Day Ahead, November 23

Cantor Opening Call The FTSE is called to open around unchanged today

UK Corporate Announcements Fuller Smith & Turner announces an H1 EBITDA of £26.9m up 8% and increases its dividend 6% to 5.35p

UK Market News The Times writes that Davies the former chairman of Standard Chartered could return through the 300+ branch unit being sold by RBS Severn Trent announces that it has written to the regulator Ofwat regarding proposed changes, to modify its license Glencore has won conditional EU approval for its $32bn deal with Xstrata Russia has lifted its 16 year ban on British Beef put in place after the BSE outbreak The BBC details how still over one million young people in the UK are NEET, (not in education, employment or training) although the actual numbers has dipped slightly in the past three months The UK sells £2.5bn in bills at 11:00

FTSE 100 Movers

UK Analyst Upgrades Sabmiller Pt Raised To 3,100P Vs 2,950P At Credit Suisse Sabmiller Raised To Neutral Vs Reduce At Nomura

UK Analyst Cuts None Detailed

UK Insider Buying Ariana Resources Plc, (AAU), 1 insider(s) bought 640000 shares, £0.01 Astrazeneca Plc, (AZN), 1 insider(s) bought 400 shares, £28.56 Castings Plc, (CGS), 1 insider(s) bought 2000 shares, £3 Energy Assets Group Pl, (EAS), 1 insider(s) bought 20000 shares, £1.9 Purecircle Ltd, (PURE), 1 insider(s) bought 750000 shares, £2.38 Sierra Rutile Ltd, (SRX), 1 insider(s) bought 100000 shares, £0.53

UK Insider Selling Albemarle & Bond Holdin, (ABM),  insider(s) sold 15000 shares, £2.2 Computacenter Plc, (CCC), 1 insider(s) sold 6000 shares, £3.85 Diageo Plc, (DGE),  insider(s) sold 20000 shares, £18.5 Travis Perkins Plc, (TPK), 2 insider(s) sold 80000 shares, £11.2

Global Footprint

Major European Companies Reporting None Detailed

European Market Summary Merkel has stated that a new accord on the seven year EU budget would not be finalised until the New Year, as France defends farm subsidies and UK refuses to give up its rebate and Denmark asks for a rebate of its own The FT details that UBS is expected to face a fine of around £50m over how it mis-managed Adoboli, and allowed a culture where the $2.3bn in losses could occur Alcatel-Lucent is reportedly in financing talks with Goldman’s about a new loan to strengthen its balance sheet German business confidence data is out this morning and is expected to have fallen down towards three year lows General Electric is reportedly in talks to buy Italian based defence group Avio from Cinven for around €3bn, Cinven had previously planned an IPO of the unit but shelved the moves citing market volatility

Major US Stock Movers After Hours US markets were closed yesterday

S&P 500 Companies Reporting None Detailed

US Market News The US equity markets are only open for a half day session today, with many naturally using yesterday’s Thanksgiving Day holiday to take a long weekend Argentina has made some angry statements after a US court ruling which ruled in favour of a US hedge fund were Argentina to go ahead with next month’s scheduled payments of $3bn on its restructured bonds, after a 10 year legal battle. Argentina called the move ‘judicial colonialism’ and that it would fight the ruling up to The Supreme Court

Overnight Market News Olam stays in the news as it states that its auditor stands by its opinion and as it details that it has enough liquidity to withstand the current ‘stress’ China’s Vice President states that three decades of economic developments must be accelerated Bloomberg highlights how Samsung gained to a fresh high yesterday, buoyed by those switching out of Sony Corp, and Panasonic, after they were both cut to junk status by Fitch The disputed South China Seas islands stay in the news as China includes the islands on maps printed inside new Chinese passports, Vietnam has protested the printing of the images, China did not include the islands in the East China Sea that are claimed by both China and Japan

Major Global IPOs Due Today PCIFI Holdings Group Co Ltd, (884), 1255m, HKD 1.33 - 1.65 Krakatoa Resources Ltd, (KTA), 15m, AUD 0.2 Mandalong Resources Ltd, (MDD), 10m, AUD 0.2 TS Flour Mill PCL, (TMILL), 85m, THB 3.1 Xu Yuan Packaging Technology Co Ltd, (8421), 4.237m, TWD 21 - 23

FX Summary South Africa has maintained its benchmark rate unchanged at 5.0% The Brazilian real stays soft, and posts fresh three year lows as its Finance Minister states that the recent moves were on a ‘normal trajectory’ keeping expectations high that the central bank will continue its policy of allowing the currency to weaken

Economic Data Due 07:00 Germany Q3 GDP q/q, 0.2% exp. 0.2% previous 09:30 UK October BBA Loans, 32,500 exp. 31,175 previous

Economic Events None Detailed

UK October BBA Loans

Contact Us For Spread Bet Sales:- 0044 (0) 207 894 8800 For CFD Sales/Traders:- 0044 (0) 207 894 8883 Email:- Sales@cantorcapital.com

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

Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Index Limited (“Cantor Index”), which is authorised and regulated by the Financial Services Authority (“FSA”). This note is defined by the FSA as a marketing communication. This note has been prepared and distributed for information purposes only.  This note may contain information obtained by Cantor Index from third parties; the source of information will usually be disclosed.  Cantor Index makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. Cantor Index, its officers, employees and affiliates shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by Cantor Index or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by Cantor Index and Cantor Index undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by Cantor Index and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. Cantor Index Limited is authorised and regulated by the FSA under Firm Reference Number 194414 Registered in England No. 03489923 Registered Address: One Churchill Place, Canary Wharf, London, E14 5RD

Risk Warning Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. Cantor Index provides an execution only service and does not offer investment advice. You should ensure you fully understand the risks and seek independent financial advice if necessary. These products are not intended for people under the age of 18 or for US residents.