Day Ahead

Monday, July 29, 2013, Marketing Communication Opening Call The FTSE is called to start the week around 15 points higher UK Corporate Announcements National Grid states that it has made a positive start to the year in the US and maintains its outlook for 2013/2014 Hiscox announces an H1 pre-tax profit of £180.7m up from £125.8m with gross premiums of £1.017m from £906m Aberdeen Asset Management announces assets under management of of £209.6bn, from £212bn, with net outflows from low margin products and states it continues to trade in line Hammerson reports group occupancy at 97.4% and H2 net rental income from continuing operations at £140.5m Intertek details an H1 pre-tax profit of £145.3m on revenues of £1.08bn up 9.5% and sees further improved revenue growth in H2 Reckitt Benkiser announces Q2 LFL sales of £2.48bn, just marginally ahead of the £2.45bn expected Keller states it sees its full year results towards the top end of the current market expectations Senior reports an H1 pre-tax profit of £37.1m from £43.2m on revenues of £399m from £377m last year and states that it long term outlook remains encouraging Ryanair announces Q1 revenues of €1.34bn up 5% with 23.2m passengers up 3% and confirms its full year guidance Fidessa announces an H1 EPS of 39.4p and an adjusted EPS of 40.1p and an H1 adjusted operating profit of £20.8m down 5% William Sinclair warns that it now sees full year sales lower than previous forecasts and is now unlikely to meet its full year targets UK News The FT writes that the SFO is to receive only around £2m from the UK Treasury to help support its criminal probe into Barclays and the Qatar bailout, a sum that is likely to be dwarfed by the legal budget of Barclays The Bank is also in the news on reports that tomorrow it could announce a £4bn share sale to boost its reserves Begbies Traynor states that as the UK economy starts to improve the zombie companies could increasingly struggle as banks would have more room to let some of the firms go under, and book the bad debts UK Analyst Changes Sabmiller Pt Cut To 3,420P Vs 3,730P At Bofaml; Kept At Buy UK Insider Buying Wolseley Plc, (WOS), 1 insider(s) bought 1000 shares, £31.7 UK Insider Selling Central Asia Metals Plc, (CAML),  insider(s) sold 190000 shares, £1.15 Croda International Pl, (CRDA),  insider(s) sold 161 shares, £24.12 Sainsbury (J) Plc, (SBRY),  insider(s) sold 8000 shares, £3.95 FTSE 100 Movers Major European Companies Reporting Banco Comercial Portugues SA, S1, 0,  Danone SA, S1, 1.479,  Distribuidora Internacional de Alimentacion SA, S1, 0,  Galp Energia SGPS SA, S1, 0,  Hammerson PLC, S1, 0.117,  Intertek Group PLC, S1, 0.629,  JCDecaux SA, S1, 0.38,  Reckitt Benckiser Group PLC, S1, 1.184,  Ryanair Holdings PLC, Q1, 0.061,  Sika AG, S1, 54.65,  TNT Express NV, Q2, 0.077 European Market Summary The proposed merger between Publicis and Omnicom is seen drawing very close scrutiny by US authorities, much to the pleasure of Martin Sorrell at WPP The new company is expected to have a co CEO structure and would create the world’s largest ad company Siemens announces that its CEO is to leave the company, and that it will designate a successor at the July 31 board meeting The Czech Republic, Serbia and Slovenia have all had their ratings maintained by S&P, with a stable outlook Vivendi states that it is studying a possible split of the company after announcing the sale of its majority stake in Activision Blizzard French prosecutors announce that Former IMF chief Strauss Kahn is to face a trial on pimping charges BMW announces an interesting add-on service to purchasers of its battery powered compact car, with the use of a diesel/petrol SUV car for several weeks of the year, which could be used for longer holiday/family trips, as it looks to offset customer concerns over short ranges of electric vehicles Global Market Footprint Major US Stock Movers After Hours There were no major movers after hours S&P 500 Companies Reporting Anadarko Petroleum Corp, Q2, 0.905,  Eastman Chemical Co, Q2, 1.634,  Express Scripts Holding Co, Q2, 1.103,  FMC Corp, Q2, 0.94,  Franklin Resources Inc, Q3, 0.848,  Hartford Financial Services Group Inc, Q2, 0.71,  Jacobs Engineering Group Inc, Q3, 0.841,  Loews Corp, Q2, 0.73,  Masco Corp, Q2, 0.198,  Northeast Utilities, Q2, 0.519,  Plum Creek Timber Co Inc, Q2, 0.234,  Roper Industries Inc, Q2, 1.297,  Simon Property Group Inc, Q2, 2.07,  XL Group PLC, Q2, 0.611 US Market News Michael Dell states that he does not plan to further raise his buyout offer for Dell, and does concede that the method for counting shareholder votes ‘did not make sense’ Bernanke’s replacement could be announced as early as September and President Obama states that he has narrowed his potential list of nominee to the Federal Reserve to ‘some extraordinarily qualified candidates’ The Obama administration is increasingly concerned that the military action in Egypt could create the environment for the Muslim Brotherhood in the region to take up arms Saks Inc is reportedly close to be acquired by Hudson Bay Co, in what analysts suggests may as much be a real estate deal, as a luxury apparel acquisition, as Saks holds an impressive list of  real estate holdings, including a large presence on Manhattan’s Fifth Avenue Apple is in the news as Bob Mansfield its senior VP of technologies no longer has his bio listed on the company website, and reportedly has moved to work on special projects, he retired from Apple in 2012 but returned in August of that year with an $85m pay package Barron’s highlights analysts that feel Dover could gain 15% over the next 12 months, and the Holly Frontier could gain to as much as $60/share, from $45, and suggests Angie’s List could fall due to marketing budget cuts and that Fannie Mae may be ‘toast’ if a new hybrid mortgage system does take business away Overnight Market News China details that it is to start a nationwide audit of government debt this week, to investigate threats to growth and their financial systems China announces that it will drop investigations into EU wine exports as part of a settlement over its solar panel exports Top FX The yen has moved up to a monthly high as it acts as a safe haven following recent weakness in shares markets in the region on The German Finance Minister states that Europe must maintain pressure on Greece to stand by its austerity pledges Economic Data Due 09:30 UK June Mortgage Approvals, 59.2k exp. 58.2k previous 15:00 US June Pending Home Sales m/m, -1.2% exp. 6.7% previous Economic Events No Major Events Detailed UK Mortgage Approvals 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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