Day Ahead

Thursday, June 20, 2013, Marketing Communication Opening Call The FTSE is called down a solid 100 points lower today after the Fed gave its most clear signal to date that QE may end 2014 UK Corporate Announcements Ashtead announces a Q4 pre-tax profit of £50.3m on underlying revenues of £347m and states that it sees its coming year profit ahead of the previous forecasts Gulf Keystone reports a full year pre-tax loss of $81.4m from $62.4m and that it had $154m in cash end May Dixons Retail details full year sales of £8.44bn, and a full year pre-tax profit of £94.5m, just ahead of the forecasts Go Ahead Group announces that its resilient trading has continued and that its full year expectations are unchanged Helphire Group states that trading for the year has met its expectations UK News Speculation continues on a government share sale in Lloyds, but Osborne stated yesterday evening that a sale of RBS may yet be some way off The FT suggests that the Bank of England has detailed a £25bn ‘black hole’ in Britain’s banks with RBS, Lloyds and Barclays accounting for 90% of the total, with the Bank of England detailing this morning that 5 UK banks must raise a total of £13.7bn in capital BT continues with its plans to take market share from Sky sports by pressuring regulators to open an investigation into BSykB arguing that it was abusing its market position by refusing wholesale access to its sports channels on reasonable terms, BT also dropped 3% intraday yesterday as its CEO Ian Livingston announces he is to step down to become the government Trade and Investment Minister The UK is due to sell £4.75bn in Bonds at 10:30 UK Analyst Changes Aberdeen Asset Cut To Neutral Vs Buy At Goldman Ashmore Group Cut To Neutral Vs Buy At Goldman Beazley Cut To Hold Vs Buy At Berenberg Catlin Raised To Buy Vs Sell At Berenberg Derwent London Raised To Buy Vs Hold At Socgen Drax Raised To Buy Vs Neutral At Citi Great Portland Raised To Hold Vs Sell At Socgen Igas Energy Cut To Neutral Vs Buy At Goldman Intu Properties Raised To Hold Vs Sell At Socgen Tullett Prebon Added To Conviction Buy List At Goldman Tullett Prebon Raised To Buy Vs Neutral At Goldman UK Insider Buying Billington Holdings Plc, (BILN), 1 insider(s) bought 2000 shares, £0.59 Centrica Plc, (CNA), 1 insider(s) bought 42575 shares, £3.72 F&C Asset Management Pl, (FCAM), 1 insider(s) bought 19000 shares, £0.96 Imagination Tech Group, (IMG), 1 insider(s) bought 20677 shares, £2.88 Mcbride Plc, (MCB), 2 insider(s) bought 30000 shares, £1.13 Somero Enterprises Inc-, (SOM), 1 insider(s) bought 700 shares, £0.7 UK Insider Selling Centrica Plc, (CNA),  insider(s) sold 634627 shares, £3.72 Lloyds Banking Group P, (LLOY),  insider(s) sold 81053 shares, £0.63 S & U Plc, (SUS),  insider(s) sold 10202 shares, £11.99 Major European Companies Reporting Ashtead Group PLC, R, 0.304 European Market Summary Denmark states that it may need to sell its $36bn of German long term bonds unless Angela Merkel moves to block the planned tax on financial transaction Domenico Dolce and Stefano Gabbana are in the headlines as they are convicted of tax evasion, over failing to declare €1bn in income, and are sentenced to 20 months in jail Spain sells bonds at 10:30, France at 10:50, France at 11:50 Global Market Footprint Major US Stock Movers After Hours Nokia gained 6% in after hours US trading after a report that Microsoft had discussed buying its device business GameStop gained 6% after Microsoft announces it was dropping its criticised stance on placing curbs on the trading of games Finisar moved up 9% in late trading as it announced as it improves its guidance, the moves also buoyed the likes of JDS Uniphase, up 4.4% S&P 500 Companies Reporting Oracle Corp, Q4, 0.874,  Kroger Co/The, Q1, 0.888 US Market News The Fed left rates unchanged as expected last night but again hinted that QE could end next year, and that the winding down process was due to start this year citing the recent economic forecasts on the US economy for 2014, stating that Fed may moderate purchases in 2013, ending in 2014 Following the news US ten year Treasury yields gained 13 basis points to 2.32%, the highest since March 2012 Microsoft responds to criticisms, and moves by Sony, as it makes a U turn and states that it has dropped planned curbs on the trading of games, and also the requirement for the console to be connected to the internet once every 24 hours in order to continue playing a game Mens’ Warehouse founder has been fired reportedly due to a strategy clash with the CEO and its policy on buybacks James Gandolfini, 51, the actor most famous for his role as Tony Soprano, has died while on holiday in Rome Overnight Market News The China Securities Journal states that the Regulatory Commission is to introduce new policies aimed at simplifying M&A transactions China’s cabinet has stated that the nation’s financial system needs to better support the economic growth Top FX The Brazilian real has dropped to a four year low as the stimulus outlook is lowered Economic Data Due 09:00 Eurozone June Manufacturing PMI, 48.5 exp. 48.3 previous 09:30 UK May Retail Sales, 0.8% exp. -1.4% previous 13:30 US Initial Jobless Claims, 340k exp. 334k previous 15:00 Eurozone June Consumer Confidence, -21.5 exp. -21.9 previous 15:00 US May Existing Homes Sales, 5m exp 4.97m previous Economic Events EuroArea Finance Ministers Meet in Luxembourg Euro-Zone Consumer 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). 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