Day Ahead

Thursday, April 4, 2013, Marketing Communication Cantor Opening Call The FTSE is seen opening down around 15 points lower this morning UK Corporate Announcements Domino’s Pizza states that it has made a solid start to the year and sees 2013 trading in line with the forecasts, and details it plans 60 new stores in the UK this year, 18 in Germany Cranswick full year underlying revenues gained 5% and sees net debt in Q4 substantially lower than in Q3 Booker Group reports full year sales of £4bn with LFL sales up 2.2% and states that profit is in line with the expectations AMEC states that trading has been in line with the expectations, and that order intake and forward visibility remains good KCOM Group announces that trading has been in line Darty confirms that it has started a managed closure of its loss making operations in Spain BTG announces that it is lifting its full year revenues forecasts to the high end of the £205-215m range Wincanton states that it continues to trade in line with the expectations Fuller Smith & Turner announces that its MD Simon Emeny is to become its new CEO UK Market News The Bank of England meets again today and is expected to keep rates unchanged with the focus remaining on stimulus efforts to improve the economic conditions The Independent writes on how the UK’s largest unions are putting weight behind a plan for a general strike Sky News suggests that Gillian Guy may be appointed as head of BBA’s consumer panel UK Analyst Changes Johnson Matthey Cut From Ubs’ Least Preferred List N Brown Raised To Neutral Vs Sell At Goldman Rightmove, Vopak Raised To Buy Vs Neutral At Goldman Sdl Raised To Buy Vs Neutral At Citi Vedanta Raised To Buy Vs Neutral At Bofaml Wh Smith Cut To Sell Vs Neutral At Goldman UK Insider Buying Greene King Plc, (GNK), 1 insider(s) bought 3492 shares, £6.99 Hightex Group Plc, (HTIG), 1 insider(s) bought 700000 shares, £0.02 UK Insider Selling Charles Taylor Plc, (CTR), 1 insider(s) sold 482000 shares, £1.83 FTSE 100 Movers Major European Companies Reporting None Scheduled European Market Summary The ECB also decides on interest rates today, and gives a press conference at 13:30, with talk increasing that it needs a Plan B and that it may get increasingly unconventional in its approach if the general economic conditions do not improve in Q2 Bundesbank is reportedly looking into whistle blower reports that it hid the extent of losses during the financial crisis France Telecom has reportedly hired advisors to look at the options for its EE sale or possible IPO Major US Stock Movers After Hours Lululemon fell 1% after hours as it announces that its chief product officer is to leave after a recall last month of its leading lines due to a lack of quality Compuware fell 3% as it announced Q4 revenues missed the forecasts as it saw deals being pushed back S&P 500 Companies Reporting None Scheduled US Market News JP Morgan has defeated a lawsuit brought by Dexia over $1.6bn in mortgage backed securities it acquired before the financial crisis Bill Gross suggests that the likes of George Soros and Warren Buffet and himself may owe much of their reputations to a favourable era for money management due to the expansion of asset prices buoyed by credit, and suggests that the real test of greatness is when people can adapt to changes Bloomberg details on how the likes of KKR and Blackstone are lowering their investment thresholds, traditionally from around $5m down to attract a portion of the $3.57tn accumulated in US 401 (k) retirement plans Overnight Market News North Korea stays the major focus as it states that it has authorised its military to conduct a potential smaller lighter and diversified nuclear strike, although the regime is yet to demonstrate that it is capable of putting a nuclear device onto a ballistic missile Japan’s 10 year yield has fallen to its lowest since 2003 at 0.51% as the BOJ announces it is to buy 7tn of yen bonds per month A third person has died in China on the latest strain of bird flu FX News The yen has come off against all its major peers on the BOJ purchases which have come in larger than the expectations Top Commodity News Gold has continued the recent sell-off despite the ongoing concerns in Cyprus as investors sell Gold ETFs as they seek higher returns on other assets linked to the improving US economy Copper has moved down to an 8 month low after the latest set of US economic data Economic Data Due 09:00 Eurozone March PMI Services, 46.5 exp. 46.5 previous 09:30 UK March PMI Services, 51.5 exp. 51.8 previous 12:00 UK MPC Rate Announcement, 0.5% exp. 0.5% previous 12:45 ECB Rate Announcement, 0.75% exp. 0.75% previous 13:30 US Initial Jobless Claims, 353k exp. 357k previous Economic Events 13:30 ECB Press Conference Bank Of England Official Rate 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”). Cantor Index is a trading name of CFE. 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. CFE is authorised and regulated by the FCA under Firm Reference Number 149380.   CFE – The Financial Services 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. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.