Day Ahead

Monday, June 24, 2013, Marketing Communication Opening Call The FTSE is seen starting the week down around 10 points lower UK Corporate Announcements Essar Energy announces that group revenues gained 24% to $23.7bn and reports a full year after tax loss of $175m Devro states that it remains confident of a strong H2 as it sees volumes in H1 up 13% globally Cohort announces a full year revenues of £70.9m and a pre-tax profit of £8.3m UK News Vodafone announces that Kabel Deutschland’s board has recommended its €87/share offer, valuing the cable group at €7.7bn ENRC Founders detail that they are readying a £3.04bn move for the mining group Chancellor Osborne has reached agreements with government ministers over £11.5bn of cuts in spending for the year starting April 2015 Rio Tinto details that following a review it will retain its diamond unit as it fails to find a buyer The Telegraph writes on how Barclays mat start selling data on its millions of current and savings account customers to third parties, while German press suggests that authorities are investigating Barclay’s use of tax loopholes which reportedly cuts its bill by billions of euros The Royal Institute of Chartered Surveyors states that successive governments have failed to produce a coherent long term strategy on the UK housing market The changes to the FTSE 100 constituents takes effect from today, with Travis Perkins and Persimmon into the blue chip, Polymetal and Evraz leave UK Analyst Changes Drax Raised To Buy Vs Hold At Socgen Morrison Cut To Neutral Vs Buy At Citi Sainsbury Cut To Sell Vs Neutral At Citi Vodafone Removed from European Key Call at UBS UK Insider Buying Alliance Pharma Plc, (APH), 1 insider(s) bought 460000 shares, £0.35 Easyjet Plc, (EZJ), 1 insider(s) bought 20000 shares, £12.82 F&C Asset Management P, (FCAM), 1 insider(s) bought 22000 shares, £0.96 Fenner Plc, (FENR), 1 insider(s) bought 1750 shares, £3.32 Highland Gold Mining L, (HGM), 1 insider(s) bought 1000000 shares, £0.73 Panmure Gordon & Co P, (PMR), 1 insider(s) bought 20000 shares, £1.36 Publishing Technology, (PTO), 1 insider(s) bought 20000 shares, £2.56 St. Ives Plc, (SIV), 1 insider(s) bought 3469 shares, £1.42 UK Insider Selling Imperial Tobacco Group, (IMT),  insider(s) sold 13130 shares, £23.48 Invensys Plc, (ISYS),  insider(s) sold 20504 shares, £4.05 Sainsbury (J) Plc, (SBRY),  insider(s) sold 598039 shares, £3.68 FTSE 100 Movers Major European Companies Reporting None Detailed European Market Summary Fitch has confirmed its triple A rating on Norway and keeps its outlook stable Versace states that it will decide on any possible stake sales by the end of the year Hutchison Whampoa announces it is to buy the Irish unit of Telefonica for €780m Spain’s 10 year yield has moved above 5%, for the first time since April 2 Germany sells €3bn in bills at 11:30, France sells €7bn in bills at 14:50 Global Market Footprint Major US Stock Movers After Hours There were no major movers after hours S&P 500 Companies Reporting None Detailed US Market News Dish confirmed late on Friday that it is to abandon its efforts to buy Sprint Nextel, the announcement allowed Softbank to gain 4% Diet food makers will be in focus as a new study by the American Diabetes Association suggests that eating two large meals a day yielded greater weight loss than eating six small meals a day that contained the same amount of calories, against the conventional wisdom Former Enron boss Skilling has had his sentence cut to 14 years from 24 years as he agrees to end his appeals against his sentence Barron’s over the weekend highlighted analysts that saw gains of up to 20% in Con-Way if it succeeds in its targets to cut costs and increasing margins and also highlights analysts that suggest Weight Watchers could gain 50% as the mounting obesity epidemic hits the developed economies AIG has revived plans for a possible IPO of its plane leasing unit as it extends the deadline in place on the group of Chinese investors that had been planning to buy the business Overnight Market News The China CSI Index has now come off 20% from its February highs, matching the others in the region, falling into a bear market, when using this broad measure. The Shanghai Composite came off 5% overnight The Chinese central bank states that its banking system liquidity is at a reasonable level The China Daily writes that cyber attacks against Chinese website from the US may be partly backed by Washington Top FX The dollar has moved up to two week highs against the yen as the tapering talk continues Economic Data Due 13:30 US May Chicago Fed Activity Index, -0.53 prev. Economic Events EU Foreign Ministers Hold meeting in Luxembourg US Chicago Fed Activity Index 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. 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