Market Outlook June 22nd - June 26th

Company preview	Corporate calendar	Economic calendar

Market Outlook

- US : US indices fell for the first time in five weeks as a decline in crude oil hurt fuel producers. Defensive stocks like Healthcare Equipment and Biotechnology ones managed to gain wow. On the downside, stocks from Real Estate, Energy, and Capital Goods led the decline. Technically, as daily indicators have validated bearish divergences, the downside risk now prevails in the short term.

- EUROPE : European indices lost ground wow but managed to snap a four-session losing run since Thursday (confirmed by a positive "triple witching" day). Defensive sectors found support last week like Telecommunication or Food & Beverage. However, Stocks from Automobile & Parts, Basic Ressources, Chemicals and Banks were among the worst performers. On a technical point of view, European indices have escaped from their short term ascending channel. Consequently, further decline is likely in the days ahead.

June 22nd - June 26th

Market Round up

	Weekly chg (%)	Last
Dow Jones	-2.9	8539.7
Nasdaq 100	-1.3	1471.2
Dax Xetra	-1	4839.5
Cac 40	-.1	3215.8

Foreign Exchange

Euro/dollar : The pair is challenging its channel lower boundary, the RSI lacks upward momentum. SHORT below 1.44 towards 1.37 & 1.3250.

Dollar/yen : The pair has struck against its LT declining trend line, the RSI is bearish. SHORT @ 101.20 with 94 & even 91 in sight.

Company preview

Oracle (USD 20.66 ; -0.91% ; ORCL ; ORCL.O)
On Tuesday, Oracle is expected to release 4Q EPS of $0.44 compared to $0.45 last year on sales of $6.46bln vs $7.24bln. Earlier, the Co and Sun Microsystems refilled their merger applications with US antitrust regulatory. Besides, the Co's price target was raised to $26 from $20 at Morgan Stanley. From a technical view, the stock bounced off from a medium-term support level around $19.8. Hence, we expect a further rise to challenge the year-to-date's high at $21.20.

Monsanto (USD 80.73 ; -6.71% ; MON ; MON.N)
Wednesday, Monsanto could report 3Q EPS of $1.18 compared with $1.45 a year ago. Recently, the Co announced a 2-year collaboration with Protabit LLC for the development of protein design software. The Co's price target was cut to $90 from $95 at Citigroup. Technically, the stock is currently close to the support of a key rising trend line since last November. As long as 78.2 holds on the downside, we expect a short-term consolidation before a further rise to $84.6 and $87.5 in extension.

Nike (B) (USD 56.7 ; 0.16% ; NKE ; NKE.N)
The same day, Nike may deliver 4Q EPS of $0.96 vs $0.98 a year earlier on sales of $4.7bln vs around $5.1bln. Last week, Nike appointed Lilly's Chairman and CEO John C. Lechleiter to the Co's board of Directors. Moreover, the Co's price target was raised to $65 from $60 at Credit Suisse.

Hennes & Mauritz (B) (SEK 365.5 ; -2.01% ; HMB ; HMb.ST)
On Thursday, Hennes & Mauritz is expected to post 2Q net income of SK4.2bln compared to SK3.9bln a year ago on revenues of SK26.8bln vs SK21.6bln. A week ago, the Co announced the UK accessory brand, Jimmy Choo's shoes and bags to be available in appx. 200 H&M stores starting on November 14. From a technical view, the shares stands well above its major support at 55. Therefore, a further up move seems likely to 59.2 at first in the coming days.

Micron Technology (USD 5.33 ; -2.56% ; MU ; MU.N)
On the same day, Micron Technology could unveil a 3Q LPS vs a loss of $0.29 a year ago on sales of $1.67bln vs $1.5bln. Earlier, the Co said it has made high-performance, low-power DDR3 memory modules for notebook computers. The new modules are available in densities up to 2GB now, with 4GB samples coming this fall. Technically, the stock remains on the upside, backed by a rising 50D MA. Above $5, we favour a further bounce to $5.65 and then to $6.

Selection of those events which may affect the stock prices of international Large Caps

Corporate Calendar June 22nd - June 26th

Date	Market	Company	Event
Monday, June 22nd
	US	Walgreen	3rd-Quarter results
Tuesday, June 23rd
	UK	Chemring Group	1st-Half results
	US	Darden Restaurants	4th-Quarter results
	US	Kroger	1st-Quarter results
	US	Jabil Circuit	3rd-Quarter results
	US	Oracle	4th-Quarter results
Wednesday, June 24th
	UK	Stagecoach Group	annual results
	UK	Kesa Electricals	annual results
	US	Monsanto	3rd-Quarter results
	US	Nike (B)	4th-Quarter results
	US	Bed Bath & Beyond	1st-Quarter results
	US	Paychex	4th-Quarter results
Thursday, June 25th
	UK	DSG International	annual results
	SW	Hennes & Mauritz (B)	2nd-Quarter results
	US	Lennar Corp	2nd-Quarter results
	US	McCormick	2nd-Quarter results
	US	Micron Technology	3rd-Quarter results
	US	Conagra Foods	4th-Quarter results
Friday, June 26th
	UK	Berkeley Group	annual results
	US	KB Home	2nd-Quarter results

Economic Calendar (CET) June 22nd - June 26th

Date	Market	Economic data	Period	Expected	Last
Monday, June 22nd
	GE	Import Prices (MoM)	MAY	0.3%	-0.8%
10:00:00	GE	IFO - Business Climate	JUN	85.1	84.2
10:00:00	GE	IFO - Current Assessment	JUN	83.1	82.5
10:00:00	GE	IFO - Expectations	JUN	87.4	85.9
Tuesday, June 23rd
08:45:00	FR	Consumer Spending (MoM)	MAY	-0.2%	0.7%
08:50:00	FR	Business Confidence Indicator	JUN	74	72
08:50:00	FR	Production Outlook Indicator	JUN	NA	-50
16:00:00	US	Existing Home Sales (Mln)	MAY	4.8	4.68
Wednesday, June 24th
10:00:00	EC	Euro-Zone: Current Account (Bln) (MoM)	APR	NA	-3.5
14:30:00	US	Durable Goods Orders	MAY	-0.9%	1.7%
14:30:00	US	Durable Goods Ex Transportation	MAY	-0.5%	0.4%
16:00:00	US	New Home Sales (Thsd)	MAY	360.28	352
16:30:00	US	Crude Oil Inventories (WoW chg)	W24	NA	-3874
20:15:00	US	Fed: Rates decision		0.25%	0.25%
Thursday, June 25th
14:30:00	US	GDP (QoQ)	1Q	-5.6%	-5.7%
14:30:00	US	GDP Price (QoQ)	1Q	2.8%	2.8%
14:30:00	US	Personal Consumption	1Q	NA	1.5%
14:30:00	US	Initial Jobless Claims (Thsd)	W24	NA	608
Friday, June 26th
08:45:00	FR	GDP (QoQ)	1Q	NA	-1.2%
08:50:00	FR	Consumer Confidence	JUN	-39	-40
14:30:00	US	Personal Income	MAY	0.3%	0.5%
14:30:00	US	Personal Spending	MAY	0.3%	-0.1%
16:00:00	US	U. of Michigan Confidence	JUN	69.1	69

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