Day Ahead

Tuesday, June 11, 2013, Marketing Communication Opening Call The FTSE is seen down around 10-15 points lower today UK Corporate Announcements IG Group details that it plans to increase its investment in 2014, and states that it sees Q4 trading of £104m 8% of last year, while full year revenues of £361.9m are down 1% from last year Oxford Instruments announces full year revenues of £350.8m, just marginally under the consensus and increases its final dividend 12.8% Workspace announces a full year net profit gained 58% on revenues of £69.5m from £67.3m Gooch & Housego announced H1 revenues of £29m up 4% and states it remains on track UK News The Latest RICS house price survey has moved up to a 3 year high as the higher equity markets start to filter down to a stronger wealth effect, and with the market buoyed by government incentives, the price index moved to 5, from 1 in April The Competition Commission today conditionally clears the proposed AG Barr purchase of Britvic, although the chairman of Britvic has stated that the company was now in a different place to last summer when the original terms of the merger were agreed Bloomberg details how more than half of banks have detailed they plan to increase salaries to offset the impact of EU bonus caps The UK sells £3.75bn in bonds at 2023 The FTSE Index Quarterly Review will use today's closes in its calculations tomorrow evening, currently Coca-Cola Hellenic will enter the FTSE 100 as it exits the Greek market and moves its main listing to London, Travis Perkins and Persimmon are ranked 89th and 91st, with those ranked 90 and above given automatic promotion, Evraz and Polymetal are to be relegated, while Serco ranked 111th currently is also borderline to be dropped to the Mid 250 UK Analyst Changes Compass Cut To Neutral Vs Buy At Goldman Elan Pt Upped To Eu9.3 Vs Eu9.1 At Credit Suisse, Stays Neutral Hiscox Cut To Underperform Vs Neutral At Bofaml Icap Cut To Underperform Vs Neutral At Credit Suisse Kingfisher Pt Raised To 400P Vs 330P At Jefferies, Stays Buy National Grid Pt Raised To 740P Vs 700P At Berenberg UK Insider Buying Amlin Plc, (AML), 1 insider(s) bought 2875 shares, £3.99 Cls Holdings Plc, (CLI), 1 insider(s) bought 314 shares, £9.7 F&C Asset Management Pl, (FCAM), 1 insider(s) bought 21000 shares, £0.96 Rolls-Royce Holdings Pl, (RR/), 6 insider(s) bought 954 shares, £11.59 Sound Oil Plc, (SOU), 1 insider(s) bought 30000 shares, £0.1 UK Insider Selling Senior Plc, (SNR),  insider(s) sold 8754 shares, £2.64 Wood Group (John) Plc, (WG/), 3 insider(s) sold 11613 shares, £8.14 FTSE 100 Movers Major European Companies Reporting IG Group Holdings PLC, R, 0.359, Remy Cointreau SA, R, 3.226 European Market Summary Wendel details that it is selling its remaining 14m shares in Legrand German press suggests that Spain’s Bankia should be prepared for a sale Draghi states that he has confidence in the German constitutional court which today starts its case on the ECB’s planned bond buying program Global Market Footprint Major US Stock Movers After Hours Cardionet gained over 35% after hours as it announced a 3 year coverage pact with United Healthcare Corinthian Colleges came off 14% as it announced that it has been subpoenaed by the SEC related to student federal loan defaults Lululemon fell 15% as it announces it was cutting its full year targets, and also detailed that its CEO is to retire once a successor is found S&P 500 Companies Reporting None Detailed US Market News News Corp shareholders are due to vote today on the spinoff of its publishing arm which will keep the News Corp brand, while the remaining firm will be known as 21st Century Fox Apple has introduced a streaming music service called iTunes radio, causing the likes of Pandora Media, the online radio specialist, to state that Apple’s moves looked to be ‘a very basic feature’ and was not concerned about the move, apple also details upgrades to its operating system up to iOS 7 Overnight Market News Softbank has lifted its offer for Sprint to $21.6bn from $20.1bn and this has been unanimously approved by Sprint’s board stating that it does not expect Dish to make a better offer Pimco states that investors should be concerned of high yield borrowers, as slowing growth in Asia was threatening profitability India is seen dropping the cap on foreign direct investment in telecoms also lifting the limit on defence to draw in international funds Sony launches its PS4, its first new console in 7 years, costing $399 in the US considerably lower than the Xbox, it does not require an internet connection and allows for unlimited used game sales, two features which have been criticised at Microsoft Top FX The Aussie dollar has now dropped to 93.8 cents the lowest since late in 2010 as the commodity and emerging markets currencies continue to slide on the expectation of the tapering of QE, which had been seen as a major driver of the currency wars Top Commodity Bloomberg details how some analysts expect Soybean futures to fall as much as 25% in coming months due to the oversupply seen ahead, after farmers planted record crops following the all time highs in prices last year fuelled by droughts in key producing areas A survey in the US suggests that the world has enough shale resources to be able to cover more than a decade of fuel consumption Economic Data Due 00:01 May RICS House Price Balance, 2% exp. 1% previous 09:30 UK April Industrial Production, 0.1% exp. 0.7% previous 09:30 UK April Manufacturing Production, 0.1% exp. 1.1% previous 15:00 US April Wholesale Inventories, 0.2% exp. 0.4% previous Economic Events MSCI 2013 Market Classification Review World Economic Forum meeting on Japan US Wholesale Inventories 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 Index is a trading name 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.