Market news round up, upgrades & downgrades courtesy of Cantor Index

3 mins. to read
3 Dec 2012
Cantor Opening Call
  • The FTSE is called start the week around 10 to 15 points higher
UK Corporate Announcements
  • Balfour Beatty ahead of its Investors Day today states that it is implementing plans to access Brazil and India and that it is developing positions in South Africa, Australia and Canada
  • St Modwen states that its good performance has continued and keeps its full year expectations unchanged
UK Market News
  • The FT details that Osborne is planning a ‘new tax squeeze’ on the rich as well as an additional cut in welfare spending in next week’s Autumn statement, while The Telegraph details that credit reference agencies will cross check declared income on tax returns against individual’s spending patterns to identify those at high risk of tax evasion
  • The ECB’s Noyer states that London should stop being the Euro’s Financial centre
  • RBS details its 10 year plan to leave state control
FTSE 100 Movers
UK Analyst Upgrades
  • Arm Raised To Outperform Vs Neutral At Exane Bnp
  • Ashtead Rated New Buy At Bofaml, Pt 460P
  • PayPoint Rated New Buy at Jefferies; PT 1,020p
  • Schroders Raised To Buy Vs Neutral At Bofaml
UK Analyst Cuts
  • Glaxosmithkline Pt Cut To 1,530P Vvs 1,610P At Berenberg
UK Insider Buying
  • F&C Asset Management Plc, (FCAM), 1 insider(s) bought 75000 shares, £0.99
UK Insider Selling
  • Gkn Plc, (GKN), 1 insider(s) sold 417023 shares, £2.24
  • Jupiter Fund Management, (JUP),  insider(s) sold 200000 shares, £2.79
  • Bank Of Georgia Holding, (BGEO),  insider(s) sold 10996 shares, £10.72
  • Mitchells & Butlers Plc, (MAB), 1 insider(s) sold 353 shares, £3.09
Global Footprint
European Market Summary
  • Telefonica is reportedly looking to list 10-15% of its Latin American operations on the belief that the market is currently undervaluing the operations
  • Moody’s has cut the European Stability Mechanism rating to AA1 from Aaa and maintains its negative outlook
  • Italian bonds are in focus as local press suggest that despite stating recently that he would exit politics, talks resurfaces that Berlusconi may yet return

US Market News
  • Starbucks states that it has made a pledge to rebuild public trust on its Tax Affairs, which is a well constructed way confirming that it will continue with its plans to avoid paying as much tax as it can, just that it realises there is a cost to its reputation if it takes the accounting measures too far
  • Barron’s suggests that Transocean could gain as it settles the oil spill claims, Liberty Media is seen as having value as it could gain on any spin-off of its Sirius unit
  • News Corp stays in the news as the UK media continues to digest the Leveson Report and as Tom Mockridge resigns as CEO of its UK newspaper arm after not being chosen to run the publishing company that News Corp is expected to spin off on December 31
  • Bloomberg details how the global sun bed industry, thought to be worth around $5bn, is increasingly coming under legal pressure to ban its products to those under 18 as evidence of cancer causing malignant lesions continues to be documented
Overnight Market News
  • The chief of Bank of Tokyo Mitsubishi has warned that the bank would struggle to reduce its large exposure to Japanese government bonds
  • Delta Air Lines is reportedly in talks to buy Singapore Airlines’ 49% stake in Virgin Atlantic
    Bloomberg details how the number of US companies in the list of the world’s 500 largest companies are growing  faster than at any time in the past 10 years, as the outlook in China cools and the growth story in the US improves, currently 40.3% of the total are based in the US

FX Summary
  • The dollar has moved down to a six week low against the euro as concerns continue on the fiscal cliff, as the war of words on the Sunday Morning talk shows continued yesterday
  • North Korea states that it is to launch a satellite before the new year
Economic Data Due
  • 09:00 November PMI Manufacturing, 46.2 exp. 46.2 previous
  • 09:30 UK November PMI Manufacturing, 48.0 exp. 47.5 previous
  • 15:00 US November Manufacturing ISM, 51.4m exp. 51.7 previous
Economic Events
  • 11:30 Euro-Area Finance Ministers meet in Brussels
Eurozone CPI

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