The Day Ahead

Wednesday, December 12, 2012, Marketing Communication Cantor Opening Call The FTSE is called to open up around 5 points this morning UK Corporate Announcements Imagination Technologies states that it remains on track to make good progress, as it announces an H1 adjusted pre-tax profit of £16.8m SuperGroup announces H1 group revenues gained 16.2% to £258m and stays confident on its full year targets Senior states that the positive trends have continues and that cash generation remains strong Carrillion states that it stays confident of delivering a robust performance and expects its pre-tax profit to increase substantially despite the challenging conditions Travis Perkins states that trading conditions remain difficult, and that the outlook for the year remains unchanged Begbies Traynor announces H1 revenues of £26.1m and an adjusted pre-tax profit of £3.2m Xaar announces that it sees its full year profits coming in ahead of the current market forecasts, and sees revenues between £83-85m Darty states that market conditions have been challenging and were deteriorating UK Market News HSBC stays in the headlines after the near record penalty of $1.92bn to settle with US investigators with the general press increasingly calling for these ‘windfalls’ to be returned to taxpayers The Times details how Barclays was fined €600,000 by Spain yesterday over how it sold ‘low-risk’ bonds to clients four years ago And staying in the sector Northern Rock stays in the news as it details it will pay back interest payments on loans to 152,000 customers after ‘paperwork errors’ Stagecoach announces that it is disappointed by the allegations made by the US Dept. of Justice on allegations of uncompetitive trade in its Twin America JV The UK sells £2.5bn in Bills at 11:10 FTSE 100 Ex dividends (net): Babcock, BAB, (6.3), Polymetal, POLY, ($0.5) FTSE 250 Ex dividends (net): 3i Group PLC, III, (2.70),  3i Infrastructure PLC, 3IN, (2.97),  Bellway PLC, BWY, (14),  Caledonia Investments PLC/fund, CLDN, (12.90), Investec PLC, INVP, (8),  Marston's PLC, MARS, (3.90),  Mitie Group PLC, MTO, (4.60),   Worldwide Healthcare Trust PLC, WWH, (7) FTSE Small Share Ex dividends (net): Baring Emerging Europe PLC, BEE, (16),  City of London Investment Group PLC, CLIG, (8),  Hyder Consulting PLC, HYC, (4),  Northgate PLC, NTG, (1.30),  XP Power Ltd, XPP, (g12) FTSE 100 Movers UK Analyst Upgrades Lonmin Raised To Outperform From Neutral At Credit Suisse Ashtead Pt Raised 23% To 434P At Barclays, Stays Overweight UK Analyst Cuts Cookson Group Cut To Neutral Vs Buy At Citi UK Insider Buying None Detailed UK Insider Selling None Detailed Major European Companies Reporting None Detailed European Market Summary Inditex announces nine month net profit has gained to €1.66bn, in line with the forecasts Greek officials states that it drew enough bonds to its buyback of sovereign debt to meet a key IMF goal UBS details that it also is to start charging financial institutional clients for cash balances held in Swiss francs Italy sells €6.5bn in bills today Major US Stock Movers After Hours Geospace came off over 10% after hours as it announced Q4 revenues under the forecasts Molycorp, the rare earths group, fell 6% after the unexpected announcement that its CEO is to leave Exar Corp came off 7% as it announces that it has terminated Kevin Bauer’s role as CFO S&P 500 Companies Reporting Joy Global, Q4, 1.913, CostCo Wholesale, Q1, 0.932 US Market News The US Fed rate announcement this evening will naturally be the major focus. With business press suggesting that expectations of the Fed expanding asset purchases reportedly responsible for some of the recent strength, albeit on traditionally light volumes US press suggests that Warburb Pincus has hired Goldman Sachs to explore the sale of its Bausch & Lomb eye-care company A new survey has optimism amongst Americans at its highest for three years  Overnight Market News North Korea states that its satellite launch has been a success The IMF suggests that Hong Kong risks the an abrupt decline in house prices, after prices have doubled in the past four years Major Global IPOs Due Today ASMedia Technology Inc, (5269), 4.988m, TWD 62 Beauty Community PCL, (BEAUTY), 82.5m, THB 8 D&L Industries Inc, (DNL), 1071.43m, PHP 4.3 Enterprise Uranium Ltd, (ENU), 25.5m, AUD 0.2 KCell JSC, (0622455D), m, USD 10.5 - 13 PBF Energy Inc, (PBF), 16.5m, USD 25 - 27 Trez Capital Senior Mortgage Investment Corp, (0619221D), 10m, CAD 10 Economic Data Due 09:30 UK November Jobless Claims Change, 5.0k exp.10.1k previous 09:30 UK October ILO Unemployment, 7.9% exp. 7.8% previous 10:00 Eurozone October Industrial Production, 0.3% exp. -2.5% previous 17:30 US FOMC Rate Decision, 0.25% exp. 0.25% previous 19:00 US November Monthly Budget Statement, -$142bn exp. -$137.3bn previous Economic Events EU Finance Ministers Meet on Banking Supervision US FOMC Rate Announcement 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). 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