Day Ahead

Thursday, May 2, 2013, Marketing Communication FTSE 100 Opening Call The FTSE is expected to open around 15 points lower today UK Corporate Announcements BG Group reports a Q1 adjusted net income of $1.18bn ahead of the forecasts of $1.12bn seen on revenues of $4.91bn from $4.88bn Smith & Nephew announces Q1 operating profit of $207m from $236m and starts a $300m share buyback program Legal & General details net cash generation of £249m from £210m with assets under management up 9% to £441bn from £406bn and states that its UK and US business have exceeded the expectations Rolls Royce states that it sees modest growth in its underlying revenues and that current trading is in line with the expectations Countrywide reports a Q1 total income of £121m down 1% and states that operating margin and profitability was in line with the expectations BSkyB announces a nine month adjusted operating profit of £994m on revenues of £5.4bn with Q3 churn annualised at 10.8% Shell reports a Q1 adjusted profit of $7.5bn ahead of the forecasts of $6.4bn seen, buoyed by new projects and refining James Fisher states that trading to date has been in line with the expectations Regus states today that it has been trading in line RSA states that it has made an encouraging start to the year, and that it has an NAV of 112p up 5% Randgold announces a Q1 operating profit of $69.6m from $89.4m on sales of $292m from $236m Schroders reports a Q1 pre-tax profit of £115m from £95m and states that it continues to develop and broaden its business and is well placed for continued growth Inmarsat announces Q1 revenues of $313.7m from $354.8m and stays confident on its full year outlook UK Market News The Conservative Party is preparing for a poor performance ahead today in the local elections as UKIP is seen becoming the protest party of choice, ahead of the traditional LibDem vote Press reports suggest that the government is set to re-privatise RBS and Lloyds ahead of a general election The Bank of England has attempted to reduce expectations on the ‘Funding for Lending’ scheme stating that it would not be a silver bullet The FT suggests that Ofcom is to look into BT’s charging of access to its fibre optic cables, after a complaint by TalkTalk founder Charles Dunstone The Independent writes that as many as 250,000 households in the UK will not be able to pay off their mortgage at the end of their interest only term UK Analyst Changes Betfair Cut To Add Vs Buy At Numis Imi Cut To Hold Vs Buy At Berenberg Playtech Rated New Overweight At Jpmorgan; Pt 690P Rotork Cut To Sell Vs Hold At Berenberg Smiths Cut To Hold Vs Buy At Berenberg UK Insider Buying Energetix Group Plc, (EGX), 1 insider(s) bought 111401 shares, £0.18 Fenner Plc, (FENR), 1 insider(s) bought 2000 shares, £3.5 Michael Page Internatio, (MPI), 1 insider(s) bought 53362 shares, £3.73 Moss Bros Group Plc, (MOSB), 1 insider(s) bought 7195 shares, £0.55 Plant Health Care Plc, (PHC), 1 insider(s) bought 56500 shares, £0.88 Spirent Communication, (SPT), 1 insider(s) bought 50000 shares, £1.29 Tandem Group Plc, (TND), 1 insider(s) bought 5000 shares, £1 Terra Capital Plc, (TCA), 1 insider(s) bought 80000 shares, £0.46 Wolfson Microelectron, (WLF), 1 insider(s) bought 50000 shares, £2.01 UK Insider Selling Astrazeneca Plc, (AZN), 1 insider(s) sold 9509 shares, £33.66 Croda International Pl, (CRDA), 7 insider(s) sold 30542 shares, £24.63 Maintel Holdings Plc, (MAI), 1 insider(s) sold 1711 shares, £3.54 Moss Bros Group Plc, (MOSB), 1 insider(s) sold 48638 shares, £0.55 Provident Financial Plc, (PFG),  insider(s) sold 30668 shares, £16.42 Standard Life Plc, (SL/),  insider(s) sold 105330 shares, £3.76 FTSE 100 Movers Major European Companies Reporting Bayerische Motoren Werke AG, Q1, 1.783,  Beiersdorf AG, Q1, 0.598,  BG Group PLC, Q1, 0.332,  British Sky Broadcasting Group PLC, Q3, 0.144,  Cofinimmo, Q1, 0,  Danske Bank A/S, Q1, 1.767,  Deutsche Lufthansa AG, Q1, -0.68,  Fuchs Petrolub AG, Q1, 0.78,  Grifols SA, Q1, 0.26,  Hugo Boss AG, Q1, 1.18,  Infineon Technologies AG, Q2, 0.033,  Inmarsat PLC, Q1, 0,  Koninklijke DSM NV, Q1, 0.652,  Metro AG, Q1, -0.03,  Orkla ASA, Q1, 0.609,  Randgold Resources Ltd, Q1, 1.14,  Rexel SA, Q1, 0.285,  Royal Dutch Shell PLC, Q1, 1.045,  Royal Imtech NV, R, 1.202,  Sanofi, Q1, 1.351,  Shire PLC, Q1, 0.536,  Siemens AG, Q2, 1.47,  Smith & Nephew PLC, Q1, 0.184,  Statoil ASA, Q1, 4.359,  Swiss Re AG, Q1, 2.7,  Swisscom AG, Q1, 7.54,  Sydbank A/S, Q1, 2.438,  Vallourec SA, Q1, 0.327,  Verbund AG, Q1, 0.2 European Market Summary The ECB is expected to announce a rate cut today with around 60% of economists polled expecting the move, the Bank of England and ECB are normally in synch, however the Bank of England will announces its rate decision next week ING US has raised $1.27bn in its IPO, pricing shares under the expected range France sells bonds at 10:50 and Sweden sells Sek3.5bn in bonds at 11:03 Global Intraday Footprint Major US Stock Movers After Hours Facebook announces quarterly revenues ahead of the estimates, with mobile accounting for 30% of ad revenues, and also details that its chief accounting officer is to leave Visa gained 2% as it announces a Q2 EPS just ahead of the forecasts, and detailed that payments volume increased 8.8% JDSU Uniphase recovered 5% after it reported lower Q3 EPS, the stock had fallen 7% in normal trading hours on heightened concerns of a poor set of results S&P 500 Companies Reporting Actavis Inc, Q1, 1.861,  Airgas Inc, Q4, 1.127,  Ameren Corp, Q1, 0.28,  American International Group Inc, Q1, 0.875,  Apartment Investment & Management Co, Q1, 0.455,  Beam Inc, Q1, 0.539,  Becton Dickinson and Co, Q2, 1.352,  Cardinal Health Inc, Q3, 0.955,  CenterPoint Energy Inc, Q1, 0.368,  Cigna Corp, Q1, 1.431,  CME Group Inc/IL, Q1, 0.728,  Denbury Resources Inc, Q1, 0.294,  Dun & Bradstreet Corp/The, Q1, 1.395,  Estee Lauder Cos Inc/The, Q3, 0.333,  Fluor Corp, Q1, 0.96,  Gilead Sciences Inc, Q1, 0.504,  Harman International Industries Inc, Q3, 0.611,  International Paper Co, Q1, 0.738,  Kellogg Co, Q1, 1.027,  Kraft Foods Group Inc, Q1, 0.642,  Marsh & McLennan Cos Inc, Q1, 0.692,  Microchip Technology Inc, Q4, 0.473,  Mylan Inc/PA, Q1, 0.618,  PG&E Corp, Q1, 0.7,  PPL Corp, Q1, 0.698,  Quanta Services Inc, Q1, 0.309,  Scripps Networks Interactive Inc, Q1, 0.743,  Sempra Energy, Q1, 1.016,  Southwestern Energy Co, Q1, 0.378,  Teradata Corp, Q1, 0.538,  Vulcan Materials Co, Q1, -0.344,  WPX Energy Inc, Q1, -0.233,  Xcel Energy Inc, Q1, 0.449,  XL Group PLC, Q1, 0.643 US Market News The Fed as expected yesterday evening left rates unchanged and details that it will keep buying bonds at a monthly rate of $85bn responding to creeping concerns that it would look to taper its programs Dean Foods announces that it is to spin off its Whitewave Foods unit Las Vegas Sands states that it is considering an ‘Apple style’ bonds sale to help pay for a dividend or stock buyback Court filings show how Lehman Brothers has sued Intel over $1bn seized by Intel as collateral in breach of a swap agreement Overnight Market News Shanghai Securities news details how overall net profit of listed companies in China gained 10% to 551.4bn yuan in Q1, up from the 0.4% decline in the quarter last year A Chinese worker accused of spying while working for NASA has not been charged with serious spying charges, as authorities were unable to secure enough information, the best they could manage was to find some illegal movie downloads on his NASA laptop, which he is being indicted for North Korea has sentenced a US citizen to 15 years hard labour for unidentified crimes after he entered the country last year Top FX News The yuan has moved up to a 19 year high as the central bank lifts the currency’s reference rate by the most in six months, and up to a record , the yuan moved to 6.1543 per dollar Top Commodity West Texas crude has traded down to a its lowest level for a couple of weeks after data shows US stockpiles at the highest level for 82 years Economic Data Due 09:00 Eurozone April PMI Manufacturing, 44.4 exp. 44.4 previous 09:30 UK April PMI Construction, 48.0 exp. 47.2 previous 12:45 ECB Rate Announcement, 0.5% exp. 0.75% previous (MPC BofE Next Week - 9th May) 13:30 US March Trade Balance, -$42.0bn exp. -$43.0bn previous 13:30 US Initial Jobless Claims, 345k exp. 339k previous Economic Events 13:30 ECB Press Conference ECB Rates 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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