This communication is disseminated by Cantor Fitzgerald Europe (CFE). It is a sales and marketing communication. This communication is not “investment research” as defined by the Glossary in the Handbook of the Financial Conduct Authority (FCA). However the communication may replicate or summarise or refer to non-independent research produced by the Research department of CFE or its affiliates.
The information contained in this communication may be compiled from a number of sources, including publicly available information, internally developed data and other sources believed to be reliable and correct, but cannot be guaranteed and should not be relied upon. No representation, warranty or undertaking, express or implied, is given by any of CFE or its affiliates, and no responsibility is accepted by CFE or its affiliates as to the accuracy or completeness of any information contained in this communication or of any omissions therefrom. In providing this communication, none of CFE or its affiliates undertakes any obligation to provide the recipient with access to any further information or to correct any inaccuracies or omissions which may become apparent. Any liability in respect of such information or omissions is hereby expressly disclaimed by CFE and its affiliates who shall not be responsible for any losses incurred either directly or indirectly resulting from the use of this communication.
The information (including any opinion) contained in this communication is subject to change without notice, and does not purport to contain all of the information that may be required to evaluate the subject companies, sectors or countries referred to herein. This communication shall not form the basis of any contract with CFE or any of its affiliates.
This communication represents the personal opinion(s) of the author (s) or sender(s) and reflects their judgement at the date of this communication. It does not constitute or form any part of, and is not to be construed as, an offer, invitation or solicitation to buy or sell any securities issued by any of the companies or countries referred to in it or to participate in any trading strategy.
This communication does not take into account your personal circumstances and is not a “personal recommendation” as defined by the FCA Rules. Certain financial instruments and/or transactions give rise to substantial risks and are not suitable for all investors. The price of financial instruments can fluctuate and you can lose your investment. Recipients must undertake independent analysis with their own legal, tax and financial advisers and reach their own conclusions regarding the economic benefits and risks of the financial instruments described herein and the legal, credit and tax aspects of any anticipated transaction.
Past performance is not necessarily an indicator of future performance.
At any time, CFE and any of its employees or affiliates may own or have positions in securities of companies or countries mentioned herein and may also seek to provide financial advisory, banking and other services for any such companies or issuers.
This communication is only intended for the use of Eligible Counterparties and Professional Clients and not for Retail Clients (as those terms are defined in the FCA Handbook). If you are a Retail Client you should take no action in relation to this document other than to return it to CFE.
This communication is strictly confidential and is intended for the named recipient or recipients only. It may not be copied, forwarded or reproduced in any format without the express consent of CFE.
Cantor Fitzgerald Europe (CFE) is authorised and regulated by the Financial Conduct Authority (FCA), and is a member of the London Stock Exchange. The address of Cantor Fitzgerald Europe is One Churchill Place, London, E14 5RB. The address of the FCA is 25 The North Colonnade, London E14 5HS.
Disclosures for recipients in the United States of America
This communication is being distributed by Cantor Fitzgerald Europe and if distributed in the United States of America it is solely intended for “major U.S. institutional investors” (as per the definition from Rule 15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this communication should effect transactions in securities discussed through Cantor Fitzgerald & Co. This communication has been prepared in whole or in part by foreign associated persons (as per the exemption granted under Rule 15a-6) who are employed by a non-US affiliate of Cantor Fitzgerald & Co which is not registered as a broker-dealers in the United States. These foreign associated persons are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified with the Financial Industry Regulatory Authority (FINRA) or any other US regulatory authority.