Day Ahead

Monday, July 8, 2013, Marketing Communication Opening Call The FTSE is seen starting the week up around 30 points UK Corporate Announcements Bovis Homes states that housing profits improved significantly in H1, with average selling prices of £188,500 up 15% RM/ states that it continues to trade profitably and that it has a strong balance sheet and that the full year is expected to benefit from a positive bias to H2 Hikma Pharmaceutical lifts its full year guidance and states that all of its business have continued to perform well Headlam states that the floorcovering markets remain difficult UK News The FT writes on how some leading bankers have stated that clearing houses on both sides of the Atlantic are a growing threat to the stability of the world’s financial system The Sunday Times suggests that Singapore’s SWF has made a preliminary approach to take a £4.5bn stake in Lloyds Appliances Online is reportedly readying for a £300m IPO BP goes to court tomorrow in the US looking to amend the $7.8bn compensation deal on its Gulf of Mexico spill arguing ‘absurd and egregiously inflated’ payments from some claimants UK Analyst Changes Eurotunnel Pt Raised To Eu8 Vs Eu7.8 At Nomura; Kept At Buy UK Insider Buying Ashmore Group Plc, (ASHM), 1 insider(s) bought 40000 shares, £3.3 Centaur Media Plc, (CAU), 1 insider(s) bought 19178 shares, £0.37 Oxus Gold Plc, (OXS), 1 insider(s) bought 750000 shares, £0.02 Soco International Plc, (SIA), 1 insider(s) bought 1609 shares, £3.55 UK Insider Selling Mears Group Plc, (MER),  insider(s) sold 308484 shares, £3.92 Euromoney Instl Investo, (ERM),  insider(s) sold 4000 shares, £9.93 E-Therapeutics Plc, (ETX),  insider(s) sold 17857 shares, £0.34 FTSE 100 Movers Major European Companies Reporting None Detailed European Market Summary Euro Area Finance Ministers meet today to discuss the continuing efforts to secure a turnaround for Greece, Portugal and Cyprus, also today the IMF is due to publish the annual report on the euro region economy The Greek Finance Minister states that the government will probably reach a deal with international creditors before today Eurogroup meeting S&P cuts its outlook on Portugal to negative from stable, while Egypt’s rating have been reduced to B- from B by Fitch with a negative outlook Reports today suggest a further 15 people have been killed in clashes in Cairo Global Market Footprint Major US Stock Movers After Hours There were no major movers after hours S&P 500 Companies Reporting Alcoa Inc, Q2, 0.059 US Market News Michael Dell and Silver Lake are said to have ruled out making a higher offer to take Dell private, while Icahn states that the Dell Special Committee was using scare tactics Berkshire Hathaway details that it has bought more shares in DaVita Alcoa is due to announce results today, traditionally the trigger for the US reporting season Intermune cites failures, as it has identified material weaknesses in its internal controls regarding tax consequences of complex and infrequent transactions Barron’s suggests that shares in Noodles & Co may now be overvalued after the stock has more than doubled following its June IPO The paper also highlights an analyst that suggests United Health could gain 40% over two years as it concentrates on margin improvements over market share growth Overnight Market News Asian markets overall had a slightly softer session as concerns continue on the credit squeeze in China Softbank has been cut to junk status by S&P Shares in Asiana came off 10% as investigators continue to look into the crash in San Francisco which killed two of its passengers; footage of the crash being released over the weekend shows how fortunate everyone was that many more lives were not lost The China Financial Futures Exchange continues to prepare to resume trading in government bond futures, after the market was suspended way back in 1995 after a major trading scandal Top FX The Indian Rupee had fallen to a record low against the dollar but has pared some of these losses on talk of intervention from the RBI Top Commodity Rice stocks have moved out to record 12 year high, as production also pushes out to a record Economic Data Due 00:50 Japan May Current Account Total, Y595bn exp. Y750bn previous 11:00 German May Industrial Production m/m, -0.5% exp. 1.8% previous Economic Events Euro-Area Finance Ministers Meet in Brussels German Industrial Production 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.