4 mins. to read
12 Feb 2013

Cantor Opening Call

  • The FTSE is seen opening around unchanged today


Cantor Capital Graphs

UK Corporate Announcements

  • Barclays announces that it is to cut 3,700 jobs and cut costs by £1.7bn by 2015 as it details a Q4 adjusted pre-tax profit of £326m down 19%
  • United Drug states that it remains well positioned as it reported a strong Q1
  • Dunelm announces H1 revenues of £340m with sales up 13.4% and stays confident on its prospects
  • Xstrata details annual copper output dropped 16% while coal gained 7%
  • Dragon Oil reports a full year profit of $600m from $648m with revenues up 0.4% to $1.16bn and sees annual output growth at the lower end of its previous guidance

UK Market News

  • The UK standards agency has suggested that retailers should test pork and chicken products, as retailers continue to find horsemeat in various product lines
  • The Telegraph writes on how Virgin Media has invited staff to delay their bonuses in order to avoid the top rate of tax, seemingly a sensible tax arrangement, however a similar move made recently by the banks was lambasted by the press so it will be interesting to see how the reaction is to the media group’s move
  • The UK Financial Reporting Council is looking into allegations that Autonomy inflated its value ahead of its acquisition by HP
  • The latest set of polls by ICM/Guardian has Labour ahead by 12%, the highest margin in 10 years, Conservatives at 29%, Liberal Democrats at 13% and UKIP at 9%

UK Analyst Changes

  • Blinkx Pt Raised To 115P Vs 90P At Citi
  • Etalon Group Cut To Neutral Vs Buy At Ubs
  • Virgin Media Cut To Hold Vs Buy At Berenberg

UK Insider Buying

  • Lpa Group Plc, (LPA), 1 insider(s) bought 10000 shares, £0.68
  • Univision Engineering, (UVEL), 1 insider(s) bought 500000 shares, £0.01

UK Insider Selling

  • Bp Plc, (BP/),  insider(s) sold 75807 shares, £4.58
  • Young & Co’s Brewery P, (YNGA), 2 insider(s) sold 68068 shares, £7.99

FTSE 100 Movers

FTSE 100 Movers Graphic

Major European Companies Reporting

  • Barclays PLC, R, 0.352,  Cie Generale des Etablissements Michelin, R, 8.995,  FLSmidth & Co A/S, R, 25.977,  Hexagon AB, R, 1.003,  JM AB, R, 12.253,  Norsk Hydro ASA, R, 0.261,  Rexel SA, R, 1.415,  ThyssenKrupp AG, Q1, -0.02,  Yara International ASA, R, 36.414

European Market Summary

  • S&P has revised its outlook on Ireland to stable from negative
  • While Moody’s cuts its rating on Telecom Italia to Baa3 from Baa2
  • The ECB’s Weidman states that the euro is not seriously overvalued and has warned the government against attempts to attempt to weaken it
  • Telefonica has reportedly shelved plans to list its Latin American business
  • European Finance Ministers Meet in Brussels today
  • Spain sells 6 and 12 month bills at 10:30, Italy sells €8.5bn in bills at 11:00, Greece sells €1bn in bills at 11:00, Germany sells €1bn of bonds at 11:30 and the EFSF sells up to €1bn in bonds at 12:30

Major US Stock Movers After Hours

  • Rexnord gained 13% after hours as it announces that it has hired Goldman Sachs to review its options
  • Gran Tierra Energy moved 9% higher as it announces it has made an oil discovery in the Peruvian Amazon

S&P 500 Companies Reporting

  • Avon Products Inc, Q4, 0.269,  Cliffs Natural Resources Inc, Q4, 0.586,  Coca-Cola Co/The, Q4, 0.436,  Fidelity National Information Services Inc, Q4, 0.692,  FMC Technologies Inc, Q4, 0.567,  Fossil Inc, Q4, 2.275,  Goodyear Tire & Rubber Co/The, Q4, 0.2,  HCP Inc, Q4, 0.711,  Marsh & McLennan Cos Inc, Q4, 0.522,  McGraw-Hill Cos Inc/The, Q4, 0.707,  Omnicom Group Inc, Q4, 1.097,  Reynolds American Inc, Q4, 0.734,  Western Union Co/The, Q4, 0.351

US Market News

  • Nasdaq OMX has reportedly held talks with Carlyle group about taking the exchange group private
  • New York may get a further 3 inches of snow as the storm system continues
  • North Korea states that it has held another underground nuclear test and South Korea has called for a UN Security Council meeting at 14:00, and the US has called the test a highly provocative act
  • Bloomberg highlights how Venezuela’s bolivar has devalued by 91% since 1999 when Chavez became the president, and analysts suggest there is still further to go

Overnight Market News

  • The yen yesterday fell by the most in a couple of weeks while the Japanese equity markets were still closed and as the US Treasury restates its support for monetary stimulus in Japan.
  • The Japanese markets gained overnight as they returned from the long weekend, gaining over 2% as its economics minister stated that stock prices were too cheap when compared to the fundamentals, and that the government would look to address the issue

Economic Data Due

  • 00:01 UK January RICS House Price Balance, 0.0% previous
  • 09:30 UK January PPI Output, 0.2% exp. -0.1% previous
  • 19:00 US January Monthly Budget Statement

Economic Events

  • 08:00 Eurozone EU27 Finance Ministers Meet in Brussels


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