4 mins. to read
Cantor Opening Call
  • The FTSE is called to open down around 20 points this morning
UK Corporate Announcements
  • Tui Travel reports 2012 sales of £14.5bn from £14.7bn and an underlying pre-tax profit of £390m from £360m and states that Winter and Summer 2013 bookings are encouraging
  • ITE announces full year revenues of £172.3m and a full year pre-tax profit of £40.5m from £39.1m and states that it has benefitted from good trading conditions
  • Greene King reports a pre-tax profit of £84.3m up 48.7% on revenues of £566.2m and states that its current trading has been resilient
  • Wolseley announces Q1 trading profit gained 7.6% to £198m with revenue growth up 2.1%
  • Anite reports H1 revenues of £61.2m up 9% and an operating profit of £14.3m
  • May Gurney states that it remains on track to meet its revised forecasts
UK Market News
  • The British Chambers of Commerce states that the UK recovery from recession will be slower than previously forecast and states that the economy needs additional support from the government through a program of business investment
  • Andrew Haldane has stated that the financial crisis has been as economically devastating as a World War and like a major war could still be a burden to ‘our grandchildren’
  • The Guardian suggest that the main VAT loophole costs more than the cost of the 2012 Olympics in lost revenues
  • While The Times writes on the tax loophole that allows offshore companies to buy UK homes and avoid paying tax on them
FTSE 100 Movers
UK Analyst Upgrades
  • C&Wireless Communications Raised to Equalweight at Barclays
  • Keller Raised To Buy Vs Neutral At Goldman
  • Rio Tinto Added to Credit Suisse Europe Focus List
UK Insider Buying
  • Lonmin Plc, (LMI), 1 insider(s) bought 10000 shares, £1.26
  • Barclays Plc, (BARC), 1 insider(s) bought 2000 shares, £2.48
  • Pennon Group Plc, (PNN), 1 insider(s) bought 460 shares, £6.22
UK Insider Selling
  • Diageo Plc, (DGE), 1 insider(s) sold 167561 shares, £18.59
  • Gkn Plc, (GKN),  insider(s) sold 417023 shares, £2.24
  • Jupiter Fund Management, (JUP),  insider(s) sold 200000 shares, £2.79
  • Volex Plc, (VLX), 1 insider(s) sold 326083 shares, £1.47
  • Anglo American Plc, (AAL), 1 insider(s) sold 19147 shares, £17.39
  • Mitchells & Butlers Plc, (MAB), 1 insider(s) sold 353 shares, £3.09
Global Footprint
Major European Companies Reporting
  • Elekta AB, Q2, 0.789, TUI Travel PLC, R, 0.24
European Market Summary
  • Euro Area Finance Ministers stay confident that the Greek debt buyback will succeed, as local politics stays in the news as the local far right ‘Golden Dawn’ party has moved up to third in polls in recent months, and had a bomb explode in an office in an Athens suburb, police have reported no casualties
  • Credit Suisse is getting press coverage as it is charging clients to park Swiss francs on short term deposits at the bank, as the safe haven status stays at extra-ordinary levels
  • UBS is reportedly in talks to settle around $450m over Libor manipulations
  • The EFSF sells up to €1.5bn in 91 day bills at 12:00
Major US Stock Movers After Hours
  • ImmunoCellular Therapeutics gained 3% after hours as it announced the appointment of Andrew Gengos as president and CEO
  • Geron fell 18% after hours as it announces its CFO is to leave and that it is to cancel development of a key planned cancer treatment
  • And staying in the sector PDL BioPharma came off 3% as it announces its CFO was also stepping down
S&P 500 Companies Reporting
  • AutoZone Inc, Q1, 5.39, Big Lots Inc, Q3, -0.251
US Market News
  • House Republicans have countered president Obama’s demand for higher tax rates with a $2.2tn deficit cutting plan to reduce Medicare and Social Security
  • The UN is reportedly preparing to evacuate all non essential staff from Syria on worrying signs that it is readying chemical weapons
Overnight Market News
  • The Indian Navy is reportedly ready to deploy to the South China Sea to protect its oil exploration interests there, as tensions stay high in the region
  • US regulators have formally accused affiliates of the ‘big four’ accounting firms of withholding key documents from investigators looking into alleged fraud by Chinese based companies
  • Tom DeMark has made a standout call, stating that he sees the Shanghai Composite gaining 48% in the next nine months, followings its recent sell-off
  • Cathay Pacific will be eyed as flight attendant’s have warned that management has until today to respond to its wage demands or face possible strike action in the key Christmas period
Major Global IPOs Due Today
  • WhiteHorse Finance LLC, (WHF), 6.6667m, USD 15
FX Summary
  • The Bank of Canada rate announcement today may be more in the news than usual as Markey Carney the current RBC chief is expected to repeat that higher interest rates may be necessary over time, and ahead of his move to the Bank of England in the summer
  • The RBA announces that it has cut its rate to 3%, largely in line with the forecasts, and states that the cut should help foster sustainable growth, and brings the rate down to record lows, levels last seen at the height of the financial crisis
Economic Data Due
  • 00:01 UK November BRC Sales, -0.1% previous
  • 09:30 UK November PMI Construction, 50.9 previous
  • 10:00 Eurozone PPI, 0.0% exp. 0.2% previous
  • 14:00 Bank of Canada Rate Announcement, 1.0% exp. 1.0% previous
Economic Events
  • EU-27 Finance Ministers Meet in Brussels
UK PMI Construction

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