Day Ahead

Friday, April 5, 2013, Marketing Communication Cantor Opening Call The FTSE is called down around 10 points this morning UK Corporate Announcements Easyjet reports a 12 month load factor of 89.4% from 88% and 12 month passengers to 59.7m from 55.8m Punch Taverns announces a 28 week EBITDA of £117m and a pre-tax profit of £26m and states it is in line with its expectations UK Market News The financial press highlights how some of the gloss of the recent stock market moves has come off, as the market has used the statements made yesterday by Draghi as a further excuse to take some profits Sky News suggest that Hilco is set to acquire HMV from the administrators The FT details that the outgoing chief at BG will not receive a bonus for 2012 The Telegraph suggests that Royal Dutch Shell is seen close to organising a fresh Arctic oil exploration deal with Gazprom Vodafone has teamed up with China Mobile to bid for mobile licenses in Burma The UK sells £3bn in Bills at 12:20 UK Analyst Changes Asos Cut To Equalweight Vs Overweight At Morgan Stanley Bt Cut To Equalweight Vs Overweight At Morgan Stanely Crest Nicholson Rated New Add At Numis, Pt 352P Daily Mail Pt Raised To 800P Vs 545P At Morgan Stanley Enrc Raised To Buy Vs Neutral At Ubs Grafton Cut To Sell Vs Hold At Berenberg Ladbrokes Cut To Hold Vs Buy At Deutsche Bank Next Removed From Credit Suisse’S Focus List Wolseley Cut To Hold Vs Buy At Berenberg UK Insider Buying None Detailed UK Insider Selling Albemarle & Bond Holdin, (ABM),  insider(s) sold 13000 shares, £2.13 Interserve Plc, (IRV), 1 insider(s) sold 9000 shares, £4.96 Personal Group Holding, (PGH),  insider(s) sold 5320 shares, £3.5 FTSE 100 Movers Major European Companies Reporting Industrivarden, Q1 European Market Summary Draghi stated yesterday that he sees the risks to the euro area’s economic recovery unexpectedly increasing BNP and Deutsche Bank are amongst a group of European banks that have written to the Basel Committee on Banking Supervision to raise their concerns that tightening rules on securitisation will tie up capital and crimp credit Spanish press suggests that the government is preparing a bailout for its highway operators Major US Stock Movers After Hours Mako Surgical gained 5% after hours as it announces that it has been given a permanent injunction against Blue Belt Technology WD-40 gained 5% as it announced Q2 EPS well ahead of the forecasts Saba Software fell over 13% after hours as it announces that the SEC was conducting an investigation into its accounting Cisco came off 2% as it details it is to buy Ubiquisys for $310m S&P 500 Companies Reporting None Scheduled US Market News Nonfarm payrolls will be the dominant story this afternoon and payrolls are expected to have increased in March as the US jobless rate stays at four year lows and demand improves Ray Lane announces that he was stepping down as the chairman at HP, he is most famous recently for having been photographed using an Apple computer Facebook launches a new app that replaces the home screen of some Android based phones and replaces them with photos and status updates from its social network MF Global’s court appointed trustees has cited Corzine for failing to manage the risk controls at MF Global, while spokesman for the management of the failed brokerage have stated that the report was a clear case of Monday night quarter-backing Overnight Market News The Nikkei has continued its recent strong gains and has traded above 13,000 for the first time since August 2008 Bill Gross has stated that the Japanese target to reach a 2% inflation target within just two years may be unrealistic, as he feels that much more depreciation of the yen is required and that other G7 nations may not be willing to permit that FX News The yen has moved past 97 per dollar for the first time in six years, and the Japanese benchmark yield has fallen to yet another record low, now down to 0.375% George Soros has stated that the new Japanese stimulus could trigger a yen avalanche Top Commodity News SGX AsiaClear the unit of Singapore Exchange is to start a futures contract for iron ore next week alongside its iron ore swaps Goldman states that it does not expect copper to drop sustainably under $7,000 until 2014 Economic Data Due 10:00 Eurozone February Retail Sales, -0.4% exp. 1.25 previous 13:30 US February Trade Balance, -$44.6bn exp. -$44.4bn previous 13:30 US March Change in Nonfarm Payrolls, 199k exp. 236k previous 13:30 US March Unemployment Rate, 7.7% exp. 7.7% previous Economic Events BofE's Spencer Dale speaks in London US Nonfarm Payrolls 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). 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.