US stock uptrend intact

US: Last week, US markets benefited from lower energy prices and a last minute rally for the end of the 3rd quarter. September ISM Manufacturing, non Manufacturing and employment data will be the major economic data to be reported.

Technically, the SP500 and Nasdaq 100 look set for a continuation of their flat consolidation in the short term. In the medium term, above respectively 1200 and 1550 the uptrend remains intact. Below those levels, the risk will be initially for a 2 to 4% short term decline.


EUROPE: European markets rose last week thanks to lower oil prices, a weaker euro and generally good company news. PMI Manufacturing and Services surveys will be published across European countries. Technically, European indices call for a ST pause (up gaps to be filled on the Cac 40 and Dax) but remain well oriented in the MT.


COMPANY PREVIEW

Neopost (EUR 80.65;1.77%;NEO; NPOS.PA)

Neopost reports tomorrow its 1H results. Last month, the manufacturer of mailroom equipment, reported 2Q sales up 12% to E209.9m. The stock trades at 21.1 times its fiscal Jan/06 earnings compared to 15.5 times for Dec/05 Pitney Bowes (I/B/E/S).


BP (GBp673.5;1.74%;BP/;BP.L)

The same day, BP should issue its 3Q 2005 trading update. The main focus will be on production levels and pending exploration projects. On Friday, the stock fell 1.46% to 673.5 pence. Its Texas refinery, the US' third largest, will stay idle until further notice for inspection and maintenance work.


Solectron (USD3.91; 5.68%; SLR; SLR.N)

Solectron, a manufacturer of electronics for other firms, should report on Wednesday that its 4Q/Aug EPS was $0.04, unchanged from the same period last year on sales down 17% to $2.49bln.


Marriott International (A) (USD 63; 1.86%; MAR; MAR.N)

Lodging company Marriott International reports on Thursday its 3Q/Sep results. Last week, Smith Travel Research reported that US hotels' revenue per available room (RevPAR) rose 12.7% to $65.66 in the week ended September 24 compared to the same period last year. The market expects EPS to rise $0.64 from $0.55 in the same period last year.


OCE (EUR 13.03; -0.99%; OCE; OCEN.AS)

OCE reports its 3Q results on Friday. The maker of wide format printers agreed last month to buy Imagistics International for $685m in cash to expand further in the US.