Day Ahead

Tuesday, April 2, 2013, Marketing Communication Cantor Opening Call The FTSE is seen starting the day around unchanged UK Corporate Announcements No major news out this morning UK Market News The BCC states that the UK is seen avoiding a recession, while the CBI suggests that UK financial firms could add 4,000 jobs in H1, after the three previous quarters of job cuts Marks & Spencer stays in focus on reports that its default swaps are suggesting that it remains a takeover target AstraZeneca today announces that it strongly disagrees with a US District Court ruling that its Pulmicort Respules patent had not been infringed The UK telecom operator TalkTalk has urged Ofcom to take action on BT’s prices From today the ‘failed’ FSA is replaced with the Prudential Regulatory Authority where the new arm of the BofE will start supervising 1,700 banks, insurers and large investment firms, while the Financial Conduct Authority (FCA) starts oversight of the same firms and taking sole responsibility of an additional 25,000 businesses, such as brokers Coutts has warned its client over the threat on debt markets and advises them to cut exposure to the high yield debt markets on growing concerns of a new global credit bubble UK Analyst Changes Astrazeneca Raised To Neutral Vs Underweight At Jpmorgan Itv Removed From Ubs’S Midcap Key Calls List; Still A Buy UK Insider Buying Lxb Retail Properties, (LXB), 1 insider(s) bought 43768 shares, £1.14 Renold Plc, (RNO), 1 insider(s) bought 248526 shares, £0.24 Skyepharma Plc, (SKP), 1 insider(s) bought 20000 shares, £0.45 Tribal Group Plc, (TRB), 1 insider(s) bought 2756 shares, £1.48 UK Insider Selling M Winkworth Plc, (WINK),  insider(s) sold 350000 shares, £0.88 Perform Group Plc, (PER), 3 insider(s) sold 4150000 shares, £4.65 Stv Group Plc, (STVG),  insider(s) sold 8854 shares, £1.27 FTSE 100 Movers Major European Companies Reporting SBM Offshore European Market Summary Cyprus is looking for more time to meet the targets required, as talks with the Troika are set to resume later this week Barron’s suggests that STMicro could gain by as much as 50% now that it has exited the Ericsson joint venture The chief of Air France has stated that he wants the Gulf rivals to be required to meet the EU rules Spanish press suggests that Spain has asked the EU to ease the deficit targets to 6% from 4.5% Germany and France have not taken part in the questionnaire sent out by the UK asking for data on the impact of EU laws and regulations in the UK and the rest of Europe Malta sells bills at 11:00, the Netherlands sells €4bn of bills at €12:00 and France sells up to €7bn in bills at 14:50 Major US Stock Movers After Hours Nasdaq announces that it is to acquire ESpeed from BGC Partners for $750m, the electronic trading system for US Treasuries, BGC gained over 37% after hours on the news Health insurers such as Humana gained by 9% after the sector gets a 3.3% increase in Medicare Advantage payment Nuance gained over 9% as Carl Icahn details he now holds a 9% stake S&P 500 Companies Reporting McCormick & Co Inc US Market News Apple’s CEO has responded to criticisms about its customer service in China by apologising over its service, and vows to improve training of its staff The CEO of TripAdvisor states that its top threat to its Travel info is from Google Dell states that it is continuing to make progress to transform the computer maker into a broader provider of business products and as its planned LBO continues Barron’s suggests that Eaton could gain 20% over the next year as its Cooper Industries acquisition attracts fresh customers Overnight Market News As expected the Australian central bank left interest rates unchanged at 3% overnight, and reiterates that inflation gives scope for further easing ahead North Korea states that is restarting operations at the power station closed in 2007 FX News Bloomberg details how internet fraudsters are feeding on the plight of Venezuelans as they desperately look to convert savings into dollars after Hugo Chavez’s death, but due to the official exchange rate being set off the market rate many are being forced onto the black market A paper by the Fed suggests that the Fed announcements of bond buying prompted moves in the dollar comparable to announcements of interest rate cuts Top Commodity News According to basic measures Corn has moved into a bear market after having fallen over 22% from the August highs, Comex Silver has also dropped 20% from its October highs, and Rubber also has slipped 20% from its highs in recent days Economic Data Due 09:00 Eurozone March PMI, 46.6 exp. 09:30 UK March PMI Manufacturing, 48.7 exp. 15:00 US February Factory Orders, 2.9% exp. Economic Events Former Treasury Secretary Paulson Speaks UK Manufacturing PMI 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 Cantor Call, as at 7:00am Analyst Changes, as at 6:45am Times given are UK Local Time, (GMT or GMT +1 during BST) 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% > -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 Conduct Authority (“FCA”). 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