Day Ahead

Should the UK leave the EU? Join this debate to help inform your view, January 9th, 2013, Bloomberg Auditorium Monday, December 3, 2012, Marketing Communication Cantor Opening Call The FTSE is called start the week around 10 to 15 points higher UK Corporate Announcements Balfour Beatty ahead of its Investors Day today states that it is implementing plans to access Brazil and India and that it is developing positions in South Africa, Australia and Canada St Modwen states that its good performance has continued and keeps its full year expectations unchanged UK Market News The FT details that Osborne is planning a ‘new tax squeeze’ on the rich as well as an additional cut in welfare spending in next week’s Autumn statement, while The Telegraph details that credit reference agencies will cross check declared income on tax returns against individual's spending patterns to identify those at high risk of tax evasion The ECB’s Noyer states that London should stop being the Euro’s Financial centre RBS details its 10 year plan to leave state control FTSE 100 Movers UK Analyst Upgrades Arm Raised To Outperform Vs Neutral At Exane Bnp Ashtead Rated New Buy At Bofaml, Pt 460P PayPoint Rated New Buy at Jefferies; PT 1,020p Schroders Raised To Buy Vs Neutral At Bofaml UK Analyst Cuts Glaxosmithkline Pt Cut To 1,530P Vvs 1,610P At Berenberg UK Insider Buying F&C Asset Management Plc, (FCAM), 1 insider(s) bought 75000 shares, £0.99 UK Insider Selling Gkn Plc, (GKN), 1 insider(s) sold 417023 shares, £2.24 Jupiter Fund Management, (JUP),  insider(s) sold 200000 shares, £2.79 Bank Of Georgia Holding, (BGEO),  insider(s) sold 10996 shares, £10.72 Mitchells & Butlers Plc, (MAB), 1 insider(s) sold 353 shares, £3.09 Global Footprint Major European Companies Reporting None Detailed European Market Summary Telefonica is reportedly looking to list 10-15% of its Latin American operations on the belief that the market is currently undervaluing the operations Moody’s has cut the European Stability Mechanism rating to AA1 from Aaa and maintains its negative outlook Italian bonds are in focus as local press suggest that despite stating recently that he would exit politics, talks resurfaces that Berlusconi may yet return Major US Stock Movers After Hours There were no significant moves after hours S&P 500 Companies Reporting None Detailed US Market News Starbucks states that it has made a pledge to rebuild public trust on its Tax Affairs, which is a well constructed way confirming that it will continue with its plans to avoid paying as much tax as it can, just that it realises there is a cost to its reputation if it takes the accounting measures too far Barron’s suggests that Transocean could gain as it settles the oil spill claims, Liberty Media is seen as having value as it could gain on any spin-off of its Sirius unit News Corp stays in the news as the UK media continues to digest the Leveson Report and as Tom Mockridge resigns as CEO of its UK newspaper arm after not being chosen to run the publishing company that News Corp is expected to spin off on December 31 Bloomberg details how the global sun bed industry, thought to be worth around $5bn, is increasingly coming under legal pressure to ban its products to those under 18 as evidence of cancer causing malignant lesions continues to be documented Overnight Market News The chief of Bank of Tokyo Mitsubishi has warned that the bank would struggle to reduce its large exposure to Japanese government bonds Delta Air Lines is reportedly in talks to buy Singapore Airlines’ 49% stake in Virgin Atlantic Bloomberg details how the number of US companies in the list of the world’s 500 largest companies are growing  faster than at any time in the past 10 years, as the outlook in China cools and the growth story in the US improves, currently 40.3% of the total are based in the US Major Global IPOs Due Today Browave Corp, (3163), 5.431m, TWD 23 FX Summary The dollar has moved down to a six week low against the euro as concerns continue on the fiscal cliff, as the war of words on the Sunday Morning talk shows continued yesterday North Korea states that it is to launch a satellite before the new year Economic Data Due 09:00 November PMI Manufacturing, 46.2 exp. 46.2 previous 09:30 UK November PMI Manufacturing, 48.0 exp. 47.5 previous 15:00 US November Manufacturing ISM, 51.4m exp. 51.7 previous Economic Events 11:30 Euro-Area Finance Ministers meet in Brussels Eurozone CPI 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.