Day Ahead

Friday, May 10, 2013, Marketing Communication FTSE 100 Opening Call The FTSE is seen opening around unchanged on the open today UK Corporate Announcements BT reports a Q4 adjusted EBITDA of £1.67bn just ahead of the estimates of £1.62bn seen and states it is focused on improving efficiency TUI Travel announces H1 group revenues of £5.397m from £5.447m and a Q2 underlying operating loss of £289m Ocado reports that it has continued to make significant progress and continues to grow sales IAG announces a Q1 operating loss of €287m, just worse than the €250m loss expected, with revenues up 0.5% to €3.939m, and stated that it is no longer giving a full year guidance T Clarke states that trading has been in line with the forecasts for the full year UK Market News The Guardian details how the 100 of the richest people in the UK are concealing billions in offshore tax havens, and The Telegraph writes that HMRC is starting its largest investigation of accountants, professional advisors and lawyers after receiving its largest ever leak of offshore data on wealthy individuals Broker Jones Lang LaSalle Inc details that foreigners invested more than £3bn in London property last year, up 25% from 2011 as safe haven buying continues, buying around half of London’s new homes, and continues to support a two tier UK property market While buy to let lending in the first three months of the year has moved up to a fresh record of 13.4% of new mortgages as investors continue to be attracted by the low interest rates and high rentals The chief of RBS has stated that he would oversee the sale of RBS if asked Lloyds announces it has sold its UK commercial Real estate loans to Cerberus for £325m The Telegraph suggests that the Co-Op may require taxpayer support after its banking arm has had its credit rating downgraded by Moody’s Bloomberg details how South Korea’s interest rate cut yesterday was the 511th cut worldwide since June 2007, G7 Finance Ministers meet in the UK today, with expectations that the easing bias is set to remain for the months ahead BT continues to get press coverage after it announces its plans to show 38 premier league football matches to its broadband subscribers for free The UK sells £2bn in bills at 11:10 UK Analyst Changes Ashmore Group Raised to Neutral at Credit Suisse Asos Rated New Buy At Ubs, Pt 4,500P Bae Systems Cut To Sell Vs Hold At Socgen Csr Cut To Sector Perform Vs Outperform At Rbc Euromoney Cut To Hold Vs Add At Numis Meggitt Raised To Buy Vs Hold At Socgen Ocado Group Raised To Buy At Goldman Restaurant Group Cut To Neutral Vs Buy At Citi Sig Plc Cut To Underweight Vs Neutral At Jpmorgan UK Insider Buying Barr (A.G.) Plc, (BAG), 1 insider(s) bought 5232 shares, £5.55 Cls Holdings Plc, (CLI), 1 insider(s) bought 75 shares, £9.28 Genel Energy Plc, (GENL), 1 insider(s) bought 21235 shares, £9.08 Gvc Holdings Plc, (GVC), 1 insider(s) bought 87000 shares, £2.87 London Capital Group H, (LCG), 1 insider(s) bought 200000 shares, £0.37 Melrose Industries Plc, (MRO), 1 insider(s) bought 60000 shares, £2.54 Persimmon Plc, (PSN), 1 insider(s) bought 10000 shares, £10.89 President Energy Plc, (PPC), 5 insider(s) bought 170000 shares, £0.21 UK Insider Selling Arden Partners Plc, (ARDN), 1 insider(s) sold 125000 shares, £0.46 Cairn Energy Plc, (CNE), 1 insider(s) sold 10000 shares, £2.8 Close Brothers Group, (CBG), 1 insider(s) sold 8259 shares, £10.43 Diageo Plc, (DGE), 1 insider(s) sold 1250 shares, £19.8 Hsbc Holdings Plc, (HSBA), 1 insider(s) sold 110000 shares, £7.28 Nanoco Group Plc, (NANO),  insider(s) sold 1300000 shares, £1.63 Northbridge Industria, (NBI), 1 insider(s) sold 100000 shares, £3.7 Prudential Plc, (PRU),  insider(s) sold 186064 shares, £11.64 Smiths News Plc, (NWS), 1 insider(s) sold 75000 shares, £1.82 Whitbread Plc, (WTB), 1 insider(s) sold 90191 shares, £26.44 FTSE 100 Movers Major European Companies Reporting ArcelorMittal, Q1, -0.17,  Assicurazioni Generali SpA, Q1, 0,  Atlantia SpA, Q1, 0.18,  BT Group PLC, R, 0.252,  Eurocommercial Properties NV, Q3, 0.485,  Exor SpA, Q1, 0,  International Consolidated Airlines Group SA, Q1, -0.12,  TUI Travel PLC, S1, 0,  UniCredit SpA, Q1, 0.08 European Market Summary The Euro area concerns of 2012 have now been largely relegated to a seemingly minor story, as the market focus has switched to the extremely strong gains posted in Japan in recent months Italy sells €10bn in bills at 11:00 Global Intraday Footprint Major US Stock Movers After Hours Priceline the largest US online travel agency posted Q1 numbers broadly in line but then also guided lower for Q2 Gap Gained 7% after hours as it announces Q1 comparable sales ahead of the expectations, and now stand up over 25% for the year S&P 500 Companies Reporting None Detailed US Market News Carl Icahn details his alternative to the buyout of Dell by its founder, by the option of the firm paying out a $12/share dividend Yahoo is reportedly looking at a possible move for the streaming TV service provider Hulu The US has urged Russia to avoid destabilising weapons sales to Syria Overnight Market News The Nikkei continues to make strong gains, buoyed by Abenomics, supporting the major exporters such as Toyota which has seen its share price double in the past 6 months, the Nikkei gained over 2.5% on the session The son of former Pakistan Prime Minister Yusuf Raza Gilani has been abducted as more than 110 people have been killed in recent weeks, as part of election related bombings and shootings Top FX Abenomics hits another milestone as the yen has broken through 100, with traders expecting the trend to continue in the months ahead Boris Johnson has stated again that Britain must be ready to walk away from the EU, adding leverage to David Cameron’s plans to negotiate a new deal with Europe Top Commodity Corn prices have eased as expectations increased that the US Dept. of Agriculture is to predict a record harvest in the US Economic Data Due 09:30 UK March Visible Trade Balance, -£9000 exp.-£9416 previous   19:00 US April Monthly Budget Statement, $103bn exp. Economic Events Bernanke speaks at Chicago Fed Conference G7 Finance Ministers, Central Bank Chiefs Meet in the UK US Monthly Budget Statement CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes FTSE 100 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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