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Market Preview is published daily an hour before trading kicks off on the London Stock Exchange, giving investors a roundup of macroeconomic and corporate news that is likely to move the markets along with the expected opening level of the FTSE 100.
Tuesday preview: Rio Tinto expected to update on wall slideApril 15 2013, 6:30pm
Deutsche Bank's initial estimate is that it will take six to 12 months before production can recommence at the mine, which could cost the company up to US$600mln or thereabouts, equivalent to about 6% of projected 2013 earnings if the mine is off-line for the entire year.
The bank is expecting an update on the incident with Tuesday's statement from Rio.
"The company is into the self-help zone and fits our spin, shrink and grow thesis. The company selling assets, cutting capex, and increasing free cash flow, which could see the company trading on a free cash flow yield of 15% by 2016," Citi says. The broker has a £40 price target for Rio.
The stock is also JP Morgan's top pick in the sector.
Shore Capital reckons net fee income will be down 7% year-on-year to £126.5mln.
Michael Page's UK business has been subdued, but may be about to turn the corner, but Continental Europe is likely to remain a scary story.
Peel Hunt notes that the company is up against some tough comparatives in Brazil, while things down under may be bleak.
"Implementation of new IT is to start in 2013, which may cause some disruption, and investors will see the results of an executive management overhaul," Peel Hunt said.
Significant announcements expected
Companies: MP Evans, Perform Group (AGM), Telecity Group (AGM), Michael Page Group, Rio Tinto
Macroeconomic: Reserve Bank of Australia policy meeting, UK producer prices, UK house prices, UK consumer & retail prices, Eurozone consumer price index, German ZEW surveys of: current situation; economic sentiment, US consumer prices, US housing starts, US industrial production & capacity utilisation, US manufacturing production
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