Day Ahead

Friday, September 27, 2013, Marketing Communication Opening Call The FTSE is seen opening around unchanged to just a touch higher today UK Corporate Announcements Hyder Consulting states that it has traded in line with its expectations and stays confident on its outlook Helphire announces a full year revenue of £204.8m and an adjusted operating income of £8.0m Babcock States that trading has remained positive UK News Royal Mail announces that its shares are to be offered in a range of 260-330p/share giving a market cap of £2.6-3.3bn and states it plans to pursue a progressive dividend policy, with conditional dealing expected to start on October 11th United Drug announces that it has changed its business name to UDG Healthcare Osborne attempts to counter housing bubble concerns by giving the Bank of England more room to warn the government of issues in the housing market The Telegraph suggests that G4S is preparing a joint bid, with Oberthur, for the £1bn contract to produce UK banknotes Ladbrokes is the focus of some M&A talk after yesterday’s profit warning took 7% off its market cap, it was its third profit warning this year The Independent suggests that the recovery in the UK is being driven by consumer spending not be additional exports and investments, raising concerns on its sustainability The UK sells £2bn in Bills at 11:10 Due to annual leave the Day Ahead will not be sent out for the next two weeks, and will resume Monday 14th October UK Analyst Changes Amlin Cut To Sell Vs Hold At Berenberg Apr Energy Cut To Neutral Vs Buy At Goldman Bunzl Raised To Neutral Vs Sell At Goldman Electrocomponents Raised To Buy Vs Neutral At Goldman Michael Page Raised To Buy Vs Neutral At Goldman Premier Farnell Raised To Buy Vs Neutral At Goldman Regus Raised To Buy Vs Neutral At Goldman Robert Walters Raised To Buy Vs Neutral At Goldman Travis Perkins Raised To Buy Vs Neutral At Goldman Wpp Raised To Overweight Vs Neutral At HSBC UK Insider Buying Intercede Group Plc, (IGP), 1 insider(s) bought 30000 shares, £1 Firstgroup Plc, (FGP), 7 insider(s) bought 14587 shares, £1.2 Sabmiller Plc, (SAB), 1 insider(s) bought 390 shares, £32.14 UK Insider Selling Frenkel Topping Group, (FEN), 1 insider(s) sold 1000000 shares, £0.28 Schroders Plc, (SDR), 1 insider(s) sold 32750 shares, £25.5 FTSE 100 Movers Major European Companies Reporting None Scheduled European Market Summary Germany and the UK have rejected the proposed plan to set up a €50bn non euro area bank bailout fund Rabobank is reportedly set to settle Libor allegations as early as next month Italy sells €6bn in bonds at 11:00 Global Market Footprint Major US Stock Movers After Hours Nike gained 6% as it announced Q1 EPS and revenues ahead of the forecasts citing strength in North America Nektar fell 25% in late trading as it announces a key Phase 2 study missed a goal S&P 500 Companies Reporting Discover Financial Services, Q3, 1.187,  Micron Technology Inc, Q4, 0.228 US Market News JP Morgan chief Dimon and US attorney general Eric Holder met yesterday to discuss the proposed $11bn settlement, but the meeting failed to produce a final agreement US press suggests that Ford’s Mulally is in the lead to be the next Microsoft CEO Electronic Arts announces it was pulling a planned game based on US college football as it settles a lawsuit by student athletes over use of their images The emergency manager at Detroit is looking to freeze the city’s pension system for public workers amongst concerns it was operated in an unsound manner for many years, two months after the city filed for bankruptcy Google details that largest change to its search algorithm since 2000, allowing it to handle more complex queries Today's Bloomberg Social Velocity Alerts, (BSV) Baltic Trading Ltd (BALT) Cisco Systems Inc (CSCO) eBay Inc (EBAY) Hertz Global Holdings Inc (HTZ) Rio Tinto PLC (RIO) Overnight Market News Asian markets are looking set for the strongest monthly performance since 2010, as the MSCI Asia Pacific Index is up 8.1% so far in September Fujimaki a former advisor to George Soros who is now a member of parliament in Japan states that ‘I don’t think Japan can survive until 2020’ and that another financial crisis would occur sooner or later  and that neither a higher sales tax nor Olympic 2020 spending will halt it Economic Data Due 00:05 UK September GfK Consumer Confidence, -11 exp. -13 previous 10:00 Eurozone September Consumer Confidence 13:30 US August Personal Income, 0.4% exp. 0.1% previous 14:55 US September University of Michigan Confidence, 78.0 exp. 76.8 previous Economic Events ECB President Draghi Speaks in Milan US GDP 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 BSV is a Bloomberg Terminal filter searching for unusually high social media mentions on a stock 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.

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Day Ahead

Thursday, September 26, 2013, Marketing Communication Opening Call The FTSE is called to open around 5 points lower this morning UK Corporate Announcements Compass Group states that it expects its full year operating margin to be up 20bps and above 7% for the first time, above previous forecasts TUI Travel lifts its full year operating profit ex items to 11% ex currencies Ladbrokes warns that it sees 2013 operating profit for its digital division to be under the current market expectations, citing increased competition Mitchells & Butlers announces 9 week LFL sales fell 1%, it holds a conference call at 09:00 Thomas Cook states that winter trading has started more slowly than last year  and that bookings have slowed in recent weeks, but maintains its full year outlook WS Atkins states that its overall outlook remains unchanged as it details it had a strong performance in the UK in H1 Moss Bros states that trading continues to be positive and in line with the expectations The LSE states that UK daily equity values gained 5% and states that LCH.Clearnet sees strong growth in all OTC areas UK News Ofcom announces that the fixed retail call markets are effectively competitive, but does impose some remedies on the wholesale call market including charge controls Royal Mail’s IPO is seen valuing the group as high as $6.9bn Barclays Wealth is seen pulling out of as many as 130 countries by 2016 as part of cost cutting moves Chancellor Osborne has lodged an objection, on plans to cap bonus payments, with the European Court of Justice arguing that on such a move banks would simply find other ways to remunerate staff, such as higher pension payments The ONS details that at the end of 2012 more than half the value of the UK stock market was owned by foreign investors, up to 53.2% from 43.4% in 2010 UK Analyst Changes Aggreko Rated New Underweight At Morgan Stanley, Pt 1,300P Apr Energy Rated New Overweight At Morgan Stanley, Pt 1,400P Cape Cut To Neutral Vs Overweight At Jpmorgan Centrica Cut To Neutral Vs Overweight At Jpmorgan Icap Cut To Sell Vs Reduce At Numis UK Insider Buying Chariot Oil & Gas Ltd, (CHAR), 5 insider(s) bought 1007000 shares, £0.19 Cls Holdings Plc, (CLI), 1 insider(s) bought 200 shares, £11.6 Falkland Islands Hldng, (FKL), 1 insider(s) bought 800 shares, £3.48 Firstgroup Plc, (FGP), 7 insider(s) bought 14587 shares, £1.2 Global Energy Developm, (GED), 1 insider(s) bought 10000 shares, £1 Regenersis Plc, (RGS), 1 insider(s) bought 39000 shares, £2.55 Sabmiller Plc, (SAB), 1 insider(s) bought 390 shares, £32.14 Sweett Group Plc, (CSG), 5 insider(s) bought 62000 shares, £0.44 Ubm Plc, (UBM), 1 insider(s) bought 300000 shares, £7.27 UK Insider Selling Frenkel Topping Group, (FEN), 1 insider(s) sold 1000000 shares, £0.28 Jupiter Fund Managemen, (JUP), 1 insider(s) sold 200000 shares, £3.77 Persimmon Plc, (PSN), 1 insider(s) sold 8960 shares, £11.21 Supergroup Plc, (SGP), 1 insider(s) sold 10328 shares, £11.53 FTSE 100 Movers Major European Companies Reporting Hennes & Mauritz AB, Q3, 2.478 European Market Summary Press reports suggests that the EU is considering a €50bn fund to aid non Euro area banks as part of a wider backstop plan Bloomberg details that Deutsche Bank has been seen talking to some of its main bond trading competitors to create a new multi-dealer US bond  trading platform The WSJ suggests that the board of Nokia has considered a merger deal with Alcatel Lucent Global Market Footprint Major US Stock Movers After Hours Bed Bath & Beyond announced Q2 EPS ahead of the forecasts and gained 5% after hours on the news Progress Software gained 4% as it also announced revenues and EPS ahead of the expectations Jabil Circuits came off 4% as it details Q1 EPS under the forecasts S&P 500 Companies Reporting Accenture PLC, Q4, 1.004,  McCormick & Co Inc/MD, Q3, 0.785,  NIKE Inc, Q1, 0.777 US Market News Bill Gross states that investors should not trust Moody’s triple A rating on the US, stating that it and the Treasury were one ‘happy family’ and that investors should instead focus on S&P, Fitch & Egan Jones JP Morgan is reportedly looking at a possible $11bn settlement with federal and state authorities to end a series of probes into mortgage bonds Wal-Mart details that it is cutting orders with suppliers this quarter and the following, citing rising inventory levels, as consumers have been tighter on spending than it anticipated The US Treasury warned that the US government is even closer to running out of money than previous estimates as it attempts to galvanise Congress into action by setting an October 17th deadline Oracle is in the news as the Oracle Team USA completes the largest comeback in America’s Cup history to win, they were down 8-1, but secured a 9-8 victory The WSJ suggests that rivals NYSE and Nasdaq have held talks to team up to protect each others exchanges on any future exchange outages SecondMarket details that it is to launch a Bitcoin Investment Trust Today's Bloomberg Social Velocity Alerts, (BSV) Applied Materials Inc (AMAT) Blyth Inc (BTH) FAB Universal Corp (FU) Helmerich & Payne Inc (HP) Overnight Market News Alibaba is reportedly moving towards a possible IPO on the NYSE, from Hong Kong, as the NYSE allows dual shares structures that allows insiders to keep control, such as at Facebook and Manchester United Economic Data Due 09:00 Eurozone August M3 Money Supply, 2.3% exp. 2.2% previous 09:30 UK Q2 GDP, 0.7% exp. 0.7% previous 13:30 US Initial Jobless Claims, 309k previous 13:30 US Q2 GDP, 2.7% exp. 2.5% previous 15:00 US August Pending Home Sales m/m, -1.0% exp. -1.3% previous Economic Events None Detailed USGDP 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 BSV is a Bloomberg Terminal filter searching for unusually high social media mentions on a stock 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.

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Day Ahead

Wednesday, September 25, 2013, Marketing Communication Opening Call The FTSE is called to open around unchanged this morning UK Corporate Announcements Daily Mail states that it has posted a solid group revenue performance and confirms its full year targets PZ Cussons states that the financial position of the group remains strong and that its performance is in line, but that trading climate stays challenging in most markets Laura Ashley announces an H1 pre-tax profit of £7.4m and states that performance remains weighted to H2 Topps Tiles announces a full year pre-tax profit of £13m and states that three month LFL sales have been broadly level Nationwide Accident announces an H1 pre-tax profit of £1.4m Reed Elsevier announces its CFO is to resign citing family circumstances Punch Taverns announces a full year EBITDA of £216m and a pre-tax profit of £49m largely in line with the forecasts UK News The ex CEO of Centaur Media states that he is considering a move for the company, he has until October 22nd to clarify his intentions The FT suggests that Blackstone and the Miller Family are considering taking advantage of the current positive tone in housing stocks, by considering an IPO of the Miller Group, one of the largest privately owned housing groups in the UK Lord Brown returns to the stock market, as the former BP chief announced intentions to list private equity group Riverstone FTSE 100 Dividends: Centrica PLC, CNA, (4.92),  Old Mutual PLC, OML, (2.10),  RSA Insurance Group PLC, RSA, (2.28) FTSE 100 Estimated Dividend Impact: 1.7 points FTSE 250 Dividends: Bovis Homes Group PLC, BVS, (4),  Drax Group PLC, DRX, (8.70),  Essentra PLC, ESNT, (4.80),  Kentz Corp Ltd, KENZ, ($0.066g),  Murray Income Trust PLC, MUT, (9.75),  Oxford Instruments PLC, OXIG, (8.15),  Playtech Plc, PTEC, (€0.078),  Premier Farnell PLC, PFL, (4.40),  Redrow PLC, RDW, (1) FTSE Small Share: BlackRock Commodities Income Investment Trust PLC, BRCI, (1.475),  Boot Henry PLC, BHY, (1.95),  Development Securities PLC, DSC, (2.40),  Diverse Income Trust PLC/ The, DIVI, (.30),  Fiberweb PLC, FWEB, (1.20),  Henderson High Income Trust PLC, HHI, (2.125),  Invesco Perpetual UK Smaller Companies Investment Trust PLC, IPU, (1.60),  Morgan Sindall Group PLC, MGNS, (12),  Pendragon PLC, PDG, (.10),  Photo-Me International PLC, PHTM, (1.50),  Vitec Group PLC/The, VTC, (8.90) UK Analyst Changes Amlin Raised To Buy Vs Neutral At Ubs Eurotunnel Raised From Market Perform At Raymond James Inmarsat Supported by Compelling Product; PT Raised at Barclays Sig Raised To Buy Vs Neutral At Ubs Smiths Group Cut To Neutral Vs Buy At Ubs Telecity Raised To Buy Vs Hold At Jefferies Tesco Cut To Underweight Vs Neutral At Jpmorgan Travis Perkins Exits Bofaml Emea Buildings Least Preferred List Travis Perkins Raised To Buy Vs Neutral At Ubs UK Insider Buying Premier Oil Plc, (PMO), 1 insider(s) bought 9234 shares, £3.33 UK Insider Selling None Detailed FTSE 100 Movers Major European Companies Reporting None Scheduled European Market Summary Sweden announces that it is to sell its remaining $3.4bn stake in Nordea Bank Fiat has responded to the possible IPO of Chrysler shares in the US stating that it could pull back from future commitments with the US automaker if the health care trust succeeded in selling its stake The  OECD’s chief economist states that the Eurozone economy will not grow until next year and could still break the global recovery Global Market Footprint Major US Stock Movers After Hours NTeleos gained 6% as it announces a settlement with Sprint and lifts its full year EBITDA forecasts Ascena retail gained 12% after it reported revenues gained to $1.2bn ahead of the expectations CLVS came off 11% as it states that it finds no interest after stating that it was looking for buyers S&P 500 Companies Reporting AutoZone Inc, Q4, 10.365,  Bed Bath & Beyond Inc, Q2, 1.147,  Jabil Circuit Inc, Q4, 0.54 US Market News The WSJ writes on how the CEO off AIG compared the recent banker bashing to ‘inflammatory rhetoric from the civil rights era' The US Transportation Department states that it is to add rear view cameras to its list of recommend car safety measures, the recommendation in 2008 failed to pass Congress Today's Bloomberg Social Velocity Alerts, (BSV) Amazon.com Inc (AMZN) Rio Tinto PLC (RIO) ImmunoCellular Therapeutics Lt (IMUC) Overnight Market News Reports overnight suggest that Alibaba’s talks with Hong Kong over its planned IPO have broken down, after criticisms of its attempts to list while maintaining some of its partnership status Tokyo Electron gained over 10% today as Applied Materials announces its is buying the Japanese group from $9.39bn, the largest deal in Japan from an outside company for over 6 years A report by the Royal Bank of Canada suggests that wealth amongst Asia Pacific millionaires could move ahead of North America by 2014 Economic Data Due 13:30 US August Durable Goods Orders, -0.1% exp. -7.3% previous 15:00 US August New Home Sales, 425k exp. 394k previous Economic Events None Detailed 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). 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 BSV is a Bloomberg Terminal filter searching for unusually high social media mentions on a stock 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.

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