(BFW) Air Liquide CFO Says All Industry Willing to Make Sizeable M&A

BN 10/24 08:53 *AIR LIQUIDE CFO SAYS WE HAVE A DECENT PIPELINE IN M&A
BN 10/24 08:52 *AIR LIQUIDE CFO SAYS ALL INDUSTRY WILLING TO MAKE SIZEABLE M&A
BN 10/24 08:51 *AIR LIQUIDE CFO SAYS FY MARGIN TO FALL IN U.S., MIDDLE EAST
BN 10/24 08:49 *AIR LIQUIDE CFO: FY MARGIN SUPPORTED BY IMPROVEMENT IN EU, ASIA
Air Liquide CFO Says All Industry Willing to Make Sizeable M&A
2014-10-24 09:00:11.905 GMT


By Francois de Beaupuy
Oct. 24 (Bloomberg) -- Air Liquide CFO Fabienne
Lecorvaisier says we have a decent pipeline in M&A
* Says FY margin will benefit from a clear improvement in
marins in Europe and in Asia; Europe supported by
restructuring
* Says U.S. margin was a little bit down in 1H; won’t be fully
back up for the FY; margin was also down in 1H in the Middle
East due to turmoil; will be a little bit better in 2H
* Speaks on call with analysts

Link to Company News:{AI FP <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Francois de Beaupuy at +33-1-5365-5051 or
fdebeaupuy@bloomberg.net

(BofA-ML) Flow Show : Death of Inflation Trade....

* Weekly flows reveal “fear”: big $19.8bn inflows to Money Market funds, $10.6bn inflows to Bonds, $8.6bn redemptions from Equity funds…so risk assets rallied
* Capitulation: massive redemptions from Industrials (-9.3% of AUM), Floating Rate funds (-1.2% of AUM), Healthcare (-2.2% of AUM, -$1.6bn = record), SPY ETF (-5.0% of AUM) as investors give up on global growth, rate hikes + forced selling of winners
* Weekly winners: US Treasuries (1.4% of AUM), Japan (1.5% of AUM), Brazil (4.2% of AUM) 
* “Meltdown leaders” catch a bid: inflows to Energy ($0.6bn), small Small Cap outflow ($0.4bn), 1st inflows to High Yield in 8 weeks ($1.6bn)
* YTD flows: $71bn into stocks, $176bn into bonds, -$26bn out of money market funds
* Private client: YTD flows of BofA-ML private client shows shift from bonds/cash to stocks, a shift undisturbed by recent volatility (Chart 1)
* Death of Inflation trade: flows into Gold & TIPS collapsed past 18 months…now Floating Rate outflows


>>> Asset Class Flows
* Equities: $8.6bn outflows (4 straight weeks)
* Bonds: $10.5bn inflows (5 straight weeks)
* Precious metals: $0.4bn outflows

>>> Fixed Income Flows
* 44 straight weeks of inflows to IG bond funds ($5.5bn)
* Large $4.9bn inflows to govt/tsy funds (largest in 37 weeks) (Chart 3)
* First inflows in 8 weeks from HY bond funds ($1.6bn)
15 straight weeks of outflows from floating-rate debt ($1.4bn)

>>> Equity Flows
* Europe: $2.2bn outflows (8 straight weeks)
* EM: $1.0bn outflows (3 straight weeks) (Table 2)
* US: $7.8bn outflows (mostly via ETF’s)
* Japan: $3.2bn inflows (largest in 27 weeks)

By sector, healthcare funds see largest outflow on record; inflows from real
estate and energy ($2.1bn combined)

>>> What to look at today - 24th of October

US Market closed higher, pushed by PMI datas from China(Man. PMI ahead but output employment below) and Germany, good results from Us BLue Chip helped also the mkt, 3M+4,4% CAT +5%, Energy & Crude Oil traded higher. Volume were ahead of average @ 796mil shares...VIX @ 16,53 -7,50%...US After Hours RUBI +19.2%, N +3.9%, MSFT +3%, TESS -15.6%, AMZN -10.7%, P -7.9% following earnings/guidance..Ebola concerns have resurfaced with a vengeance, initially spoiling about a third of a steep rally in the final hour of US trading session and subsequently turning back risk flows in Asia. one new case in NY and in Mali. China released another troubling report on the housing sector, with property prices rising y/y in just 10 out of 70 cities vs 48 in the prior month. M/M declines across the all-70 locations maintained their trend of -1.0%, Conference Board released its China Sept economic index. Despite another modest rise, resident CB economist warned that "sharp weakening in demand for both bank credit and real estate point to sluggish private investment in the last quarter of 2014." Nikkei +1% Habg Seng -0,16% Sganghai +0,28%

Eur$ 1,2659 S&P -0,36% EuroStoxx -0,53% FTSE -0,39% DAX-0,48% SMI -0,20%

Macro :
- Bank of Spain's Linde Warns on Europe Risks: Voz De Galicia {NSN NDXPQW6JTSEA <go>}
- Oettinger Says EU Needs Telecommunications Mergers: Handelsblatt {NSN NDXOBQ6JTSEG <go>}
- China Sept. New Home Prices Fall M/m in 69 Cities; 68 in Aug.
- EU Commission can advance up to $1B for Ukraine to pay Russia gas bill in near-term

Keeep an eye on :
- ABI BB : Dinan hope Bud will pursue Sab Miller, see 50% upside for TAP on BUD/SAB Deal
- AI FP : Air Liquide 3Q Revenue EU3.80b, Estimate EU3.85b
- CS FP : Axa Says 9-Month Sales Stable; Up 2% Excluding Currency Swings
- BAS GY : BASF Expects 4Q Environment to Stay Volatile, Challenging
- BELG BB : Belgacom Raises Adj. Ebitda Forecast as 3Q Rev., Net Beat Ests.
- BKIA SM : Bankia Sells EU772m Loan Portfolio
- BMPS IM : BMPS fails ECB stress test - IlMessagero
- BP/ LN : BP Shouldn’t Get New Trial on Spill Ruling, Halliburton Says
- CABK SM : CaixaBank 9M Net EU466m Vs EU458m Year Earlier
- DTE GY : D.Telekom resumes search for T-Mobile US buyer; America Movil, Google and Dish mentioned -- Manager Mag
- DBHN GY : Deutsche Bahn to Pay Govt Increased Dividend: Rheinische Post
- EDF GY : French Electricity Prices to Increase 2.5% Nov. 1: Les Echos
- EI FP : Essilor 3Q Rev. EU1.42b; Est. EU1.43b; Reiterates Target
- ENRO SS : Eniro Says Co. Not in Violation of Any Part of Loan Agreement
- KAR GY : Karstadt to Close 6 Shops, 20 More Under Scrutiny: derwesten.de
- KER FP : Kering 3Q Total Sales, Puma Beat Ests.; Gucci Sales Lag, Kering Names Merinda Yeung as Head of Gucci China Operations
- UG FP : Peugeot Plans to Cut 100 Jobs at Poissy Plant: Le Parisien
- RIO LN : Rio May Have 10%-20% Value Uplift on Alcan Spin Out: Citi
- SAFT FP : Saft 3Q Rev. Up 2.3%, Slower Than in 1H; Year Forecast Affirmed
- SGO FP : St Gobain 3Q Sales EU10.37b, In Line With Estimates, to Accelerate Cost-Cutting Program
- SPRT LN : : Spirit Pub Received, Rejected Prelim. Approach From C&C
- TIT IM : Telecom Italia May Extend Argentina Stake Deal 30 Months: Sole
- HO FP : Thales 3Q Rev. Rise 2% to EU2.72b., FY Targets Confirmed
- TSCO LN : Tesco Cut to BBB- From BBB by Fitch, Outlook Negative
- TLG GY : TLG Immobilien Places Shrs at EU10.75, Bottom of IPO Range
- TSLA US : Toyota confirms it has sold part of its stake in Tesla; does not disclose timing, amount
- UCB BB : UCB 9-Month Rev. EU2.647b; Est. EU2.63b; Confirms 2014 Outlook
- UL FP : Unibail-Rodamco 9-Mo. Rev. EU1.4b vs EU1.28b Y/y
- DG FP : Vinci 3Q Rev. EU10b vs Est. EU10.4b; Forecast Unchanged
- VOLVB SS : Volvo 3Q Op. Profit, Rev. Beat Ests.; to Review Core/Non-Core, Increasing Cost Cuts; 3Q Truck Orders Rise 14%

>>> Brokers Upgrades & Downgrades - 24th of October

>>> Up
*BG GROUP RAISED TO BUY FROM HOLD AT SOCIETE GENERALE
*BOOKER RAISED TO OUTPERFORM VS UNDERPERFORM AT EXANE
*CHR HANSEN RAISED TO BUY VS HOLD AT SOCGEN
*ENI RAISED TO BUY FROM HOLD AT SOCIETE GENERALE
*FRESENIUS MEDICAL RAISED TO BUY VS HOLD AT BERENBERG
*IPSOS RAISED TO BUY VS HOLD AT SOCGEN
*LOGITECH RAISED TO BUY VS NEUTRAL AT UBS
*MBANK RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*SHELL RAISED TO BUY VS NEUTRAL AT UBShttp://www.lexpress.fr/actualite/societe/l-associe-de-dsk-s-est-suicide-a-tel-aviv_1614941.html


>>> Down
*ANGLO AMERICAN CUT TO SELL VS HOLD AT SOCGEN
*BANK PEKAO CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*BP CUT TO HOLD FROM BUY AT SOCIETE GENERALE
*BT GROUP CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*CYFROWY CUT TO HOLD AT DEUTSCHE BANK
*DEBENHAMS CUT TO HOLD VS BUY AT SOCGEN
*KERING CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*LIBERBANK CUT TO HOLD VS BUY AT SOCGEN
*TALKTALK CUT TO NEUTRAL VS BUY AT NOMURA
*TVN CUT TO HOLD AT DEUTSCHE BANK

>>> PT Change


>>> Initiation
*AA RATED NEW BUY AT GOLDMAN, PT 420P
*BOWLEVEN RATED NEW OVERWEIGHT AT BARCLAYS
*CAIRN ENERGY RATED NEW EQUALWEIGHT AT BARCLAYS
*ENQUEST RATED NEW UNDERWEIGHT AT BARCLAYS
*GENEL ENERGY RATED NEW EQUALWEIGHT AT BARCLAYS
*LUNDIN PETROLEUM RATED NEW EQUALWEIGHT AT BARCLAYS
*OPHIR ENERGY RATED NEW OVERWEIGHT AT BARCLAYS
*PREMIER OIL RATED NEW OVERWEIGHT AT BARCLAYS
*POUNDLAND RATED NEW UNDERWEIGHT AT MORGAN STANLEY, PT245P
*SOCO INTERNATIONAL RATED NEW EQUALWEIGHT AT BARCLAYS
*STRAUMANN RATED NEW UNDERWEIGHT AT JPMORGAN
*TULLOW OIL RATED NEW OVERWEIGHT AT BARCLAYS

>>> Call
>> Stock
*FERRAGAMO ADDED TO GOLDMAN CONVICTION BUY LIST; WAS BUY
*RICHEMONT REMOVED FROM GOLDMAN CONVICTION BUY LIST; STAYS BUYtock

(BFW) Bank of Spain’s Linde Warns on Europe Risks: Voz De Galicia

BFW 10/24 04:38 *BANK OF SPAIN'S LINDE WARNS ON EUROPE RISKS: VOZ DE GALICIA
Bank of Spain’s Linde Warns on Europe Risks: Voz De Galicia
2014-10-24 05:54:32.321 GMT


By Sharon Smyth
Oct. 24 (Bloomberg) -- Bank of Spain Gov. sees the outlook
for the Spanish economy as “good” but warned there are risks
in the Euro zone that were not foreseen eight months ago, La Voz
de Galicia reports.
* Voz de Galicia cites Linde speaking at en event yesterday
organized by CaixaBank.
* Link to story: {http://tinyurl.com/nscx9ms}

Link to Company News:{2539Z GR <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Sharon Smyth at +34-91-700-9601 or
ssmyth2@bloomberg.net

(BFW) Oettinger Says EU Needs Telecommunications Mergers: Handelsblatt

Oettinger Says EU Needs Telecommunications Mergers: Handelsblatt
2014-10-24 05:23:50.879 GMT


By Rainer Buergin
Oct. 24 (Bloomberg) -- EU should promote mergers of small,
regional information technology and telecommunications
companies, Guenther Oettinger, commissioner for the digital
economy, tells Germany’s Handelsblatt. Oettinger also says:
* EU telecom market is too fragmented, too unprofitable
* Goal must be to allow cos to make “fair profits”
* Doesn’t object to loosening net neutrality
* NOTE: Juncker Wins EU Commission-Team Support With
Investment Vow


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Rainer Buergin in Berlin at +49-30-70010-6228 or
rbuergin1@bloomberg.net
To contact the editor responsible for this story:
Alan Crawford at +49-30-70010-6237 or
acrawford6@bloomberg.net

>>> Asian Update

Asian Market Update: Rebound infected by NYC Ebola scare; China property prices continue to slide

***Economic Data*** - (CN) CHINA SEPT NEW HOME PRICES M/M: PRICES RISE IN 0 OF 70 CITIES V 1 PRIOR; Y/Y: PRICES RISE IN 10 OF 70 CITIES V 48 PRIOR - (CN) CHINA SEPT CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 0.9% V 0.7% PRIOR (6th consecutive increase) - (KR) SOUTH KOREA Q3 PRELIMINARY GDP Q/Q: 0.9% V 0.9%E; Y/Y: 3.2% V 3.3%E - (NZ) NEW ZEALAND SEPT TRADE BALANCE (NZ$): -1.35B V -625ME; Record trade deficit, 3rd straight deficit

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.9%, S&P/ASX +0.5%, Kospi -0.5%, Shanghai Composite +0.1%, Hang Seng -0.4%, Dec S&P500 -0.5% at 1,936

***Commodities/Fixed Income*** - Dec gold flat at $1,230, Dec crude oil -0.8% at $81.40/brl - (AU) Australia MoF (AOFM) sells A$600M in 2024 Bonds; Avg yield: 3.3028%; Bid-to-cover: 4.0.2x - (JP) BOJ offers to buy ¥350B in 1-3yr JGB, ¥300B in 3-5yr JGB, ¥400B in 5-10yr JGB as well as ¥2.25T in T-bills - (CN) China MoF sells 30-yr bonds at 4.3% yield - financial press - USD/CNY: (CN) PBoC sets yuan mid point at 6.1467 v 6.1459 prior setting (weakest setting since Oct 9th) - (US) Weekly Fed Balance Sheet Total Assets for week ending Oct 22nd: $4.48T v $4.47T prior; M1 y/y change: 10.4% (4-month low) v 10.7% w/w; M2 y/y change: 6.3% (4-month low) v 6.4% w/w

***Market Focal Points/Key Themes/FX*** - After several days in remission, Ebola concerns have resurfaced with a vengeance, initially spoiling about a third of a steep rally in the final hour of US trading session and subsequently turning back risk flows in Asia. A doctor who had volunteered in Africa and recently returned to NYC was reported to have checked into the hospital this afternoon with symptoms. Subsequent tests have now come back positive. The rest of the story still seems somewhat murky but the key factors as reported are as follows: 1) Patient left Guinea on Oct 14th; 2) He did not show symptoms on the flight; 3) He quarantined himself to minimise the risks; 4) At some point during his quarantine, he ventured out to a bowling alley in Brooklyn while taking public transportation (subway and Uber); 5) He has been in close contact with 4 people who are now under observation; 6) First symptoms appeared this morning; 7) The patient is treated at Bellevue, one person under observation has also checked in, and the others are quarantined at home. US equity futures briskly sold off by as much as 15 handles following reports of confirmed infection, while USD/JPY fell over 25pips below ¥108 as Treasuries rallied.

- China released another troubling report on the housing sector, with property prices rising y/y in just 10 out of 70 cities vs 48 in the prior month. M/M declines across the all-70 locations maintained their trend of -1.0%, while y/y prices fell 1.1% after rising 0.5% in Aug. Separately, Conference Board released its China Sept economic index. Despite another modest rise, resident CB economist warned that "sharp weakening in demand for both bank credit and real estate point to sluggish private investment in the last quarter of 2014."

- New Zealand put out its trade data for the month of September, registering a record high and also a 3rd consecutive trade deficit. Export volume was roughly in line with estimates, even as shipments to China fell an outsized 30% y/y. Exports of dairy were also down low double-digits. Imports were the key driver of the deficit, coming in at a record high with inclusion of the Dreamliner aircraft for Air New Zealand. NZD/USD hit a 2-week low below $0.78 on the release.

***Equities*** US markets: - RUBI: Reports Q3 $0.05 adj v -$0.05 y/y, R$32.2M v $29.1Me (2 est.), raises FY14 -$0.06 to -$0.03 v -$0.36e, R$122-123 v $119Me (prior -$0.41 to -$0.34, R$117-119M); +19.2% afterhours - KLAC: Reports Q1 $0.47 v $0.46e, R$643M v $622Me; Intends to pursue a leveraged recap; to issue special $16.50/share cash dividend; to buyback an additional 3.6M shares; +15.9% afterhours - DRIV: To be acquired by investor group led by Siris Capital Group for $26.00/shr in cash; deal valued at approx $840M; +15.1% afterhours - RP: Said to have been approached by possible buyers - FT; +13.4% afterhours - MXWL: Announces Development Agreement with Corning to Advance Ultracapacitor Technologies; +12.9% afterhours - N: Reports Q3 $0.11 adj v $0.04e, R$143.7M v $141Me; +4.3% afterhours - MSFT: Reports Q1 adj $0.65 v $0.49e, R$23.2B v $21.9Be; +3.1% afterhours - CB: Reports Q3 $2.17 v $1.95e, R$3.38B v $3.37Be; +2.0% afterhours - IM: Reports Q3 $0.62 v $0.62e, R$11.2B v $10.9Be, guides Q4 $0.95-1.02 v $0.98e; Rev +8-12% y/y (implies $12.7-13.2B v $12.5Be); +1.8% afterhours - CBI: Reports Q3 $1.51 v $1.39e, R$3.38B v $3.45Be; +1.2% afterhours - JNPR: Reports Q3 $0.36 v $0.35e, R$1.13B v $1.13Be; +0.9% afterhours; Approves $1.1B increase in buyback program (11% of market cap); +0.9% afterhours - LMT: Said to have reached a $4B F35 jet deal with the Pentagon - financial press; +0.6% afterhours

- ALTR: Reports Q3 $0.38 v $0.37e, R$499M v $491Me; guides Q4 Rev -6% to -2% q/q implies $469.6-489.6M v $487Me; -3.7% afterhours - OLN: Reports Q3 $0.33 v $0.42e, R$593.6M v $612Me; -6.0% afterhours - FLS: Reports Q3 $0.93 v $1.00e, R$1.21B v $1.29Be; -6.6% afterhours - UFCS: Reports preliminary Q3 EPS -$0.03 to $0.01 v $0.30e (1 est.); -8.5% afterhours - P: Reports Q3 $0.09 (adj) v $0.08e, R$239.6M v $238Me; -8.7% afterhours - AMZN: Reports Q3 -$0.95 v -$0.73e, R$20.6B v $20.8Be; -10.7% afterhours - SYNA: Reports Q1 $1.04 v $1.18e, R$282.7M v $287Me; -12.3% afterhours

Notable movers by sector: - Consumer Discretionary: Qantas Airways QAN.AU +3.4% (AGM comments) - Financials: AMP Limited AMP.AU +3.2% (Q3 results); Monex Group 8698.JP -2.4% (H1 results) - Industrials: GWA Group GWA.AU +1.1% (FY15 guidance); Great Wall Motor 2333.HK -2.2% (Q3 results) - Technology: ZTE Corp 763.HK +1.4% (Q3 results); Kingsoft 3888.HK -7.4% (Q3 results); Hitachi High-Technologies 8036.JP +2.2% (H1 results) - Telecom: China Unicom 762.HK +2.4% (Q3 results)

>>> Deutsche Telekom resumes search for T-Mobile US buyer; America Movil, Google

Deutsche Telekom resumes search for T-Mobile US buyer; America Movil, Google and Dish mentioned - report (translated)

Deutsche Telekom, the listed German phone company, has resumed the search for a buyer for its US business, this time seeking companies that are not direct competitors, Manager Magazin reported.

Citing unidentified industry sources, the article said possible buyers could include the Mexican phone company América Móvil, internet giant Google and satellite television provider Dish.

A spokesperson for Deutsche Telekom said T-Mobile US is definitely an interesting asset, but there is no pressure to sell it.

The report said Deutsche Telekom's board has given its chief executive, Timotheus Höttges, more time to elaborate a new strategy for the US market. The board still wants to see the US operations sold in the medium term, it added.


Source Manager Magazin

>>> BMPS fails ECB stress test - report (translated)

BMPS fails ECB stress test - report (translated)

Banca Monte dei Paschi (BMPS), the listed Italian bank, has failed a stress test launched by the European Central Bank (ECB) , Italian language daily Il Messaggero reported. The unsourced report said that BMPS received the results of the stress test yesterday, 23 October.

The report said that BMPS, which carried out a EUR 5bn capital increase earlier in the year, could sell assets and issue a Tier 1 bond to strengthen its capital. The report added that it is unlikely that another capital increase is an option.

The report said that the BMPS board will meet on Sunday 26 October.


Source Il Messaggero