Day Ahead

Cantor Opening Call The FTSE is called to open around unchanged to down 5 points today

UK Corporate Announcements Thomas Cook announces full year revenues of £9.5bn from £9.8bn and also just under the forecasts with a full year pre-tax loss of £485m from £398m, and states it was taking measures to boost its cash and profitability, but that the results mask a material Q4 improvement United Utilities reports H1 revenues of £822.9m and a pre-tax profit of £153.9m Daisy Group announces an H1 adjusted EBITDA of £27.3m from £26.6m Telford Homes announces H1 revenues of £78.3m and a pre-tax profit of £6.5m and sees further significant growth ahead

UK Market News Mark Carney of course dominated the headlines yesterday, although Mervyn King’s testimony to the parliamentary hearings would have been headline news on any other day, in what has been described as a ‘fractious’ discussion, he was put under pressure to explain the institution’s culture and confirm its independence UK media itself will be eyed today as Lord Leveson is due to report his findings tomorrow, and as a new poll suggests that 79% of voters back an independent press regulator that is established by law Mike Lynch stays in the news as he escalates the recent war of words as he writes an open letter challenging the HP board to explain the recent allegations, that Autonomy misled investors, HP has declined the request and stated it is leaving the matter with government officials, but this will put pressure on Meg Whitman to justify the multi-billion dollar writedown BAE Systems gained yesterday after market talk of possible interest from Lockheed Martin Smith & Nephew announces it is to buy Healthpoint Biotherapeutics for $782m William Hague is due to speak in UK Parliament  today on whether the UK should support a UN motion to give Palestinians statehood Tony Blair is expected to state today that moves by the UK to move outside the EU would lead to a loss of British influence internationally FTSE 100 Ex dividends (net): Amec, AMEC, (11.7), Johnson Matthey, JMAT, (15.5), National Grid, NG/, (14.49), Tate & Lyle, TATE, (7.4) FTSE 250 Ex dividends (net): Alliance Trust PLC/The, ATST, (2.3175),  Diploma PLC, DPLM, (10.20),  Dunelm Group PLC, DNLM, (10),  Intermediate Capital Group PLC, ICP, (6.30),  JD Sports Fashion PLC, JD/, (4.30),  Telecom Plus PLC, TEP, (13),  Utilico Emerging Markets Ltd, UEM, (1.375) FTSE Small Share Ex dividends (net): Anglo Pacific Group PLC, APF, (4.45),  E2V Technologies PLC, E2V, (1.30),   Hansa Trust PLC, HANA, (3.50),  Helical Bar PLC, HLCL, (1.85),  Investors in Global Real Estate Ltd, IGRE, (1.05),  JPMorgan Japanese Investment Trust PLC, JFJ, (3.65),   Scottish American Investment Co PLC/fund, SCAM, (2.45),  Sepura PLC, SEPU, (.51),  St Ives PLC, SIV, (4),  Standard Life Equity Income Trust PLC, SLET, (9)

FTSE 100 Movers

UK Analyst Upgrades Debenhams Raised To Overweight From Neutral At Hsbc G4S Raised To Buy From Hold At Jefferies Severn Trent Raised to 'Sector Perform' at RBC Capital Ultra Electronics Rated New Buy At Citi, Pt 1750P

UK Analyst Cuts Resolution Cut To Neutral Vs Buy At Ubs Vodafone Cut To Hold From Buy At Berenberg WPP Cut to 'Hold' at Pivotal Research

UK Insider Buying Bovis Homes Group Plc, (BVS), 1 insider(s) bought 13 shares, £5.2 Cairn Energy Plc, (CNE), 1 insider(s) bought 1090 shares, £2.65 Cape Plc, (CIU), 1 insider(s) bought 15000 shares, £1.85 F&C Asset Management P, (FCAM), 1 insider(s) bought 47505 shares, £0.99 Fiberweb Plc, (FWEB), 1 insider(s) bought 15000 shares, £0.64 Howden Joinery Group P, (HWDN), 1 insider(s) bought 14000 shares, £1.65 Johnson Matthey Plc, (JMAT), 1 insider(s) bought 2000 shares, £22.74 Sdl Plc, (SDL), 1 insider(s) bought 170532 shares, £4.4

UK Insider Selling Burberry Group Plc, (BRBY),  insider(s) sold 5000 shares, £12.32 Bodycote Plc, (BOY),  insider(s) sold 7332 shares, £3.95 British Land Co Plc, (BLND), 1 insider(s) sold 2007 shares, £5.37 Compass Group Plc, (CPG), 5 insider(s) sold 1017231 shares, £7.19

Global Footprint

Major European Companies Reporting Lundbergforetagen, Q3, Raiffeisen Bank, Q3, 0.605

European Market Summary France’s Hollande has demanded that Lakshmi Mittall guarantee the long term future of workers at a plant in Northern France An exiled Russian ‘supergrass’ who was helping Swiss authorities unravel a multi-million pound money laundering scheme by the Klyuev Group, has died ‘in mysterious circumstances’ outside his home in Surrey, the fourth person in the investigations to have died Bloomberg sued the ECB in December 2010 to obtain documents describing how Greece used derivatives to hide its debt, the court ruling is expected tomorrow and could ‘illuminate’ the ECB’s role in the process Italy sells €7.5bn in bills at 11:00 Germany is to sell €3bn in 5 year notes at 11:30

Major US Stock Movers After Hours Analog Devices came off 3% as it announced it was cutting its EPS outlook for Q1 Green Mountain Coffee gained a solid 23% after hours as it announces stronger profits buoyed by K-Cup sales

S&P 500 Companies Reporting Pall Corp, Q1, 0.663

US Market News ConAgra Foods announces that it is buying Ralcorp for $5bn, bringing to an end a 20 month long process to buy the own brands foods manufacturer Apple is reportedly set to fire its Maps Manager after the high profile initial flaws dented the release of its latest iPhone Moody’s may face a block on products issued by Berkshire Hathaway after EU moves on alleged conflicts of interests The board at Groupon is reportedly looking at a leadership change, on its first day after its IPO last year the company topped $30/share, yesterday it closed at $3.96, the stock gained 2% after hours on the news The Fed is reportedly looking to require US units of foreign lenders to comply with the more stringent capital rules Senate Majority Leader Harry Reid states that parties have made little headway in the negotiations on how to avoid the fiscal-cliff

Overnight Market News Muddy Waters stays in the news as Carson Block states that it was retreating on short sales of Chinese stocks listed in the US as China is seen limiting disclosures required, and as Olam states that it has no risk of insolvency Singapore’s prime minister has stated that increasing the population by encouraging citizens to have more children was the largest challenge confronting the nation Japan’s 10 year yields have fallen under 0.72% today, the first time since 2003

Major Global IPOs Due Today Ares Senior Credit Strategies Fund Inc, (ACS), USD 20 Daiwa House REIT Investment Corp, (3263), 0.1028m, JPY 500000 MegaFon OAO, (0615662D), USD 20 - 25

FX Summary The US Treasury has again held back from officially labelling China as a currency manipulator Argentina has had its ratings cut by Fitch, with international law bonds rating down to CC, 8 levels under investment grade, citing a risk of default following the recent US court ruling that it cannot make restructured debt payments without also including holders of defaulted debt

Economic Data Due 09:00 Eurozone October M3, 2.8% exp. 2.7% previous 15:00 US October New Home Sales, 386k exp. 389k previous

Economic Events 19:00 US Fed's Beige Book

Eurozone q/q M3

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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 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.