Week Ahead

Friday June 28, 2013, Marketing Communication Monday July 1, 2013 UK Reporting: None Detailed S&P 500 Reporting: PPL Corp Euro Stoxx 600 Reporting: None Detailed Economic Data: 09:00 Eurozone June PMI Manufacturing, 48.7 exp. 48.7 previous 09:30 UK June PMI Manufacturing, 51.0 exp. 51.3 previous 10:00 Eurozone June CPI, 1.6% exp. 1.4% previous 15:00 US May Construction Spending, 50.5 exp. 49.0 previous 15:00 US June Manufacturing ISM, 50.5 exp. 49.0 previous Economic Events: US Treasury Secretary Lew Speaks on the Economy Russell Index Annual Reconstitution Market Holiday: Canada, Canada Day Tuesday July 2, 2013 UK Reporting: Anite Plc, AIE, e, (CC), Anite Plc, AIE, (R), Investec Plc, INVP, (SM), Brown (N) Group Plc, BWNG, (R), Brown (N) Group Plc, BWNG, (SM), Brown (N) Group Plc, BWNG, (R), Brown (N) Group Plc, BWNG, (R), Ocado Group Plc, OCDO, e, (CC), Ocado Group Plc, OCDO, (R), Persimmon Plc, PSN, (R), St. Modwen Properties Plc, SMP, e, (CC), St. Modwen Properties Plc, SMP, (R) S&P 500 Reporting: Constellation Brands Inc, Ford Motor Co, Constellation Brands Inc, General Motors Co Euro Stoxx 600 Reporting: Alstom SA,  ICADE,  Investec PLC,  Neopost SA,  OC Oerlikon Corp AG,  Persimmon PLC Economic Data: 09:30 UK June PMI Construction, 51.4 exp. 50.8 previous 15:00 US May Factory Orders, 2.0% exp. 1.0% previous Economic Events: Fed's Dudley Speaks on Economy Wednesday July 3, 2013 UK Reporting: Barclays Plc, BARC, (Pr), Carillion Plc, CLLN, (R), Hiscox Ltd, HSX, (Pr), Home Retail Group, HOME, (SM), Intl Consolidated Airline-Di, IAG, (R), Tullow Oil Plc, TLW, (R), Tullow Oil Plc, TLW, (R), William Hill Plc, WMH, (Pr) FTSE 100 Dividends: British Land Co PLC, BLND, (6.6g),  Babcock International Group PLC, BAB, (20),  Burberry Group PLC, BRBY, (21) FTSE 100 Estimated Dividend Impact: 0.9 points FTSE 250 Dividends: Cranswick PLC, CWK, (20.60),  De La Rue PLC, DLAR, (28.20),  Halfords Group PLC, HFD, (9.10),  Homeserve PLC, HSV, (7.67),  ITE Group PLC, ITE, (2.30),  Paragon Group of Cos PLC, PAG, (2.40),  TalkTalk Telecom Group PLC, TALK, (6.95) FTSE Small Share: Dunedin Smaller Companies Investment Trust PLC, DNDL, (2.05),  E2V Technologies PLC, E2V, (2.80),  Helical Bar PLC, HLCL, (3.70),  Lowland Investment Company PLC, LWI, (8.50),  Martin Currie Pacific Trust PLC, MCP, (6.50),  Martin Currie Portfolio Investment Trust PLC, MNP, (.90), Sepura PLC, SEPU, (1.17),  Shanks Group PLC, SKS, (2.35),  Shires Income PLC, SHRS, (3),  Troy Income & Growth Trust PLC, TIGT, (.525) S&P 500 Reporting: AutoNation Inc, Morgan Stanley, Walgreen Co  Euro Stoxx 600 Reporting: Barclays PLC,  C&C Group PLC,  Carillion PLC,  Chr Hansen Holding A/S,  Chr Hansen Holding A/S,  Finmeccanica SpA,  Home Retail Group PLC,  International Consolidated Airlines Group SA,  Tullow Oil PLC,  Tullow Oil PLC,  Voestalpine AG,  William Hill PLC Economic Data: 09:00 Eurozone June PMI, 48.6 exp. 48.6 previous 09:30 UK June PMI Services, 55.0 exp. 54.9 previous 13:30 US May Trade Balance, -$40.2bn exp. -$40.3bn previous 13:30 US Initial Jobless Claims, 345k exp. 346k previous 15:00 US June Non Manufacturing ISM, 54.2 exp. 53.7 previous Economic Events: None Detailed Market Holilday: US - Half day, ahead of Independence Day, July 4th Thursday July 4, 2013 UK Reporting: Caledonia Investments Plc, CLDN, (R), Dunelm Group Plc, DNLM, (R), Easyjet Plc, EZJ, (R), Great Portland Estates Plc, GPOR, (SM), Low & Bonar Plc, LWB, (R), Ncc Group Plc, NCC, e, (CC), Ncc Group Plc, NCC, (R), Taylor Wimpey Plc, TW, (R) S&P 500 Reporting: None Detailed Euro Stoxx 600 Reporting: Barry Callebaut AG,  easyJet PLC,  European Aeronautic Defence and Space Co NV,  Finmeccanica SpA,  Great Portland Estates PLC,  Taylor Wimpey PLC Economic Data: 12:00 UK MPC Rate Announcement, 0.5% exp. 0.5% previous 12:45 ECB Rate Announcement, 0.5% exp. 0.5% previous Economic Events:- 13:30 Eurozone ECB Press Conference Market Holiday:- US - Independence Day Friday July 5, 2013 UK Reporting: None Detailed S&P 500 Reporting: Hasbro Inc Euro Stoxx 600 Reporting: Air France-KLM,  Industrivarden AB,  Pernod-Ricard SA Economic Data:- 13:30 US June Change in Non Farm payrolls, 165k exp. 175k previous 13:30 US June Unemployment Rate, 7.5% exp. 7.6%  Economic Events:- Fed Deadline for US Bank Stress Test Results CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes Times given are UK Local Time, (GMT or GMT +1 during BST) Dividends:- net prices are given as default, however where applicable gross dividends are detailed (g) UK Results Key:- (CC) Conference Call, (Pr) Press Event, News Conference, (R) Results, Interims/Finals, (SM) Shareholder Meeting,  (Oth) Other  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”). This note is defined by the FCA 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. FTSE International Limited (“FTSE”) © FTSE [2013]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. 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.

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Day Ahead

Friday, June 28, 2013, Marketing Communication Opening Call The FTSE is seen opening around flat today UK Corporate Announcements Serco announces that it sees strong organic revenue growth in H1 and ahead of the expectations Keller states that there has been no significant changes to trading or its outlook since the last update Clarkson announces trading continues to be in line with the forecasts UK News The National Grid has called on industry to potentially cut peak power use, from 4pm-8pm on winter workdays within the next few years, amidst concerns of possible power shortages The Nationwide has UK house prices up 0.3% in June, up 1.9% year on year 11:10 UK Sells £2bn in bills UK Analyst Changes Bae Systems Cut To Hold Vs Buy At Deutsche Bank Ahead Of 1H Britvic Raised To Buy Vs Hold At Socgen On Valuation Diageo Added To Conviction Buy List At Goldman European Insurance Raised To Overweight By Citi Strategists Greene King Raised To Buy Vs Neutral At Citi Unilever Added To Conviction Buy List At Goldman Vodafone Raised To Buy Vs Hold At Deutsche Bank UK Insider Buying Arcontech Group Plc, (ARC), 2 insider(s) bought 5000000 shares, £0 Ariana Resources Plc, (AAU), 1 insider(s) bought 3636360 shares, £0.01 Berkeley Group Holdin, (BKG), 1 insider(s) bought 1000 shares, £21.08 Bt Group Plc, (BT/A), 1 insider(s) bought 1600 shares, £3.05 Diamondcorp Plc, (DCP), 1 insider(s) bought 500000 shares, £0.04 F&C Asset Management, (FCAM), 1 insider(s) bought 36000 shares, £0.95 Imagination Tech Grou, (IMG), 2 insider(s) bought 11500 shares, £2.93 Melrose Industries Plc, (MRO), 1 insider(s) bought 41545 shares, £2.44 Pennon Group Plc, (PNN), 2 insider(s) bought 3348 shares, £6.35 Simigon Ltd, (SIM), 1 insider(s) bought 36250 shares, £0.28 Workspace Group Plc, (WKP), 4 insider(s) bought 66450 shares, £3.92 UK Insider Selling Euromoney Instl Investo, (ERM),  insider(s) sold 1250 shares, £10.27 FTSE 100 Movers Major European Companies Reporting None Detailed European Market Summary EU leaders are expected to scale back the promises of support for struggling Eurozone banks when more centralised banking supervision starts next year, as they drop the phrase ‘credible backstops’ from draft proposals Global Market Footprint Major US Stock Movers After Hours Nike gained 3% as it detailed Q4 numbers just ahead of the forecasts and details worldwide futures orders were up 8% Pfizer has increased its planned buyback by $10bn Molycorp gained 10% after the SEC recommends no enforcement action over its investigations into its public disclosures S&P 500 Companies Reporting Family Dollar Stores Inc, Q3, 1.034 US Market News The Fed continues to look to manage the recent statements with Dudley now stating that QE may be prolonged if the economy was to miss Fed forecasts, as the central bank continues to effectively manage market expectations on stimulus measures Jon Corzine stays in the news as the CFTC now confirms that it is suing the ex CEO of MF Global for failing to properly oversee the company, he could be the first ex chief of Goldman to be banned from trading US tensions with Russian and China stay at raised levels as Syria’s economics minister states that the regime is using Russia, Iran and China to bypass western sanctions Bill Gross states that he sees US 10 year Treasuries possibly falling 25 basis points in the coming days/weeks, reversing some of the moves seen in May and June John Malone is reportedly still planning moves for how Charter Communications could acquire Time Warner despite his initial moves were knocked back Overnight Market News The Nikkei has closed 445 points higher overnight as the buying returns following last week’s slump Top FX The euro is set for the strongest quarter since 2008, gaining 5% against its major peers due to its current account surplus and slowing inflation Top Commodity Gold has traded under $1,200 as the recent breakdown is yet to recover in the manner that equity markets have managed, while Bloomberg highlights how the correlation between moves in gold and silver prices hits its highest level since the 1950’s Economic Data Due 00:01 UK June Consumer Confidence, -22 previous 14:45 US June Chicago Purchasing Manager, 55.0 exp. 58.7 previous 14:55 US June Uni. of Michigan Confidence, 83.0 exp. 82.7 previous Economic Events EU's Barroso speaks in Oporto Uni. of Michigan Confidence 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). 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 Capital and Cantor Index are trading names of CFE. This note is defined by the FCA 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. FTSE International Limited (“FTSE”) © FTSE [2013]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. 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.

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Technical Analysis - Euro

Thursday, June 27, 2013, Marketing Communication Euro, Weekly The weekly chart on the euro is included to describe how the currency has been in a broad bearish trading range over the past five years, red region. In the daily chart below we zoom in to show the last leg higher within this bearish range in more detail. Euro, Daily The daily chart shows the move higher from the 2012 lows in more detail, over this period we can see the strong trend that had been in place until February, red diagonal line. In February the price action broke this trend and fell to the 50% retracement level, calculated from the 2012 lows to the 2013 highs. From the stochastics oversold levels and the support from the 50% retracement area the euro rallied from these lows. Through April-May this buying formed a divergence with the stochastic, black lines, giving an early warning that the buying momentum had stalled at this attempt. From this divergence the euro did indeed stall and once again came back to the 50% retracement support. Crucially the most recent highs following on from this second test have moved ahead of the April-May highs, creating a nearer term bullish trend, green line, with higher highs and higher lows from late March. This trend also picks up the lows from November 2012. This naturally adds some confidence to the bulls. In the near term however the stochastic has turned from overbought conditions, suggesting some near term weakness ahead is likely, which could pull the currency down to this bullish trend line. But while the price action remains above this bullish trend support the outlook remains with a positive bias for the longer term. Leaving an optimistic outlook while the price action holds over the current trend line, albeit with some near term risks of some slight weakness. Moves under the 50% retracement level at 1.2877 would cause the outlook to turn more negative, or moves under the March lows at 1.2747 for the more cautious. The text above is largely unchanged from our note last week, so the sell-off in the price action in recent days has come broadly as expected. Price has yet to fall to oversold areas, suggesting that the 50% area will continue to act as a magnet for price action in the days ahead. Risk/reward on opening shorts here is not favourable, leaving more of neutral outlook for now, with a positive bias, and we can see traders looking to enter long positions on any weakness to the 50% level. Using the near term trend green, line for stop levels. CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Graphs Graph images are created on Bloomberg, and remain under copyright to Bloomberg. Depending on your email settings the images contained in this note may not be downloaded correctly on the first viewing. Select the view 'Web version' link on the header, which will open a browser window that will display the images correctly. Unsubscribing From E-mails If you would like to be removed from all Cantor Capital Commentary notes then please click on the ‘Update Preferences’ link on the header, or the ‘Edit your subscription’ link on the footer and select the ‘Unsubscribe’ link at the bottom of this page that appears. This will remove your email from all Cantor Capital Commentary distribution lists. 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 Capital and Cantor Index are trading names of CFE. This note is defined by the FCA 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. FTSE International Limited (“FTSE”) © FTSE [2013]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. 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.

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Day Ahead

Thursday, June 27, 2013, Marketing Communication Opening Call The FTSE is called up around 20 points higher today UK Corporate Announcements Betfair announces full year revenues of £387m and an adjusted EBITDA of £73.3m and expects UK revenues to grow in line with the market over the medium term John Wood group states that it remains on track to meet its full year expectations Debenhams reports Q3 LFL sales stayed flat, under the expectations of a 1.5% increase, but stays comfortable with the market expectations for the full year Greene King announces a full year adjusted pre-tax profit of £162m with revenues up 4.8% to £1.218bn and states that it was confident of maintaining momentum despite the subdued outlook DS Smith announces a full year adjusted pre-tax profit of £250.9m from £142m on revenues of £3.7bn from £2bn and states that the current year started well and in line Playtech states that trading has continued in line with the expectations UK News The business papers highlight the changing times as one story is the death of Marc Rich, the legendary commodity trader who was pardoned by President Clinton for tax evasion and racketeering, and the next story is that proposals are being made to ‘jail for life’ serious tax cheats A decision from the OFT is expected today on whether the payday industry will be referred to the Competition Commission UK Analyst Changes Afren Added To Conviction Buy List At Goldman Centrica Cut To Neutral Vs Buy At Ubs Enrc Cut To Neutral Vs Buy At Ubs Etalon Cut To Neutral Vs Outperform At Credit Suisse Segro Removed From Socgen Mid & Small Caps Premium List Smiths Group Raised To Buy Vs Neutral At Ubs UK Insider Buying Ariana Resources Plc, (AAU), 1 insider(s) bought 350000 shares, £0.01 Asian Citrus Holdings, (ACHL), 1 insider(s) bought 43000 shares, £0.22 Berkeley Group Holding, (BKG), 1 insider(s) bought 1000 shares, £21.08 Chaarat Gold Holdings, (CGH), 1 insider(s) bought 272000 shares, £0.1 Cluff Natural Resource, (CLNR), 2 insider(s) bought 888112 shares, £0.06 Csr Plc, (CSR), 1 insider(s) bought 12286 shares, £5.06 Diageo Plc, (DGE), 1 insider(s) bought 4000 shares, £18.5 F&C Asset Management P, (FCAM), 1 insider(s) bought 23000 shares, £0.91 Lo-Q Plc, (LOQ), 1 insider(s) bought 5000 shares, £5.28 Micro Focus Internatio, (MCRO), 2 insider(s) bought 15062 shares, £6.72 Pennon Group Plc, (PNN), 1 insider(s) bought 1848 shares, £6.37 Rotork Plc, (ROR), 1 insider(s) bought 500 shares, £25.32 Sabmiller Plc, (SAB), 1 insider(s) bought 404 shares, £30.39 Stv Group Plc, (STVG), 1 insider(s) bought 4450 shares, £1.38 Workspace Group Plc, (WKP), 3 insider(s) bought 51400 shares, £3.93 UK Insider Selling Daily Mail&General Tst, (DMGT), 1 insider(s) sold 1250 shares, £10.27 Ew Group Limited, (EWG),  insider(s) sold 7477277 shares, £0.01 Hiscox Ltd, (HSX),  insider(s) sold 206104 shares, £5.35 Porvair Plc, (PRV),  insider(s) sold 46175 shares, £2.83 FTSE 100 Movers Major European Companies Reporting DS Smith PLC, R, 0.167,  Greene King PLC, R, 0.566,  Kabel Deutschland Holding AG, R, 3.187 European Market Summary Relations between Repsol and Argentina may worsen as the board rejects the non cash compensation offer worth $5bn over the country’s expropriation of its stake in YPF EU finance ministers have reportedly agreed on an outline plan on how to rescue banks in trouble in the future, without the requirement of additional taxpayer funding Bankia details it is to sell its 224m shares in IAG through a placing with Bank of America, worth around £592m, it was bailed out by the Spanish government last year, and obtained the IAG stake as part of the IAG/Iberia merger Italy sells €2.5bn in bonds at 11:00 Global Market Footprint Major US Stock Movers After Hours Progress Software gained 9% as it detailed Q2 numbers well ahead of the expectations Evercore gained 2% as S&P announces it will replace Lufkin in its SmallCap 600 Index S&P 500 Companies Reporting Accenture PLC, Q3, 1.134,  ConAgra Foods Inc, Q4, 0.594,  McCormick & Co Inc/MD, Q2, 0.61,  NIKE Inc, Q4, 0.743 US Market News The US Supreme Court ruled yesterday that the federal government must provide equal treatment to same sex married couples Dish Networks has now withdrawn its offer for Clearwire as expected leaving the way open for Softbank Research in Motion is in focus as it is expected to give an update on its latest batch of Blackberry phones tomorrow Fitch signals that it may cut its bond ratings on Chicago Overnight Market News Asian markets had a stronger session as the bargain hunting recovery from the recent sharp slide continues Johnson & Johnson has moved into the list of the Top 10 largest companies in the world, pushing out Petrochina, leaving no Chinese companies in the list, and all 10 are now from the US Top FX The dollar fell against 14 of its major peers yesterday after Bank of Richmond president Lacker stated that the fed is not close to reducing its bond holdings Economic Data Due 09:00 Eurozone May M3, 3.2% previous 09:30 UK Q1 GDP, 0.3% previous 13:30 US May Personal Income, 0.2% exp. 0.0% previous 13:30 US Initial Jobless Claims Economic Events EU Leaders Summit in Brussels UK GDP 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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