Day Ahead

Tuesday, April 16, 2013, Marketing Communication Cantor Opening Call The FTSE is seen starting the day down around 30 points UK Corporate Announcements Michael Page announces a Q1 gross profit of £126m with permanent gross profit down 7.7% and temp profit down 3.1% and expects Q2 to be a challenging quarter Rio Tinto announces Q1 iron ore output ahead of the mean of estimates, and maintains its full year forecasts Porvair states that it has made a good start to the year Walker Greenbank announces cash flow from operations of £5.8m on revenues of £75.7m, just under the forecasts Carr’s Milling details H1 revenues gained 18% to £231m and an H1 operating profit of £8.8m UK Market News Barclays is in the papers again as The Telegraph details how the High Court hears that executives warned each other to be careful after they allegedly went behind a client’s back to make a rival £100m move for a carbon trading firm Ladbrokes was one of the leading fallers yesterday after it announced its profit warning citing bad results at the Cheltenham Festival, and after poor trading in previous weeks on races disruptions over the bad weather UK Analyst Changes Ab Foods Cut To Neutral Vs Outperform At Credit Suisse C&W Communications Resumed At Neutral At Jpmorgan; Pt 43P Gkn Cut To Equalweight Vs Overweight At Barclays Unite Raised To Buy Vs Add At Numis UK Insider Buying Neos Resources Plc, (NEOS), 2 insider(s) bought 1310000 shares, £0.01 Ophir Energy Plc, (OPHR), 1 insider(s) bought 9600 shares, £4.24 Ubm Plc, (UBM), 1 insider(s) bought 375000 shares, £6.9 UK Insider Selling Filtrona Plc, (FLTR), 3 insider(s) sold 19615 shares, £6.9 Mission Marketing Grou, (TMMG),  insider(s) sold 200000 shares, £0.32 Robinson Plc, (RBN),  insider(s) sold 60000 shares, £1.41 FTSE 100 Movers Major European Companies Reporting Actelion Ltd, Q1, 0.623,  Exor SpA, R, 2.767 European Market Summary Telefonica announces that it is looking to increase its spending in Venezuela this year, largely due to the fact however that it is finding it difficult to repatriate the funds back to Spain French ministers had until yesterday to reveal details of their wealth after recent local scandals forced Francois Hollande to respond to lower popularity ratings The IMF states that it has made progress in the discussions with Egyptian authorities over the possible financial support package Spain sells bills at 10:30, Malta sells bills at 11:00, Greece sells €1.25bn in bills at 11:00 Major US Stock Movers After Hours Sarepta came off 10% as the FDA declined to offer an accelerated path for its planned Eteplirsen treatment, but it does state it may yet consider it for accelerated approval S&P 500 Companies Reporting BlackRock Inc, Q1, 3.58,  Coca-Cola Co/The, Q1, 0.446,  Comerica Inc, Q1, 0.678,  CSX Corp, Q1, 0.401,  Goldman Sachs Group Inc/The, Q1, 3.863,  Intel Corp, Q1, 0.406,  Johnson & Johnson, Q1, 1.408,  Linear Technology Corp, Q3, 0.426,  M&T Bank Corp, Q1, 1.979,  Northern Trust Corp, Q1, 0.716,  US Bancorp, Q1, 0.73,  WW Grainger Inc, Q1, 2.75,  Yahoo! Inc, Q1, 0.253 US Market News The General press naturally continues to focus on the Boston explosions although there is a distinct sense in the markets that this event, while tragic, feels more isolated and domestic than the act of a co-ordinated large scale international terrorist plot US business press highlights how John Paulson’s wealth has dropped around $1bn in recent days due to his large holding in gold, the moves in gold and sell-off in the stock markets yesterday has caused the VIX to spike sharply higher, and VIX Futures posted the highest one day volume yesterday Royalty Pharma has increased its bid on Elan Corp to $12/share, or $7.3bn, up from its previous informal bid of $11 Facebook is reportedly talking to Apple about new ‘Home’ software for the IPhone Overnight Market News North Korea continues its sabre rattling but held back from a missile firing yesterday on the 101st anniversary of its founders birth, but some analysts are hopeful as the latest hawkish statements came from a leading general, not Jong Un himself, allowing the 'dear leader' room to back-track if negotiations are started in the coming days without losing face Softbank came off as much as 10% overnight after Dish Network in the US announces it has offered $25.5bn for control of Sprint Nextel, back in October Softbank agreed to pay $20bn for a 70% stake in Sprint, triggering concerns of a bidding war The China Financial Futures Exchange states that it will soon launch new financial futures, to include treasury bond futures and stock index options China Daily details that the number of Chinese millionaires has increased 4% to 2.8m end of 2012 Moody’s retains its AA3 rating on China and changes the outlook to stable, down from positive Top FX News Mario Draghi has stated that there is no currency war, but does also state that Japan should refrain from competitive devaluation of the yen A Venezuelan minister has stated that government is prepared to send out tanks to avoid riots Top Commodity News Clearly the major story in commodity is the very significant selloff in Gold in recent days, the $1500 support has been talked about as major support for months, and that level being breached appears to have triggered a round of profit taking, stop levels being hit and some near panic amongst some sellers, in a related move the likes of Bitcoin has also come off from its near-term record highs, it had been as highs as $225 in recent days, but currently is trading at $60 The moves seem to be describing that large funds are increasingly pricing in an end to QE Economic Data Due 00:01 UK Rightmove UK April House Prices, 1.7% previous 13:30 US April Empire Manufacturing, 6.65 exp. 9.24 previous Economic Events 09:30 UK March PPI Output, 0.4% exp. 0.8% previous 09:30 UK March CPI, 0.4% exp. 0.7% previous 10:00 Eurozone March CPI, 1.2% exp. 0.4% previous 10:00 German April ZEW Survey 11.5 exp. 13.6 pevious 13:30 US March CPI, 0.0% exp. 0.7% previous 14:15 US March Industrial Production, 0.3% exp. 0.7% previous 14:15 US March Capacity Utilisation, 78.4% exp. 79.6% previous US Industrial Production CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes Cantor Call, as at 6:45am Analyst Changes, as at 6:30am 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). 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