Day Ahead

Cantor Opening Call The FTSE is seen starting the day down around 20 points

UK Corporate Announcements AMEC states that trading to date has been in line with the expectations and that forward visibility remains good and confirms its full year outlook Sainsbury announces an H1 pre-tax profit of £405m up from the expectations of £371m seen on revenues of £12.2bn in line, and details that it has the highest share of the grocery market for almost a decade Moneysupermarket announces Q3 revenues gained 11% and states that revenues in October were particularly strong and stays confident on its outlook Tullow Oil states that it remains on track and that performance in H2 has been strong Sig states that trading has been in line with the forecasts Carphone Warehouse announces adjusted pre-tax profit of £8.6m from £6.6m and confirms its full year outlook WH Smith announces 10 week sales fell 3% and that it is well positioned for continued profitable growth Pace states that revenues in the period have been in line with its expectations Speedy Hire stays confident on its outlook Great Portland announces an H1 pre-tax profit of £76.7m and announces it is to place 31.25m shares for additional property purchases ICAP reports H1 profit falls to £50m down 50% and states that it is not possible to predict the scope or outcome of the Libor probe, and also does not expect an imminent market improvement Barratt Developments reports that private forward sales have gained 21.1% to £768.5m and that it sees significant profitability increase in 2013 United Drug states that it is well positioned for more growth in 2013 as it details full year revenues of €1.83bn

UK Market News Bloomberg details that while Mervyn King would be keen to use the weaker pound to help support the economy the currency is giving impetus to foreign buying of UK real estate, for properties above £6m the majority of buyers are from overseas, the first time for a decade Mervyn King is due to give a press conference today at 10:30 to present the quarterly Inflation report, expected to be unchanged at 4.8% Bloomberg details that former executives at Cove Energy are starting a new oil and gas exploration firm to focus on East Africa The Jersey Financial Services Commission stated late in yesterday’s trading that it will investigate HSBC’s data loss and its anti-money laundering systems FTSE 100 Ex dividends (net): GlaxoSmithKline PLC, GSK, (18),   Marks & Spencer Group PLC, MKS, (6.20), Royal Dutch Shell PLC, RDSA, ($0.43),  Royal Dutch Shell PLC, RDSB, ($0.43) Estimated FTSE 100 Ex Dividend Impact 11 points FTSE 250 Ex dividends (net): Cable & Wireless Communications PLC, CWC, (.0133),  Edinburgh Dragon Trust PLC, EFM, (2.20),  Edinburgh Investment Trust PLC/The, EDIN, (5),  F&C Commercial Property Trust Ltd, FCPT, (n/a),  Home Retail Group PLC, HOME, (1),  UK Commercial Property Trust Ltd/fund, UKCM, (1.3125) FTSE Small Share Ex dividends (net): Braemar Shipping Services PLC, BMS, (9),  Fidelity Special Values PLC, FSV, (13),  JPMorgan Smaller CosIT PLC, JMI, (9),  Medicx Fund Ltd, MXF, (1.40),  Picton Property Income Ltd, PCTN, (n/a),  Standard Life Investment Property Income Trust PLC, SLI, (1.133)

UK Analyst Upgrades Fidessa Pt Raised To 1,510P From 1,275P At Jefferies Fidessa Raised To Buy From Hold At Jefferies Tui Travel Raised To Overweight From Neutral At Jpmorgan Weir Group Raised To Neutral From Reduce At Nomura Itv Raised To Neutral Vs Underperform At Bofaml

UK Analyst Cuts None Detailed

UK Insider Buying Avanti Communications, (AVN), 1 insider(s) bought 10000 shares, £2.5 Hansard Global Plc, (HSD), 1 insider(s) bought 28000 shares, £0.87 Marshalls Plc, (MSLH), 1 insider(s) bought 10000 shares, £0.96 Metric Property Invest, (METP), 3 insider(s) bought 196413 shares, £1.02 Persimmon Plc, (PSN), 1 insider(s) bought 65000 shares, £7.58 Petroceltic Internatio, (PCI), 1 insider(s) bought 504500 shares, £6.78 Ubm Plc, (UBM), 1 insider(s) bought 375000 shares, £7.1

UK Insider Selling Bank Of Georgia Holdin, (BGEO), 1 insider(s) sold 4359 shares, £10.74 Diageo Plc, (DGE),  insider(s) sold 50000 shares, £18.01 First Derivatives Plc, (FDP),  insider(s) sold 330000 shares, £5.35 Getech Group Plc, (GTC), 1 insider(s) sold 4500000 shares, £0.42 Hambledon Mining Plc, (HMB), 1 insider(s) sold 170500 shares, £0.02 Jupiter Fund Manageme, (JUP), 1 insider(s) sold 100000 shares, £2.67 Low & Bonar Plc, (LWB), 1 insider(s) sold 14500 shares, £0.5

Major European Companies Reporting Banca Popolare dell'Emilia Romagna Scrl, Q3, 0,  Bilfinger SE, Q3, 1.23,  Bouygues SA, Q3, 0.89,  Celesio AG, Q3, 0.313,  CNP Assurances, Q3, 0,  Exor SpA, Q3, 0,  Great Portland Estates PLC, S1, 0.023,  ICAP PLC, S1, 0.169,  Infineon Technologies AG, R, 0.359,  J Sainsbury PLC, S1, 0.15,  Natixis, Q3, 0.255,  RWE AG, Q3, 0.41,  Salzgitter AG, Q3, -0.11,  SSE PLC, S1, 0.326,  Tecnicas Reunidas SA, Q3, 0.62,  Telekom Austria AG, Q3, 0.12,  Wirecard AG, Q3, 0.17

European Market Summary Greece has placed enough short term debt with its banks to make a €5bn bond repayment due this week The deputy governor of the central bank in Norway has suggested that Ben Bernanke risks being remembered by history in the same light as Scotsman John Law, the banker that was forced to flee France in the 18th century after creating an asset bubble Audi’s CEO states that it remains on track to reach a record 1.4m vehicles in 2012 French President Hollande has rejected calls for ‘shock’ measures and has asked to be judged on his budget plans at the end of his five year mandate Italy sells up to €3.5bn in 2015 bonds at 11:00 Germany sells €5bn in notes at 11:30

Major US Stock Movers After Hours Cisco gained 6.9% after hours as it announced price reductions had increased sales and that lower costs had maintained its margin levels Zynga announces that its CFO is to leave to join Facebook, and is the eighth senior manager to leave since August , Zynga was trading at 14 in March, and closed yesterday at 2.11

S&P 500 Companies Reporting Tyco International Ltd, Q4, 0.351,  Abercrombie & Fitch Co, Q3, 0.596,  NetApp Inc, Q2, 0.477,  PetSmart Inc, Q3, 0.631,  Staples Inc, Q3, 0.449

US Market News Tim Geithner has stated that it will be necessary to increase personal income tax rates for the wealthiest Americans as capping deductions would not raise enough revenue US press suggests that Sinofsky was pushed out of Microsoft due to concerns amongst management for his ability to get along with the other senior managers Donald Trump is facing a backlash against recent critical statements against the election success of president Obama, with around 500,000 now adding their names to an online petition for Macy’s to end its partnership with Donald Trump branded apparel McAfee is in the news as its founder John McAfee has been named by police as a ‘person of interest’ over his neighbours murder in Belize, reportedly last week four of John McAfee’s dogs were poisoned and killed after an earlier argument with his neighbour over their behaviour The FT writes that the SEC has increased its investigations into Knight Capital’s $450m ‘trading glitch’ in what could be a test of the ‘market access’ rule which was meant to protect against ‘cascades’ of incorrect buying or selling Advanced Micro Devices has hired JP Morgan to conduct a strategic review, which could involve selling assets up to a possible sale of the whole company Lloyd Blankfein has urged the industry not too over do cutbacks, stating that ‘our industry has a long history of letting too many people go at the bottom of the cycle, and hiring too many at the top’ The Federal Reserve Bank of Dallas President Fisher has warned that the US central bank cannot act as a backstop should politicians fail to avoid the ‘fiscal cliff’

Overnight Market News Xi Jinping and Li Keqiang regained their positions on the Central Committee of the Communist Party and paves the way for them to become general secretary and premier within the next few days China Telecom Corp, the largest fixed line provider in China based on revenues states that it will increase its pace of overseas expansion Many schools and highways in the Jijin region of China remain closed as heavy snowfall continues to impact on normal operations By one measure Hong Kong has surpassed New York as average rental rates at Causeway Bay gained 35% from last year to $2,630 a square foot, buoyed by Chinese visitors attracted by the tax free shopping

Major Global IPOs Due Today Dacian Gold Ltd,(DCN), 40m, AUD 0.5 Peach Property Group Deutschland GmbH, (1PEG), 3.4m, EUR 8.25 - 10.25

FX Summary The central bank in Chile left rates unchanged at 5% overnight The yen has weakened on increasing talk that the Bank of Japan will make another move to contain its currency gains

Commodity Summary Deutsche bank suggests that gold could gain to $2,000 in 2013 as central banks are seen continuing with stimulus measures, which would mark the 12th consecutive annual gain

Economic Data Due 09:30 September ILO Unemployment 7.9% exp. 7.9% previous 10:00 Eurozone September Eurozone industrial production -2.0% exp. 0.6% previous 13:30 US October PPI 0.2% exp. 1.1% previous 13:30 US October Advance Retail Sales, -0.1% exp. 1.1% previous 15:00 US September Business Inventories, 0.4% exp. 0.6% previous 19:00 US FOMC Meeting Minutes

Economic Events Bank of England Quarterly Inflation Report Fed Meeting Minutes

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Footnotes All times given are BST Cantor Call, as at 07:15 S&P Companies Reporting, (BMO) - Before Market Open, (AMC) - After Market Close Analyst Changes, as at 06:45 Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). Major European Companies defined as those companies in the STOXX Europe 600 Index FTSE 100 Movers, Blue >0.25%, Green <0.25%, Red <-0.25%, Font size dependent on percentage size of move This note is compiled using information from financial data providers such as Bloomberg and Reuters, as well as from the general business media

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