement the dollar eased against other currencies, bond yields fell and equity markets gained. However, despite comforting language within the statement we detected a more strategic, rather than data dependent, direction for US interest rates in the press conference Q&A.

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