Day, 1xth april 2010

October 3rd 2012
The FTSE 100 is expected to make a lacklustre start to the session, after disappointing data from China. Non-manufacturing PMI fell to 53.7 in September from 56.3 in August. Final services PMI figures are due later this morning from the UK and the eurozone, with the UK reading forecast to be revised down to 53 from 53.7. On the corporate front, supermarket giant TESCO's interim figures beat consensus estimates, with sales ex petrol up 1.6% and UK LFL -0.6%. The group reduces capex to GBP1.60bn from GBP2.1bn and says its FY target remains GBP3.20bn. (…) GERMANY:
The Dax is set to edge lower on Wednesday, tracking weakness in Asian markets, where China's non- manufacturing PMI fell to 53.7 in September from 56.3 in August. Final services PMI figures are due later this morning from Germany and the eurozone, with the German reading forecast to remain at 50.6 while the eurozone should confirm a flash outturn of 46.0. Eurozone retail sales data are also due. In the US, ISM non- manufacturing survey for September looks set to slip lower to 53.2 from 53.7 the previous month. (…) Milan may open in the red on Wednesday, as comments from Spanish Prime Minister Mariano Rajoy that Spain would not formally request a bailout as soon as this weekend, may curb investor enthusiasm. All eyes are now on tomorrow's ECB policy meeting, which is expected to provide some further details on the duration of the OMT programme. The spread between 10-year Italian bonds and German bunds opens at a lower 359 and yields stand at 5.03%. (…) THE NETHERLANDS:
The AEX is set to open in negative territory, amid disappointing macro data from China and persistent eurozone concerns. The Asian giant's official non-manufacturing PMI dropped to 53.7 in September from 56.3 in August, signalling a notably slower growth in the country's service sector. (…) Paris is poised to open in negative territory. In news from home, Greece's Piraeus Bank has struck a preliminary deal to buy SOC GEN's loss-making Greek unit Geniki, Reuters reports. SANOFI has agreed to buy Colombian pharma group Genfar SA. Meanwhile, Sanofi and Bristol-Myers Squibb have restructured their long-term alliance. Bristol- Myers Squibb will return to Sanofi its rights to Plavix and Avapro/Avalide in all markets with the exception of Plavix in the US and Puerto Rico. In exchange, Bristol-Myers Squibb will receive royalty payments on Sanofi's sales of branded and unbranded Plavix and Avapro/Avalide. (…) Spanish shares are expected to open lower on Wednesday as the timing of any request for a bailout remains highly uncertain. Spanish Prime Minister Mariano Rajoy said yesterday that a request for aid is not imminent. SWITZERLAND:
Swiss stocks are indicated to open lower on Wednesday, tracking weakness in Asian markets… Final services PMI figures from the eurozone should confirm a flash outturn of 46.0. Eurozone retail sales data are also due. In the US, ISM non-manufacturing survey for September looks set to slip lower to 53.2 from 53.7 the previous month ADP employment data are also due. On the local corporate front, things are quiet. SWISSCOM said new plans have won 500,000 customers in 8 weeks, (…) NORDIC MARKETS:
Nordic equities look set to open lower on Wednesday morning after Wall Street closed mixed overnight. China's non-manufacturing PMI fell to 53.7 in September from 56.3 in August. Final services PMI figures are due later this morning from the UK and the eurozone. Swedish services PMI fell to 47.3 in September, down from 50.7 in August. In corporate news, VESTAS confirms that it is ending the severance deal for former US MARKETS:
Stocks closed mixed after press reports dampened speculatlon Spain would soon request European financial assistance. On- and off-again worries about Europe's debt crisis have impacted equity trading for months. Blue chips trailed the broader market in moderate trading. On the U.S. economic front, it was fairly quiet. Wednesday will bring the Sept. ADP Survey, which we expect to show a 145,000 gain in private payrolls, and the Sept. ISM Nonmfg index, which we expect to slip to 53.0 points from 53.7 in August. The dollar index fell. Treasuries were mixed. Gold and oil fell. (…) Bond Market Commentary
Overall positioning may be on the lighter side of the spectrum ahead of Thursday's central bank double header & Spanish supply test and while 2012 ECB rate cut odds are hanging in the balance, we think there is only a tail risk of the governing council cutting rates at this month's meeting while Draghi & Co. may opt to keep their cards close to their chest in terms of the OMT bond buying programme with a lot of the detail divulged at the September meeting and hence in the price. (…) If you are an IFP customer on any financial product or if you work for a financial institution and would like to receive the full version of our daily morning briefing please write to research@integratedfp.com. Directors: Emanuel Arbib and Denis Masetti Integrated Financial Products - Milan Branch Via Vittor Pisani 22, 20124 – Milano, Italia Tel: +39 02 679101 Fax: +39 02 67910761 Authorised and regulated by the Financial Services Authority Registered Company n. 188356 - Partita IVA: 04624530962 A member of the Integrated Asset Management Group ---------------------------------Disclaimer--------------------------------------- The information contained within this document does not constitute a personal recommendation, investment research or investment advice. This report has been prepared by Integrated Financial Products Limited ("IFP") and is for information purposes only. This report does not constitute an offer, invitation or inducement to invest in securities or other investments. This report does not make recommendations or give advice to potential investors in relation to buying, selling, subscribing for, underwriting or exercising any rights in relation to particular securities or other investments. Neither the information contained in this document nor any further information made available with the subject matter contained herein will form the basis of any contract. IFP does not warrant or represent (expressly or impliedly) that the material is accurate, complete and not misleading or as to its fitness for the purpose intended and it should not be relied upon as such. IFP may in the ordinary course of business hold positions in the stocks or trades listed above. This e-mail gives access to information and data provided by external sources and IFP offers no guarantee as to the accuracy or completeness of any such information or data. This information should not be construed as an offer to trade any CFD or place any spreadbet on any of the financial instruments referred to. This e-mail is intended only for the addressee named above. It does not bind the sender, except in the case of an existing written agreement with the addressee. This e-mail may contain material that is confidential and privileged for the sole use of the intended recipient. Any review, reliance or distribution by others or forwarding without express permission is strictly prohibited and may be unlawful. If you are not the intended recipient, please contact the sender and delete all copies. While reasonable precautions have been taken to ensure that this e-mail and any attachments are free from any computer virus or similar defect, no liability will be accepted in that respect. Anyone accessing this e-mail must take their own precautions as to security and virus protection.

Source: http://www.integratedfp.com/media/7857/ifp_morning_briefing__03-10-12.pdf