Day Ahead

Friday, December 21, 2012, Marketing Communication Cantor Opening Call On what will be the last trading day of the year for many market participants the FTSE is seen starting the day down around 20 points lower today UK Corporate Announcements No UK Companies detailed results today UK Market News UK Consumer Confidence fell in December from the 18 month highs as sentiment falls to -29 from -22 in November Ofcom today details the final determinations of disputes regarding charges for Ethernet services ; http://stakeholders.ofcom.org.uk/enforcement/competition-bulletins/closed-cases/all-closed-cases/ The UK Competition Commission confirms its preliminary findings that the proposed acquisition by Akzo Nobel of Metlac Holdings would result in a substantial lessening of competition in the UK The FT writes on how Selfridges has bought a London office block and may expand The UK sells bills at 12:10 FTSE 100 Movers UK Analyst Upgrades Ferrexpo Pt Raised To 270P Vs 240P At Morgan Stanley TUI Travel Raised to 'Neutral' at HSBC UK Analyst Cuts None Detailed UK Insider Buying None Detailed UK Insider Selling Hsbc Holdings Plc, (HSBA), 2 insider(s) sold 296476 shares, £6.51 Major European Companies Reporting None Detailed European Market Summary Spain has stated that meetings its deficit targets for 2012 would be difficult amid the recession Spain’s FCC states that it will not be paying a dividend this year in order to strengthen its balance sheet, and will concentrate on its core business and sell non strategic assets Arcelor Mittal states that it is taking a Q4 non cash impairment charge of $4.3bn citing the macro, market environment in Europe Cyprus has had its credit rating cut to CCC+ from B by S&P with a negative outlook Fitch has revised Hungary’s outlook to stable from negative Deutsche Telekom announces that its CEO is to step down at the end of next year Major US Stock Movers After Hours Westway Group gained 8% after hours as EQT Infrastructure announces it is to buy the group for $6.70/share in cash Nike gained 5% as its Q2 numbers beat the expectations and it gave an optimistic look for the key days ahead Research in Motion slipped 10% after hours as it announced poor numbers and details a Q4 operating loss, as it continues to struggle in the new smart phone market Hemispherx BioPharma fell over 20% as an FDA panel fails to approve the use of a key new drug S&P 500 Companies Reporting Walgreen Co, Q1, 0.684 US Market News The US House cancelled plans to vote on Boehner’s Tax ‘ Plan B’ and Burton has stated that the US House now plans no votes until after Christmas, the news caused some dramatic moves in the US futures overnight, however the tone has calmed as we approach the European open Mohawk announces it is to buy Marazzi Group for $1.5bn in cash and equity making a world leading in ceramic tiles IntercontinentalExchange has agreed to acquire NYSE Euronext for $8.2bn, a 38% premium to the closing price, and states it is exploring the option of listing the Euronext unit S&P details that Abbvie will replace Federated Investors in the S&P 500 Overnight Market News A former banker that allegedly aided Olympus in its accounting fraud has been arrested in the US The China Securities Regulatory Commission has approved Zhengzhou Commodity Exchange to trade rapeseed futures Economic Data Due 00:01 UK December GfK Consumer Confidence, -26 exp. -22 previous 09:30 UK Q3 GDP, 1.0% exp. 1.0% previous 13:30 US November Personal Income, 0.3% exp. 0.0% previous 13:30 US November Durable Goods Orders, 1.0% exp. 0.0% previous 14:45 US Uni. of Michigan Confidence, 75.0 exp. 74..5 previous Economic Events EU-Russia Summit in Brussels UK GDP 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 Fitzgerald Europe (“CFE”), 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 and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE 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. CFE, 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 CFE 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 CFE and CFE 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 CFE 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 Fitzgerald Europe is authorised and regulated by the FSA under Firm Reference Number 149380.    Cantor Fitzgerald Europe - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. 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. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents.

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Day Ahead

Thursday, December 20, 2012, Marketing Communication Cantor Opening Call The FTSE is seen starting the day down around 15 points lower UK Corporate Announcements 888 announces that it stays confident on meet its expectations for the full year UK Market News Ofcom today announces that bidders for 4G, Everything Everywhere Limited (UK), HKT (UK) Company Limited (a subsidiary of PCCW Limited), Hutchison 3G UK Limited, MLL Telecom Ltd, Niche Spectrum Ventures Limited (a subsidiary of BT Group plc), Telefónica UK Limited, Vodafone Limited Weir Group announces that it is to buy Mathena for as much as $385m The Times suggests that Fannie Mae and Freddie Mac may have lost as much as $3bn through the manipulations in Libor BAE Systems stated yesterday afternoon that the definitive pricing for a Typhoon contract with Saudi Arabia remains unresolved FTSE 100 Movers UK Analyst Upgrades GKN Raised To Buy Vs Neutral At Citi UK Analyst Cuts None Detailed UK Insider Buying Hargreaves Lansdown P, (HL/), 1 insider(s) bought 5695 shares, £6.99 Legal & General Group P, (LGEN), 1 insider(s) bought 7780 shares, £1.45 UK Insider Selling Smith & Nephew Plc, (SN/), 1 insider(s) sold 93939 shares, £6.7 Xstrata Plc, (XTA),  insider(s) sold 7000 shares, £10.5 Major European Companies Reporting Immofinanz, Q2, 0.050 European Market Summary Sanofi announces it is to pay $109m to settle its false claims case where its US representatives gave doctors free doses of medicine in order to secure business Major US Stock Movers After Hours Sources suggest that Intercontinental Exchange is in talks to acquire the owner of the NYSE, NYSE Euronext gained 8% after hours on the story SandRidge gained 7.7% after hours as it details it is selling its Persian Basin oil assets for $2.6bn Jabil Circuit gained 6% as it announces Q1 results ahead of the forecasts Amicus Therapeutics was the major faller down over 50% in late trading after it announces that its experimental Fabry disease drug did not show statistical benefits in a study Allscripts came off 7% as it fires its CEO and states that it was ending its efforts to find a new buyer S&P 500 Companies Reporting CareFusion Corp, Q1, 0.429,  CarMax Inc, Q3, 0.386,  Carnival Corp, Q4, 0.111,  Cintas Corp, Q2, 0.625,  ConAgra Foods Inc, Q2, 0.547,  Darden Restaurants Inc, Q2, 0.292,  Discover Financial Services, Q4, 1.115,  Lennar Corp, Q4, 0.437,  Micron Technology Inc, Q1, -0.192,  NIKE Inc, Q2, 1.001,  Red Hat Inc, Q3, 0.289 US Market News AMR is reportedly taking steps to move closer to a merger with US Airways US press suggests that Obama officials have told ‘leaders of business’ that talks with House Speaker Boehner have deteriorated in the past 24 hours US press details how stocks of semi-automatic guns at Wal-Mart have sold out as Americans buy them in huge quantities, after the recent talk of possible additional gun control laws following the killings in Newtown Mark Zuckerberg files that he is donating half a billion dollars to various charities Arris announces that it is to acquire Motorola Home business for $2.35bn from Google Overnight Market News Asian markets have had a slightly softer session as the Fiscal Cliff talks hit a hurdle The Bank of Japan as expected has extended its asset purchase program, the third time in four months Hong Kong’s monetary authority states that the property market was increasingly disconnected from the rest of the economy and is creating ‘macro financial risks’ Australia’s Treasurer states that tax receipts in the first few months are well below its forecasts Economic Data Due 09:30 UK November Retail Sales ex fuel, 0.3% exp. -0.7% previous 13:30 US Q3 GDP 2.8% exp. 2.7% previous 13:30 US Weekly Initial Jobless Claims, 355k exp. 343k previous 15:00 Eurozone Consumer Confidence, -26.5 exp. -26.9 previous 15:00 Eurozone November Leading Indicators, -0.2% exp. 0.2% previous Economic Events ECB Governing Council Meets Eurozone Consumer Confidence 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 Fitzgerald Europe (“CFE”), 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 and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE 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. CFE, 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 CFE 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 CFE and CFE 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 CFE 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 Fitzgerald Europe is authorised and regulated by the FSA under Firm Reference Number 149380.    Cantor Fitzgerald Europe - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. 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. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents.

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Christmas 2012 CFD Trading Hours

Wednesday, December 19, 2012, Marketing Communication Christmas 2012 CFD Trading Hours Monday 24th – Desk open until 18:15 Tuesday 25th – Closed Wednesday 26th – Dealing desk open for trading from 14:30 Thursday 27th – Normal dealing hours Friday 28th – Normal dealing hours, desk open until 21:00 Monday 31st – Dealing desk open until 21:00 Tuesday 1st – Closed Tuesday 2nd – Normal dealing hours Monday 24th December Equities UK closes at 12:30 Germany closed all day US closes at 18:15 Wednesday 26th December Equities All UK and European markets closed US open as normal Monday 31st Dec Equities UK close at 12:30 France closes at 13:00 Germany closed US open as normal Wednesday 2nd December Equities Open as normal Contact Us Telephone:- 0044 (0) 207 894 8020 Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Cantor Fitzgerald Europe is authorised and regulated by the FSA under Firm Reference Number 149380.    Cantor Fitzgerald Europe - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents.

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Christmas 2012 Spread Betting Trading Hours

Wednesday, December 19, 2012, Marketing Communication Christmas 2012 Spread Betting Trading Hours Monday 24th – Desk open until 19:30 Tuesday 25th – Closed Wednesday 26th – Dealing desk open for trading from 07:00 Thursday 27th – Normal dealing hours Friday 28th – Normal dealing hours, desk open until 22:15 Sunday 30th – Desk open from 23:00 as normal Monday 31st – Dealing desk open until 22:15 Tuesday 1st – Closed during day, desk open from 23:00 Monday 24th December Indices  UK 100 open until 12:30, out of hours pricing until 18:15 France 40 open until 13:00 Germany 30 and EU stocks 50 closed all day, out of hours until 18:15 All US indices and Japan 225 open until 18:15 Commodities Gold, Silver, Copper and US Light Crude close at 18:45 Brent Crude closes at 19:00 US soft commodities close at 18:00 UK commodities close at 12:15 Equities UK closes at 12:30 Germany closed all day US closes at 18:15 Interest Rates European Closed US closes at 18:15 UK close at 12:15 Wednesday 26th December Indices US Indices open from 11:00 UK and European markets closed, out of hours in UK100 and Germany 30 from 11:00 Commodities Gold, Silver, Copper, Brent, and US light Crude open as normal US soft commodities open at 15:30 UK commodities closed Equities All UK and European markets closed US open as normal Interest Rates UK and European closed US open from 11:00 Friday 28th December Germany 30 closes at 13:00, out of hours until close German Shares close at 13:00 European Rates close at 17:30 Everything else open as normal Monday 31st Dec Indices UK 100 closes at 12:30, out of hours price until 22:15 Germany 30 closed, out of hours pricing until 22:15 France 40 closes at 13:00 US indices and Japan 225 open until 22:15 Commodities Normal hours with the exception of Brent which closes at 20:00 and UK commodities which close at 12:15 Equities UK close at 12:30 France closes at 13:00 Germany closed US open as normal Interest Rates US open as normal UK close at 12:15 Europe closed Wednesday 2nd December Indices UK100 opens at 01:00 Germany 30, France 40 and EU Stocks open at 07:00 Japan 225 open at 23:45 US indices open from 11:00 Commodities Open as normal with the exception of grains which open at 15:30 and sugar which opens at 12:30 Equities Open as normal Interest Rates UK and Europe open as normal US interest rates open at 11:00 Contact Us Telephone:- 0044 (0) 207 894 7894 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. You should ensure you fully understand the risks and seek independent financial advice if in doubt. Cantor Fitzgerald Europe is authorised and regulated by the FSA under Firm Reference Number 149380. Cantor Fitzgerald Europe - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents.

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Day Ahead

Wednesday, December 19, 2012, Marketing Communication Cantor Opening Call The FTSE is seen opening up around 10 points higher today UK Corporate Announcements Bunzl states that trading has been in line with the expectations and sees its operating margin in line with last year Sportingbet states that trading in December has continued in line with the trends seen in November Berendsen states that it has continued to trade in line with the forecasts UK Market News The FT details on how the UK plans to amend the 90 day consultation period required by firms to make large-scale redundancies, down to 45 days from April The Times writes on how the US has suggested that the UK should stay in the EU, after seeing the ‘slide to an exit’ in recent months The IEA states that coal could top oil as the world’s largest energy source within a decade if global policies are not amended FTSE 100 Ex dividends (net): Burberry, BRBY, (8), United Utilities, UU/, 11.44 FTSE 250 Ex dividends (net): Betfair, BET, (4), Greene King, GNK, (7.15), Halfords, HFD, (8), Murray Income Trust, MUT, (7) FTSE Small Share Ex dividends (net): BlackRock Commodities Income Investment Trust PLC, BRCI, (1.42875),  Carr's Milling Industries PLC, CRM, (11.50),  Henderson High Income Trust PLC, HHI, (2.075),  JPMorgan Chinese Investment Trust PLC, JMC, (1.60),  JPMorgan Eur Smaller Companies Trust PLC, JESC, (6),  JPMorgan Global Emerging Markets Income Trust Plc, JEMI, (.90),  NCC Group PLC, NCC, (6),  Sportingbet PLC, SBT, (1.10) FTSE 100 Movers UK Analyst Upgrades GKN Rated New Neutral at Nomura; PT 245p Meggitt PLC PT Raised to 455p from 445p at RBC Capital William Hill Raised From Equalweight At Morgan Stanley William Hill Raised To Overweight At Morgan Stanley UK Analyst Cuts BP PT Cut to 525p vs 550p at JPMorgan; Kept at Overweight Interserve Cut To Add From Buy At Numis UK Insider Buying Legal & General Group Plc, (LGEN), 1 insider(s) bought 7780 shares, £1.45 UK Insider Selling None Detailed Major European Companies Reporting None Detailed European Market Summary UBS today announces that it will pay 1.4bn Swiss francs to settle the Libor charges, with the FSA stating that it had significant failings in relation to both Libor and EURIBOR Greece has had its rating lifted by S&P to B- from selective default as it cites the ‘strong determination’ of local governments to maintain the nation within the euro French press details that local regulators are expected to require BNP Paribas and SocGen to ‘Wall Off’ their prop trading units Axa has been downgraded by S&P to A-, citing the European economic outlook, but does leave it with a stable outlook Portugal was due to sell 6 and 12 month bills today at 11:30, but this has been cancelled Major US Stock Movers After Hours Oracle announced Q2 numbers just ahead of the forecasts after hours Rocky Mountain Chocolate gained 22% after hours as it receives an $13.50/share offer from PST Capital S&P 500 Companies Reporting Accenture PLC, Q1, 1.043,  Bed Bath & Beyond Inc, Q3, 1.018,  FedEx Corp, Q2, 1.408,  General Mills Inc, Q2, 0.787,  Jabil Circuit Inc, Q1, 0.564,  Paychex Inc, Q2, 0.406 US Market News The US Justice Dept. states that it has reached a settlement with Penguin Group over its e-book case, but continues its actions against Apple and Macmillan in order to ‘prevent continues restrictions on price competition’ US House speaker Boehner has stated that he was switching to a ‘Plan B’ and that he would attempt to sell a tax increase plan to fellow Republicans ConocoPhillips announces it is selling its Algerian unit to Pertamina for $1.75bn American Railcar Industries, owned by Carl Icahn has made another move for Greenbrier Cos, but the target company has stated that its $20/share bid, at just a 5% premium to the closing price ‘grossly undervalues’ the company, American Railcar already holds a 9.9% stake in Greenbrier Bloomberg details that sources suggest that Knight Capital has chosen Getco as its favoured takeover partner, in a $3.75/share deal, two thirds cash The S&P 500 so far is up 27% this year, the strongest yearly gain since the recovery in 2003, with the leading gainer Bank of America up over 100% Moody’s has placed Alcoa’s outlook on review for downgrade, the rating is already at Baa3, so any cut would bring the mining giant down to junk status, after the recent slump in metals prices SPX Corp is reportedly close to finalising a $4.2bn move for Gardner Denver Online privacy continues to be a major issue as Instagram, owned by Facebook, is criticised by users as it amends its privacy policy to allow advertisers to buy users photo’s Overnight Market News The Nikkei crossed back above 10,000 for the first time since April, as the global markets continue to gain in the light trading conditions Billabong came off 23% under the AUS$1.10 share offered by Sycamore Partners, after it lowers its earnings forecasts, prompting fears that Sycamore may look to cut the offer price Samsung announces that it will no longer seek an injunction against Apple in Europe Economic Data Due 09:00 German December IFO, 102 exp. 101.4 previous 09:30 UK Bank of England Minutes 13:30 US November Housing Starts, 871k exp. 894k previous Economic Events WTO Trade Policy Review of US US Housing Starts 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 Fitzgerald Europe (“CFE”), 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 and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE 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. CFE, 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 CFE 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 CFE and CFE 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 CFE 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 Fitzgerald Europe is authorised and regulated by the FSA under Firm Reference Number 149380.    Cantor Fitzgerald Europe - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. 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. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents.

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