The Industrial Revelation

Japanese PMI falls to lowest level since 2009, GE Aviation cuts 10% of workforce, Kone downgrades 2020 outlook

The Industrial Revelation

Airbus secures €15bn credit facility but partially restarts production in France & Spain, Cummins suspends production and FY20 guidance as customers shutdown

The Industrial Revelation

US building permits fall in Feb missing estimates, Scania to temporarily stop European production from next week, JCB halts production across 9 UK plants

The Industrial Revelation

German sentiment posts largest fall since 1991, US non-residential construction backlog rose in Jan, Daimler suspends European production for (initial) 2 weeks

The Industrial Revelation

China's industrial production falls 13.5% y/y across Jan-Feb, UK manufacturing body expects 2.1% fall in output in 2020, Fiat Chrysler & Ferrari suspend production

The Industrial Revelation

UK GDP flat in Jan missing estimates, Japan's machine tool orders fall 30% y/y in Feb, Boeing falls 18% yesterday as draws down loan

The Industrial Revelation

German industrial production rose above expectations in Jan, Taiwan's exports rise in Feb but expect March decline, US machine tool orders fall 34% in Jan

The Industrial Revelation

Oil price falls 30%, Chinese exports fall 17% in Jan-Feb, Japan's Q4 GDP revised down to 7% fall, Continental forecasts 2020 decline in global car production

The Industrial Revelation

US ISM manufacturing falls to 50.1 in Feb missing estimates, India's manufacturing PMI falls in Feb to 54.5, US construction spend rises ahead of expectations in Jan

The Industrial Revelation

US durable goods falls less than expected in Jan, Japan and South Korean industrial production beat Jan estimates, CRH sees growth in US construction markets

The Industrial Revelation

South Korean manufacturing confidence falls, North American truck 8 orders declines m/m in Jan but is up y/y, Weir sees challenges in North American oil & gas

The Industrial Revelation

The Industrial Revelation

UK & German PMI beats estimates for Feb while US misses, John Deere sees "early signs stabilization in US farm sector" as it beats Q1 FY20 rev. estimates

Strix Group plc (KETL LN) - Trading conditions to improve in H2

Today’s trading update for H1 22 highlights the difficult operating environment over the first six months of the year, particularly in Q1. Trading picked up in Q2 and is expected to continue to improve in H2 22, in part, due to the inherent seasonality of the business, but also due to some catch up in demand. Guidance is for FY22 post-tax profit to be in line with the consensus estimate of £32.2m, as a result Zeus reduces its estimate by 2.5% to £32.2m. Previous guidance of £3.0m potential impac

Review of Electricity Market Arrangements - REMA Could Bring Benefits

Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy

Invinity Energy Systems - Improving Liquidity for US Investors

Invinity has begun trading shares on the OTCQX Best Market in the USA. We see this as adding liquidity for North American investors and more generally increasing visibility for the company in key markets in North America.

LIBERUM: SigmaRoc* - Rock solid

SHORE CAPITAL - Crestchic+ (LOAD) - House stock at 196p

LIBERUM: Flowtech Fluidpower* - Resilient H1 trading

Inflation Reduction Act

The US Inflation Reduction Act of 2022 now has a chance of passing the Senate next week as it is being voted under the Reconciliation procedure which allows bills related to the budget to pass on a simple majority rather than the 60-vote majority required to overcome a filibuster. If the act does find its way onto the statue books it will bring US$369bn in clean energy tax credits, grants and other incentives. Much is directed to protecting clean energy manufacturing in the USA, but it is a wide

Hybridan Small Cap Feast 21-07-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export

SHORE CAPITAL - Velocys+ (VLS) - House Stock, 5.6p - Tipping the balance - thematic developments in sustainable aviation

LIBERUM: Staffline Group* - H1 restrained by investment but expect stronger H2

Morning Note – 2 August 2022

Q2 22: mixed signals

Rolls Royce published mixed figures. Profitability was particularly low, pushing the net result back into the red zone. However, FCF generation was a positive surprise despite the rise in inventory. It has finally found an agreement to sell ITP Aero and will use the resulting cash to repay its only floating interest rate debt.

LIBERUM: Staffline Group* - H1 restrained by investment but expect stronger H2

Morning Note – 4 August 2022

Cenkos: Oil & Gas -- Getech Group, Longboat Energy, Valeura Energy, Genel Energy, bp, EnQuest, SDX Energy, Eco (Atlantic) Oil & Gas, Occidental Petroleum, ConocoPhillips, Vaalco Energy, Phoenix Global Resources, Sirius Petroleum, Tullow Oil, Equinor, Sunco

Oil posted the biggest weekly decline since early April on growing signs that a global economic slowdown is curbing demand. Prices are near the lowest level in six months. West Texas Intermediate settled at $89 a barrel, ending the week nearly 10% lower. US gasoline consumption has dropped, stoking demand concerns, while low liquidity has added to volatility. Supplies from Libya also picked up, helping to shrink key oil futures time-spreads and ease the tightness in the market. The pullbac