Day Ahead, November 22

Cantor Opening Call The FTSE is called to open up around 20 points today, and trading is expected to be light with US markets closed for Thanksgiving

UK Corporate Announcements SABMiller announces an H1 EBITA of $3.2bn, just ahead of the forecasts and states that its margins have risen modestly with free cash flow up 14% to $1.7bn Mothercare reports H1 underlying pre-tax loss of £0.6m on sales of £388.4m and states that UK consumer confidence remains weak and that it will not pay a dividend Close Brothers states that it has made a solid start to the year and that its assets under management have gained 2% to £8.5bn and it remains on track for full year profitability Daily Mail reports full year revenues of £1.96bn just missing the forecasts but states that it is performing well and in line with its expectations

UK Market News Supermarket chiefs have written to the government looking to extend trading hours on Sunday December 23rd, expected to be the heaviest shopping day of the year The Times suggests that France and Italy have ‘taken aim’ at the British EU rebate ahead of the EU budget talks, while the FT suggest that hopes were rising that an ‘unlikely deal’ with the UK was taking shape The FT writes on how Man Group has moved $1.5bn of its main computerised fund AHL into a new portfolio Mervyn King, Paul Tucker and Andy Haldane all testify before the Parliamentary Commission on Banking Standards today Reckitt Benkiser has signed a merger pact with Schiff Nutrition at $42/share, valuing the group at $1.49bn, as it fights off rival interest from Bayer

FTSE 100 Movers

UK Analyst Upgrades Buy Compass, Valuation Still Attractive, Citi Says Dixons Retail Pt Raised To 38P Vs 20P At Morgan Stanley EasyJet Raised to Equalweight from Underweight at Barclays Fresnillo Rated New Neutral At Goldman, Pt 1950P Johnson Matthey Raised From Neutral At Credit Suisse Johnson Matthey Raised To Outperform At Credit Suisse Millennium & Copthorne Rated New Hold At Liberum Whitbread, Intercontinental Rated New Buy At Liberum

UK Analyst Cuts None Detailed

UK Insider Buying Astings Plc, (CGS), 1 insider(s) bought 2000 shares, £3 Diploma Plc, (DPLM), 1 insider(s) bought 5000 shares, £4.48 Ariana Resources Plc, (AAU), 1 insider(s) bought 640000 shares, £0.01 Astrazeneca Plc, (AZN), 1 insider(s) bought 3500 shares, £28.25 Stadium Group Plc, (SDM), 2 insider(s) bought 60000 shares, £0.41

UK Insider Selling Diploma Plc, (DPLM), 1 insider(s) sold 23766 shares, £4.54

Global Footprint

Major European Companies Reporting Daily Mail & General Trust PLC, R, 0.482,  SABMiller PLC, S1, 1.103,  United Internet AG, Q3, 0.222

European Market Summary The FT details that Germany’s refusal to suffer losses on official loans made to Greece was forcing the authorities to explore more complicated measures The WSJ Europe suggests that Santander may be considering another IPO, in the US The unions of SocGen state that the banking group may start closing branches and cut additional jobs A group led by Vinci has won a $1bn sized contract to build bridges and tunnel in the US Spain sells bonds at 10:30

Major US Stock Movers After Hours Kit Digital employees will have a stressful Thanksgiving as the stock fell 70% after hours yesterday as it announces it is considering all its options, including a potential sale and may need to cut jobs, and that it is to restate its results OCZ Technology came off 10% as it announces that the SEC is investigating its customer incentive program

S&P 500 Companies Reporting None Detailed

US Market News US Markets are closed today for Thanksgiving Amazon is being criticised for an internet land grab where it is buying up ‘swathes’ of internet address endings Israel and Palestinians have agreed to a ceasefire after the 8 days of fighting which has killed over 150 people Best Buy has had its ratings cut to BB from BB+ by S&P with a negative outlook

Overnight Market News Olam International continues to fight back against Muddy Waters, stating that it was suing Carson Block for defamation for making ‘malicious falsehoods’, but Muddy Water’s states that its research was exhaustive and that it plans to resolutely stand by its claims

Major Global IPOs Due Today Ilmatar Windpower Oyj, (0613614D), 1.023m, EUR 8.5

FX Summary The euro has continued to gain a touch as the markets price in that Greece will eventually get the funds it requires, just the details need to be worked through The Brazilian real has fallen to fresh three year lows after its President states that the currency was still overvalued, increasing expectations that authorities will allow the currency to depreciate further

Economic Data Due 09:00 Eurozone November PMI Manufacturing, 45.6 exp. 45.4 previous 11:00 UK November CBI Trends 15:00 Eurozone November Consumer Confidence, -26.0 exp. -25.7 previous

Economic Events EU Leaders Summit on seven year budget

15:00 Eurozone Consumer Confidence

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Footnotes All times given are BST Cantor Call, as at 7:15am S&P Companies Reporting: (BMO) - Before Market Open (AMC) - After Market Close Analyst Changes, as at 6:45am 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 / charts from financial data providers such as Bloomberg and Reuters, as well as from the general financial / business media

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