Day Ahead

Tuesday, June 25, 2013, Marketing Communication Opening Call The FTSE is seen down around 5 points lower today UK Corporate Announcements Petrofac states that 2013 profit will be significantly weighted to H2 and that modest growth is expected overall Domino Printing details H1 revenues of £161.9m from £151m and an H1 pre-tax loss of £3.8m from the profit of £24.7m Northgate reports full year revenues of £609.9m and a full year underlying pre-tax profit of £49.5m and states the hew year has started in line with its expectations Carpetright announces a full year revenue of £457m and an underlying pre-tax profit of £9.7m, broadly in line, and states that trading conditions remain challenging UK News Rexam details that it has initiated a process to sell its healthcare business, and states H1 has been challenging Nomura details that it has put a ‘high likelihood’ of a Vodafone deal with Verizon BSkyB is the latest high profile name to suspend Facebook advertising after offensive content UK Analyst Changes Buy Aviva, Citi Says After CEO Presentation Fresnillo Raised To Neutral Vs Sell At Citi Millennium & Copthorne Cut From Overweight At Morgan Stanley William Hill Raised To Equalweight Vs Underweight At Barclays UK Insider Buying Alliance Pharma Plc, (APH), 1 insider(s) bought 460000 shares, £0.35 Asian Citrus Holdings L, (ACHL), 1 insider(s) bought 325000 shares, £0.23 F&C Asset Management P, (FCAM), 1 insider(s) bought 36000 shares, £0.94 Halfords Group Plc, (HFD), 1 insider(s) bought 6504 shares, £3.06 Hunting Plc, (HTG), 1 insider(s) bought 5000 shares, £7.52 Prudential Plc, (PRU), 1 insider(s) bought 5000 shares, £10.37 UK Insider Selling Invensys Plc, (ISYS),  insider(s) sold 20504 shares, £4.03 Prezzo Plc, (PRZ),  insider(s) sold 1500000 shares, £1 Sainsbury (J) Plc, (SBRY),  insider(s) sold 598039 shares, £3.66 FTSE 100 Movers Major European Companies Reporting Carnival PLC, S1, 0,  Colruyt SA, R, 2.255 European Market Summary Italian politics moves back into focus after coalition partner Berlusconi is jailed for seven years and banned from politics for life, while Mediobanca states that Italy could require a bailout within 6 months The Irish bailout also stays in focus after the releases yesterday of tapes of Anglo Irish executives which suggested the bank knowingly misled regulators during the period Spain sells bills at 10:00, Italy sells bonds at 11:00 Global Market Footprint Major US Stock Movers After Hours Mitel gained 7% in late trading as it announced Q4 revenues of $150.9m ahead of the forecasts and detailed a Q4 EPS of 25c S&P 500 Companies Reporting Apollo Group Inc, Q3, 0.856,  Carnival Corp, Q2, 0.064,  Lennar Corp, Q2, 0.327,  Walgreen Co, Q3, 0.905 US Market News The US FTC states that it is to mirror the EU and open its own oil price fixing investigations Fed officials have started to increase talk that QE is not to be ending anytime soon, and only ‘dialled back’ as markets remain fearful that without the support much of the gains posted in recent months and years could be eroded While Dallas Fed president Fisher has stated that the Fed anticipated a lively market reaction to indications of QE tapering, but stated that markets should not think the Fed will support the markets with no end date, and states that ‘I do believe that big money does organise itself somewhat like feral hogs, if they detect a weakness or a bad scent, they’ll go after it’ The FT suggests that the CFTC is to approve a civil lawsuit against Jon Corzine over the collapse at MF Global Overnight Market News The Asian markets have had another soft session with the Shanghai Composite off another 5%, the index was at 2443 in February, but currently is trading at 1857, and after trading at 2100 just last week, and down to its lowest level for 4 years Moody’s has revised its Hong Kong banking system outlook to negative citing the risks from China US Chinese relations stay tense as the US states it will investigate Chinese involvement in the movements of Snowden, and also any possible involvement in the leaks Top FX The Canadian dollar has moved close to a two year low as the consensus mounts that QE tapering will strengthen the dollar Top Commodity Copper has fallen to a three year low on fears the Chinese liquidity squeeze could have an impact on demand Economic Data Due 13:30 US May Durable Goods Orders, 2.6% exp. 3.3% previous 15:00 US June Consumer Confidence, 75.5 exp. 76.2 previous 15:00 US May New Home Sales, 460k exp. 454k previous Economic Events EU General Affairs Ministers meet in Luxembourg US Durable Goods 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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