ML:
3I - Due to interest in ACTION revalue asset which increases BV by 58p....+5%
LEGALS - Announced completed £3.8bn of annuity transactions in H1.........+2%
AENA - Supreme Court rules EUR517m trance to be reversed. EU2.2 ex-div..+1-2%
IHG - RevPAR data resilient in US +4.4% with midscale +3% & economy +3.1%.+1%
SWISSCOM - We UPGRADE to Buy with PO of CHF 570. Resilient domestic biz...+1%
TELENOR - We UPGRADE to Buy on non EU exposure and supportive dividend....+1%
PUBLICIS - We UPGRADE to Buy given relative valuations, PO unchanged 70...+1%
UBM - We UPGRADE to Neutral given FX upgrades and valn support, PO 640....+1%
AA - Disposal. Agrees to sell AA Ireland for EUR 157m to Carlyle Funds....+1%
THALES - Wins GBP 80m watchkeeper drone support contract from the U.K.....u/c
WIRECARD - Acquisition of Citi prepaid card services in the US. No fins...u/c
SERCO - Confirms guidance for trading profit of £65m v BAML £65.5m........u/c
WOOD GROUP - No change in guidance, EBITDA set to be down 20pc in FY16....u/c
MITCHELLS & BUTLERS - We DOUBLE DOWNGRADE to Underperform, new PO 230p....-1%
ACCOR - We DOWNGRADE to Neutral, PO EUR36. Weak YTD RevPAR growth runrate.-1%
WILLIAM HILL - We DOWNGRADE to Neutral, PO 280. Strategy lost momentum....-1%
BOUYGUES - We DOWNGRADE from Neutral to Under/p on limited visibility.....-1%
MEDIASET - We DOWNGRADE to Neutral, PO 4.0 to reflect macro uncertainty...-1%
DEUTSCHE - Not helpful. IMF says Deutsche poses greatest risk to system...-1%
JC DECAUX - We DOWNGRADE on macro uncertainty to Neutral, take PO to 37...-1%
HAVAS - We DOWNGRADE to Neutral given relative valuations, PO 8.0.........-1%
RTL - We DOWNGRADE to Underperform following sign't relative o/p v peers..-1%
ENTERPRISE INNS - We DOWNGRADE to Underperform, PO 80p on uncertainty...-1-2%
TULLOW - Mixed. 10 startups but no confirm insurance will pay for Jubilee.-2%
WHITBREAD - We DOUBLE DOWNGRADE from Buy to Underperform, PO 2950p......-2-3%
CS:
Alstom +0.5% To supply traction to line 3 of Chengdu metro in China
Autos +1-2% Autos +1% vs Europe close in the US, Brilliance +1%
Berkeley -1-2% Utd Overseas temporarily halt loans for London property
Costain M/P On course to deliver FY inline with Board's expectations
GSK M/P Malaria Vaccine Loses Efficacy Over 7 Years
K&N M/P OSRAM/LEDVANCE select K+N to manage supply chain in Brazil
Miners UNCH Copper +0.30%, Brent +0.15%, Iron Ore +1.55%, China UNCH
Novartis M/P PKC412 Show 60% Overall Response Rate in mastocytosis
Serco M/P No changes to forecasts, on 25th May they raised guidance
Tullow +1% Positive solution for Jubilee turret
UK H/builders UNCH Utd Overseas temporarily halt loans for London property
Vontobel +2-3% Gains CHF15b AUM by taking over product mgmt for Raiffeisen
Wirecard +2-3% Reached agreement to acquire Citi Prepaid Card Services
Wood Group M/P Cost savings and contract win offset by higher debt
Investec EU:
* AIRBUS-Boeing said to consider stretched 777 version to knock out A380....-1%
* BAYER-Monsanto demands up to $7bn ($10-$15 p/share) from Bayer(HB)........U/C
* CS-said to plan raising stake in China jv to 49% vs 33.3% (Reuters).....+0.5%
* DEUTSCHE BANK- US unit fails stress tests for second year.................-1%
* EUROFINS-strengthens growth options with €200m private placement..........+2%
* INFINEON-poss -ve? BMW team up w/ Intel, Mobileye on self-driving cars..-0.5%
* LUFTHANSA-CEO sees slump in flight prices continuing(Welt)................-1%
* SANTANDER- US unit fails stress tests for second year.....................-1%
Investec UK:
* AA-Proposed sale of Irish business for €156.6m..........................+1-2%
* COSTAIN-Update. Strong H1 trading. Expect FY16 to be in line with exp's...unch
* JOHN LAING-PreClose.Strong pipeline, well positioned for future growth...+1-2%
* REDDE-Pre close, slightly exceed expectations...........................+2-3%
* RIO-Transfers Bougainville stake, for no consideration(zero book value)....-1%
* SERCO-PreClose. Strong H1, FY on track. Will be H1 weighted................+1%
* SKY-Bid spec-Murdoch to return(D.Telegraph) 1500p/shs(DMirror!)..........unch
* STOBART GRP-Update. Trading in line, confident outlook stmnt..............unch
* TULLOW-Update, slight d/g to prod.(expected),rest is inline...............+1/2%
* VITEC-Update.H1 trading in line, reits FY guidance.......................unch
* WEIR GRP-COO, Dean Jenkins, stepping down (30th Sept)....................unch
* WOOD GRP-Update. Outlook & guidance unchanged..............................+1%