Fonds im Fokus


06.06.2017 | 12:30

UBS: Research Expresso 06. Juni 2017

Der UBS Research Espresso stellt für Sie ausgewählte Beiträge zu aktuellen wirtschaftlichen Themen zusammen. Heute im Fokus: Pakistanische Aktien, der neue europäische Versicherungsstandard IFRS 17, die Autoindustrie der Zukunft, die Kauflaune in den USA und mehr...

Pakistan: A Guide to the New Arrival in MSCI EM (Geoff Dennis) Full Report

Pakistan joins MSCI GEMs; we note stocks, volume, EPS, valuations. When GCC markets joined EMs (2014), it was sold on the news. Pakistan has been weak already.

European Insurance - IFRS 17 – better the devil you know? (Jonny Urwin) Full Report
Given inconsistencies / complications in the new insurance accounting standard, we believe companies may build equity stories around Solvency II metrics instead


• European General Retailers – May BRC paints bleak outlook for UK consumer (Andrew Hughes) Full Report
o BRC data shows weaker trends with apparel & appliances among the worst performers. With inflation in other areas still feeding through pressure could continue.

• Concessions Catering: air passenger tracker - Germany drives Q2 17 growth downward, Q3 shows moderate growth but still strong (Chris Stevens) Full Report
o Air passenger growth forecasts for Q2 have been revised slightly down vs a month ago, driven by Germany. Our data shows continued strong growth for Q3 at c4.7%.

• Global Autos - Feedback from Battery Supply Chain Conference (Patrick Hummel, CFA) Full Report
o Read how industry executives from the lithium, cobalt and graphite supply chain think about potentially booming demand for electric car batteries.

• Global Mining - Key Valuation Metrics and Global Spot Scenario (Glyn Lawcock) Full Report
o This is the UBS one-stop shop for global metals and mining comps and Spot Scenario. Want to know which sector has the best FCF yield for 2017 ? Read on.

• Global Precious Metals Comment - Gold tests key upside levels after weak US payrolls (Joni Teves) Full Report
o Gold is helped by lower US rates & a weaker USD. A break of key levels could open the way for further upside, amid lean positioning & encouraging fundamentals.

• US Nielsen Spirits data summary - US spirits sales +3.7% in May; underperformance from all majors except MH, Rémy & Beam (Nik Oliver) Full Report
o Nielsen off-trade spirits industry data for 4 weeks to 20th May was slightly below the 12 week trend. See inside for key winners/losers by company and brand.

• US Economic Comment - ISM hints that payroll slowing was transitory (Samuel D. Coffin) Full Report
o Stronger ISM employment index, solid enough headline. Capex orders & shipments revised up—positive for Q2 GDP, but factory inventories slowed at the start of Q2

• Sky Plc - Thoughts on UK election outcome/Serie A (Polo Tang) Full Report
o We consider how the UK general election outcome could impact a Fox/Sky deal and look at the Serie A/Champions League auctions