Day Ahead

Wednesday, July 17, 2013, Marketing Communication Opening Call The FTSE is seen starting the day around unchanged today UK Corporate Announcements Electrocomponents announces Q1 underlying sales growth of 1% Severn Trent details that its operating expenditure has been in line with the boards expectations Land Securities states that demand for space in London is increasing, and details retail occupancy of 97.2% E2V Technologies announces that despite a slow start to the the year it was confirming its full year targets First Group states that it expects cash flows to be broadly flat in the year and that its recovery plan is on track and that total trading has been in line Quindell announces a 6M adjusted EBITDA of £54m on gross sales of £166m and states that H1 business continued to progress significantly UK News Barclays, along with four former traders, are to pay a $487m fine to the US Federal Energy Regulatory Commission over alleged manipulation of energy markets Liberty Global has effectively pulled out of the running for Kabel Deutschland leaving the way clear for Vodafone The Bank of England releases the MPC meeting minutes today at 09:30, while the bank’s Paul Fishers states that bankers attempted to manipulate QE two years ago FTSE 100 Dividends: Imperial Tobacco Group PLC, IMT, (35.20) FTSE 100 Estimated Dividend Impact: 1.3 points FTSE 250 Dividends: Fidelity China Special Situations PLC, FCSS, (1),  Halma PLC, HLMA, (6.37),  Telecom Plus PLC, TEP, (18),  WH Smith PLC, SMWH, (9.40),  WS Atkins PLC, ATK, (22) FTSE Small Share: Aberdeen Asian Income Fund Ltd, AAIF, (1.80),  F&C Global Smaller Companies PLC, FCS, (4.50),  INVESCO Asia Trust PLC, IAT, (3.20),  TwentyFour Income Fund Ltd, TFIF, (1.25g) UK Analyst Changes Capita Cut To Underperform Vs Sector Perform At Rbc Croda Cut To Underweight Vs Equalweight At Barclays Johnson Matthey Cut To Neutral Vs Outperform At Credit Suisse Spectris Raised To Neutral Vs Underperform At Bofaml Thomas Cook Added To Ubs’S Most Preferred List Thomas Cook Raised To Buy Vs Neutral At Ubs Tullett Prebon Cut From Conviction Buy At Goldman, Still Buy Unilever Cut To Underperform Vs Neutral At Credit Suisse UK Insider Buying Quayle Munro Holdings, (QYM), 1 insider(s) bought 150000 shares, £5.63 Sig Plc, (SHI), 2 insider(s) bought 142 shares, £1.75 UK Insider Selling Advanced Computer Sof, (ASW),  insider(s) sold 2474000 shares, £0.9 Finsbury Food Group Pl, (FIF),  insider(s) sold 6500000 shares, £0.54 FTSE 100 Movers Major European Companies Reporting ASML Holding NV, S1, 0.68,  Boliden AB, Q2, 0.333,  Georg Fischer AG, S1, 0,  JM AB, Q2, 3.274,  Nordea Bank AB, Q2, 0.192,  Novartis AG, Q2, 1.304,  SGS SA, S1, 36.8,  Svenska Handelsbanken AB, Q2, 5.438,  TeliaSonera AB, Q2, 0.986 European Market Summary The FT suggests that the EU is proposing to cap transaction fees on cards The Greek parliament votes today on the policy changes required for the next tranche of international aid The Italian PM states that the UK plays a very positive role in the EU and that it must stay in and that leaving would be a big risk for the EU Moody’s states that there was potential for Ireland’s ratings outlook to stabilise by the end of 2014 Novartis today lists its full year sales and profit outlook Global Market Footprint Major US Stock Movers After Hours Energy XXI gained 12.8% as it announces Q4 production numbers ahead of the forecasts Zagg Prelim. reported Q2 revenues under the forecasts and fell 15% after hours S&P 500 Companies Reporting Abbott Laboratories, Q2, 0.441,  American Express Co, Q2, 1.221,  Bank of America Corp, Q2, 0.262,  Bank of New York Mellon Corp/The, Q2, 0.572,  eBay Inc, Q2, 0.634,  Intel Corp, Q2, 0.393,  International Business Machines Corp, Q2, 3.739,  Kinder Morgan Inc/DE, Q2, 0.324,  M&T Bank Corp, Q2, 2.108,  Mattel Inc, Q2, 0.313,  Noble Corp, Q2, 0.556,  Northern Trust Corp, Q2, 0.825,  Omnicom Group Inc, Q2, 1.088,  PNC Financial Services Group Inc/The, Q2, 1.632,  SanDisk Corp, Q2, 0.909,  SLM Corp, Q2, 0.788,  St Jude Medical Inc, Q2, 0.937,  Textron Inc, Q2, 0.378,  US Bancorp/MN, Q2, 0.761,  WW Grainger Inc, Q2, 2.969,  Wynn Resorts Ltd, Q2, 1.574,  Xilinx Inc, Q1, 0.473 US Market News Fitch details that it has cut Pennsylvania again, down to AA from AA+ Yahoo yesterday announced Q2 revenues just marginally under the forecasts but a Q2 adjusted EPS of 35c above the estimates of 30c, and cuts its full year outlook Michael Dell has reportedly been told by leading shareholders that he needs to increase his $24.4bn bid or lose in his efforts to retake control of the company he founded The FT suggests that the plans by the Winklevoss twins for a Bitcoin ETF is unlikely to ever hit the market as it would prove to be too difficult to hedge the ETF to the underlying due to liquidity issues Overnight Market News Alibaba announces Q1 profit tripled as online sales continue to grow at China’s largest e-commerce company, and as it continues to move towards a possible IPO Chinese premier Li Keqiang states that he will keep economic growth, employment and inflation within limits Economic Data Due 09:30 UK May ILO Unemployment, 7.8% exp. 7.8% previous 13:30 US June Housing Starts, 950k exp. 914k previous 15:00 Bank of Canada Rate Announcement, 1.0% exp. 1.0% previous Economic Events Bank of England Meeting Minutes Bernanke's semi-annual policy report to the House Fed's Beige Book UK Unemployment 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 Capital and Cantor Index are trading names 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.