Day Ahead

Thursday, May 16, 2013, Marketing Communication FTSE 100 Opening Call The FTSE is seen starting the day flat to just a touch lower UK Corporate Announcements Aviva announces that new business gained 18% to £191m, with its NAV up 9% to 302p Dixons details that Q4 LFL sales gained 13% and states that its multichannel businesses performance had been encouraging and that it had a year-end cash position for the first time in a number of years Trinity Mirror states that the trading environment remains challenging but stays on target to meet its full year targets and that it does see some improving trends National Grid announces that full year pre-tax profit gained 6% with net income up 13% to £2.3bn Travis Perkins states that its full year EPS should be largely in line with the forecasts Invensys details a full year operating profit of £131m on full year revenues of £1.79bn under the forecasts of £2.22bn seen 3i Group announces an NAV of 311p with assets under management up to £12.9bn Bovis Homes states that it sees a material increase in H2 completions and sales prices have been modestly ahead of expectations and that homebuyer sentiment was improving Inchcape states that it is on track to deliver its full year targets as it reports four month revenues of £2.158bn UK Market News Sir Mervyn King yesterday, at his last statements before his retirement next month, suggested that the recovery in the UK economy was now in sight, with both growth and inflation targets better than the forecasts given just three months ago Lonmin states that operations at its Marikana mine have returned to normal The BBC suggests that BP has asked for David Cameron’s assistance as the oil spill costs increase The UK sells £2.5bn in Bonds at 10:30 UK Analyst Changes Dairy Crest Pt Raised To 450P Vs 390P At Ubs, Stays Neutral Hsbc Pt Raised 10% To 850P At Barclays, Stays Overweight Hsbc Pt Raised 10% To 850P At Barclays, Stays Overweight UK Insider Buying Icap Plc, (IAP), 3 insider(s) bought 505610 shares, £3.19 Jubilee Platinum Plc, (JLP), 1 insider(s) bought 27810 shares, £0.07 Panmure Gordon & Co P, (PMR), 1 insider(s) bought 200000 shares, £0.15 Quindell Portfolio Plc, (QPP), 3 insider(s) bought 1350000 shares, £0.08 Sage Group Plc/The, (SGE), 1 insider(s) bought 13500 shares, £3.52 Savile Group Plc, (SAVG), 1 insider(s) bought 50000 shares, £0.07 Travis Perkins Plc, (TPK), 1 insider(s) bought 5565 shares, £14.51 Treatt Plc, (TET), 1 insider(s) bought 3996 shares, £4.8 UK Insider Selling Bank Of Georgia Holdin, (BGEO), 1 insider(s) sold 11333 shares, £17.05 Diploma Plc, (DPLM), 3 insider(s) sold 485261 shares, £5.72 Icap Plc, (IAP), 1 insider(s) sold 68066 shares, £3.1 Imi Plc, (IMI), 2 insider(s) sold 112922 shares, £4.9 Mobile Streams Plc, (MOS),  insider(s) sold 1000000 shares, £0.67 Travis Perkins Plc, (TPK), 1 insider(s) sold 4102 shares, £14.39 Whitbread Plc, (WTB),  insider(s) sold 25379 shares, £27.1 Wolseley Plc, (WOS), 1 insider(s) sold 16423 shares, £33.59 FTSE 100 Movers Major European Companies Reporting 3i Group PLC, R, 0.209,  Afren PLC, Q1, 0.11,  Cie Financiere Richemont SA, R, 3.543,  CNP Assurances, Q1, 0,  Invensys PLC, R, 0.171,  KBC Groep NV, Q1, 0,  National Grid PLC, R, 0.54,  Subsea 7 SA, Q1, 0.268,  Suedzucker AG, R, 2.869,  TalkTalk Telecom Group PLC, R, 0.147,  Vedanta Resources PLC, R, 1.352,  Wirecard AG, Q1, 0.16,  Zurich Insurance Group AG, Q1, 8.09 European Market Summary The FT writes on how Spanish banks are coming under increasing pressure from the Bank of Spain to write down the value of their €200bn portfolio of restructured loans French inflation has dropped under 1%, for the first time since 2009 Publicis’ CEO has stated that the French economy was cumbersome Ericsson and Nokia have both stated that they do not agree with moves by the EC to look at Chinese subsidies to network makers and whether this impacted on European manufacturers, with Ericsson stating that it believed in ‘open, free and unrestricted trade’ Merkel speaks in Germany today after the markets close Irelands sells €500m in Bills at 10:30 Global Intraday Footprint Major US Stock Movers After Hours Tesla gained 6% as it announces it was raising funds to repay a US loan Cisco gained 8% after it reported Q3 profit numbers at the upper end of the expectations and states that it likes the look of the trends in the US, the move lifted the likes of JDS Uniphase, Ciena, which all gained around 2% on the news S&P 500 Companies Reporting Kohl's Corp, Q1, 0.579,  JC Penney Co Inc, Q1, -1.074,  Applied Materials Inc, Q2, 0.131,  Nordstrom Inc, Q1, 0.757,  Wal-Mart Stores Inc, Q1, 1.146,  Autodesk Inc, Q1, 0.446 US Market News Google yesterday launched its new streamlining music service, as it opens up a new front against Apple, while also taking on the likes of Spotify Amazon is in the news as UK press details how it received more in grants from the UK government last year than it paid in corporation tax Lawyers for JP Morgan have asked for Bloomberg to detail which of its employees accessed data on the use of JP Morgan’s terminals The US IRS acting commissioner has been moved on as the scandal over allegations that the IRS paid extra attention to Tea Party members continues Overnight Market News The China Securities Journal details how individual housing loans soared again in April, up to €5.3bn Japan announces its Q1 GDP gained 3.5%, well ahead of the 2.7% forecasted as gains in consumer spending and exports growth offset the weak business investment Data out yesterday shows China remaining as the largest foreign holder of US Treasuries, with $1.25tn, with Japan a close second with $1.1tn Top FX The euro has moved down to a 6 week low ahead of data today expected to show European inflation down to its lowest level for three years Top Commodity Iron ore prices have now moved 20% off the February 20th highs of $158.90, as the commodity follows the wider metals selloff in recent weeks, and also due to some concerns on the slowing economic growth in China Economic Data Due 00:50 Japan Annualised GDP, 2.7% exp. 0.2% previous 10:00 Eurozone April CPI, -0.1% exp. 1.2% previous 13:30 US April CPI, -0.2% exp. -0.2% previous 13:30 US Initial Jobless Claims, 330k exp. 323k previous 15:00 US May Philadelphia Fed, 2.5 exp. 1.3 previous Economic Events EU's Barroso Speaks in Brussels US CPI 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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