Day Ahead

Monday, April 8, 2013, Marketing Communication Cantor Opening Call The FTSE is seen opening up around 25 points higher this morning UK Corporate Announcements Gooch & Housego states that trading has been in line with the expectations Mecom warns that it sees EBITDA falling materially short of the current market forecasts Findel states that its financial position continues to improve and that it sees full year results in line with the expectations UK Market News The BDO suggests that the UK economy will struggle to gather momentum until H2, while the Sunday Express suggests that UK companies are sitting on a cash pile of £318bn as business remains nervous about new investments S&P has confirmed its AAA rating on the UK but keeps the outlook negative The Telegraph suggests that Tesco may face a £1bn writedown on the exit of its US business and the paper also details that Nomura sees sales at Marks & Spencer may drop by 1.3% The Independent writes that the Labour party is targeting the payday lending industry Barron’s reports on analysts that see gains of up to 20% ahead for Vodafone if its was to sell its 45% stake in Verizon Wireless to Verizon for $100bn, and cites a 55% chance that the deal could occur in 2013 The paper also writes that WPP chief Sorrell shows no sign of stepping down and could keep on with the strategy of acquiring other companies for expansion US press suggest that Labrador Iron Ore has retained advisors on a possible sale by Rio Tinto of its stake in the company Banker-bashing returns to the UK press, with the focus on James Crosby of HBOS’ £20m pension pot and that he soon may lose his non executive position on the board at Compass Gemfields will be eyed after the president of Zambia states that all emeralds must be auctioned within the country, rather than exported to more lucrative global markets, Gemfields is the world’s largest producer of emeralds UK Analyst Changes Asos Cut To Hold Vs Buy At Socgen Elementis Rated New Buy At Jefferies; Pt 305P Enrc Raised To Neutral Vs Sell At Citi Spirent Cut To Neutral Vs Buy At Ubs UK Insider Buying Futura Medical Plc, (FUM), 1 insider(s) bought 35000 shares, £0.68 Paragon Entertainment, (PEL), 1 insider(s) bought 181814 shares, £0.05 Isg Plc, (ISG), 1 insider(s) bought 5000 shares, £1.27 UK Insider Selling Futura Medical Plc, (FUM), 1 insider(s) sold 35000 shares, £0.67 FTSE 100 Movers Major European Companies Reporting Barry Callebaut AG, S1, 24.3,  Polymetal International PLC, R, 1.267 European Market Summary UPS has appealed the EU regulator decision which blocked its €5bn move for TNT Express ING details that it expects to gain gross proceeds of around $600m from a planned US IPO of its US online bank’s insurance business which it was ordered to sell as part of the 2008 bailout Portugal is planning additional spending cuts after its top court blocked a plan to suspend a monthly salary payment to state workers Luxembourg's Finance Minister has signalled that it was prepared to ease its banking secrecy in line with the international trends Germany sells €4bn in bills at 11:30, while France sells up to €7bn in bills at 14:50 Major US Stock Movers After Hours Boeing has completed its 787 battery test certification flight S&P 500 Companies Reporting Alcoa Inc, Q1, 0.082 US Market News The WSJ suggests that JP Morgan is calling up major shareholders to vote against a motion to remove CEO Jamie Dimon’s chairman role MF Global Holdings has won approval of its final wind down plan a day after the trustee stated that Jon Corzine and other senior executives mis-managed the company and failed on risk controls Barron’s suggests that Icahn Enterprises looks undervalued, United Technologies could gain 20% as its purchase of Goodrich starts to pay dividends. It also highlights analysts that see gains of 20% ahead for Occidental Petroleum if it was to sell part of its exploration assets Alcoa announces results today, traditionally the signal that the US reporting season has started Aon the US insurance broker signs a $240m deal to sponsor Manchester United, replacing DHL as its training kit sponsor Overnight Market News China has stated that it can control the latest strain of bird flu as authorities announces three more known infections Toyota gained 3.3% as the yen weakens to its lowest level since summer 2009 FX News Commerzbank rated as the most accurate forecaster on the Indian rupee suggests the currency could gain a further 10% by the end of the year as lower interest rates continue to buoy the economy The Danish central bank chief has stated that global policy makers carpet bombing of liquidity was risking fuelling an asset bubble, Denmark’s deposit rate has been below zero since July 2012, and he sees risk of zombie companies and zombie economies, as they are only surviving due to the artificially low interest rates Top Commodity News Bloomberg details that hedge funds have reduced bullish exposure on commodities the most since 2008 as a number of commodities markets have dropped into bear markets in the past few weeks, while the Sunday Telegraph also suggest that hedge funds have increased bearish positions on Glencore on concerns it will not gain Chinese regulatory approval for its £44bn merger with Xstrata Economic Data Due 00:50 Japan February Current Account Total, Y457.5bn exp. 09:30 Eurozone April Sentix Investor Confidence, 14.1 exp. -10.6 previous 11:00 German February Industrial Production, 0.1% exp. 0.0% previous Economic Events US Treasury Secretary Lew visits Europe German 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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