Day Ahead

Thursday, June 13, 2013, Marketing Communication Opening Call The FTSE is seen opening down a hefty 70-80 points today UK Corporate Announcements WH Smith announces total 14 week group sales fell 5% and states that its financial position is in line with the expectations Home Retail announces Q1 LFL Homebase sales of £422m up 1.4% just ahead, and Argos LFL sales of £828m up 1.9%, just under the estimates Mulberry announces a full year pre-tax profit of £26m from £36m on revenues of £165m from £168m and expects a modest growth in wholesale sales for 2013 PZ Cussons states that trading has been in line with the expectations and expects to return to profitable growth for the year WS Atkins states that it saw a strong UK performance and it announces a full year pre-tax profit of £103.3m from £135m with sales largely unchanged at £1.7bn UK News RBS chief Hester responds to pressure from the board and confirms that he is to step down as Osborne plans a further shakeup ahead of a planned float before end 2014 Asian markets have continued the recent slump with the Nikkei down over 600 points overnight Yesterday evening the World Bank cuts its 2013-2014 forecasts for global economic growth, seeing 2.2% growth in 2013 from 2.4% Virgin Money is reportedly preparing for an IPO within the next few months The FCA states that it is to look into allegations that traders at large banks manipulated foreign exchange benchmark rates The FTSE Review Committee detail that Travis Perkins and Persimmon are to enter the FTSE 100 effective June 24th, at the expense of Evraz and Polymetal, for the full details click here http://www.ftse.com/tech_notices/2013/Q2/FTSE_UK_Review.xls to download the official FTSE Excel sheet The UK sells £2.25bn in bonds at 10:30 UK Analyst Changes Aggreko Raised To Add Vs Hold At Numis Firstgroup Raised To Buy Vs Neutral At Nomura Petrofac Raised To Buy Vs Neutral At Citi Severn Trent Reinstated At Equalweight At Barclays; Pt 1,765P UK Insider Buying F&C Asset Management P, (FCAM), 1 insider(s) bought 10000 shares, £0.97 G4S Plc, (GFS), 1 insider(s) bought 10000 shares, £2.44 Intl Consolidated Airli, (IAG), 1 insider(s) bought 24840 shares, £2.55 National Grid Plc, (NG/), 1 insider(s) bought 12000 shares, £7.37 Oxford Instruments Plc, (OXIG), 1 insider(s) bought 1000 shares, £14.12 Pittards Plc, (PTD), 1 insider(s) bought 100000 shares, £0.02 Prudential Plc, (PRU), 2 insider(s) bought 35000 shares, £10.77 Uk Mail Group Plc, (UKM), 1 insider(s) bought 1181 shares, £5.08 Vesuvius Plc, (VSVS), 1 insider(s) bought 50000 shares, £3.78 UK Insider Selling Intl Consolidated Airli, (IAG),  insider(s) sold 91565 shares, £2.55 FTSE 100 Movers Major European Companies Reporting Halma PLC, R, 0.264 European Market Summary France Telecom’s chief is now being formally investigated for alleged involvement in organised fraud when he was a finance ministry official under Sarkozy Italy sells €5bn bonds at 11:00, Iceland sells bills at 12:00 Global Market Footprint Major US Stock Movers After Hours Canadian based Safeway gained 34% as Sobeys announces it is to buy the group for C$5.8bn Spreadtrum gained 22% as it lifts its outlook citing strong demand for low cost smartphones S&P 500 Companies Reporting None Detailed US Market News Apollo Tyres the second largest tyre maker in India announces it is to buy Cooper Tire & Rubber for around $2.5bn, with Cooper Tire up 43% yesterday on the news Some severe weather is forecast for the American Midwest today, with high winds expected and various regions put on Tornado Watch Overnight Market News The initial surge of buying on Abenomics has now completely reversed into a gorwing sense of panic on the Nikkei, down 5% overnight and down 20% from the May highs, $2.5tn has been erased from global equities since Bernanke suggested end May that the Fed could start to scale back on QE if the employment outlook was to improve Thailand’s Index and the Philippine Index also came off 5% overnight, while the Hang Seng China Enterprises Index has now also fallen 20% from the May highs Overnight the Bank of Korea left its interest rates unchanged at 2.5% as expected The MSCI states that China A shares denominated in yuan may be included in its emerging equity index if the government were to loosen investment curbs Dagong Global Credit Rating is to start its European business today as it looks to become the first Chinese rating agency to register and operate in Europe New Zealand has left its benchmark rate unchanged at 2.5% Top FX The yen has now moved past 95 per dollar its highest level for two months as investors are seen increasingly concerned about the recent volatility Top Commodity Freeport McMorran has declared force majeure on its closed Grasberg mine in Indonesia after 28 workers were killed in May, the stoppage is cutting output by around 3m pounds of copper a day Economic Data Due 09:00 Eurozone ECB Monthly Report 13:30 US May Advance retail Sales, 0.4% exp. 0.1% previous 13:30 US Weekly Initial Jobless Claims, 346k previous Economic Events Clinton Global Initiative America Annual Meeting US Advance Retail Sales 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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