(BofA-ML) Equity Client Flow Trends

Consumer Discretionary sees biggest outflows ever

* Most selling by hedge funds since 2008 Last week, during which the S&P 500 was up 0.9%, BofAML clients were net sellers of $963mn of US stocks following the prior week’s large net buying. Net sales were entirely due to hedge funds, whose net sales were the largest since December 2008, and the second-largest in our data history. Despite this, hedge funds still remain small cumulative net buyers year-to-date. Institutional clients were net buyers for the second consecutive week—but remain the biggest net sellers YTD—while private clients continued their net buying streak (with purchases of equities in 21 of the last 22 weeks). Private clients are the largest net buyers of equities year-to-date, with $15bn of inflows into ETFs and $2bn of inflows into single stocks. By size segment, large, mid and small caps all saw outflows last week, and only mid caps have seen inflows YTD.

* Biggest outflows ever from Consumer Discretionary stocks Net sales last week were led by Consumer Discretionary, where outflows were the largest in our data history (since 2008). Tech, Financials and Staples also saw large net sales. The largest inflows were into ETFs, while Energy stocks also saw big inflows (largest since July 2012). Industrials currently has the longest net buying trend at four consecutive weeks, while no sector has seen two consecutive weeks of net sales. Based on four-week average flows, which are less volatile, clients continue to prefer defensives over cyclicals: Consumer Staples and Utilities have the longest net buying trends (since mid August), while Energy, Tech and Discretionary have the longest net selling trends (since late September).

* Other notable flows: All clients bought Energy, sold Staples - Hedge funds’ near-record net sales were due to outflows across eight of the ten sectors, led by Consumer Discretionary. Only Health Care and Energy saw net buying by hedge funds last week. - All three client groups were net buyers of Energy last week, while Staples saw net sales by all three groups. - Flows varied by size segment, as no size segment saw net buying or net selling by all three client groups last week. - BofAML pension fund clients were net sellers of US stocks for the third consecutive week last week, chiefly due to sales of ETFs. Their largest net buys were of Materials. This group remains a net seller YTD. For details, see pg 9.

>>>Fimalac Fnac and Fimalac Groups are joining forces to develop ticketing solut

Fimalac Fnac and Fimalac Groups are joining forces to develop ticketing solutions and acquire the company Datasport - The shares will be acquired through a rights issue and the proceeds will be used by Kyro to finance the acquisition of Datasport (DSP), a leader in sports event ticketing for over 20 years. - Together, Fnac and Fimalac will support the development of Kyro's business in the entertainment segment, while the acquisition of Datasport will allow the two partners to strengthen their position in sports events.

(BFW) Linde May See Some Profit Taking on Outlook Cut, JPMorgan Says

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Linde May See Some Profit Taking on Outlook Cut, JPMorgan Says 2013-10-29 07:51:32.658 GMT

By Chiara Remondini Oct. 29 (Bloomberg) -- Linde’s investors may be slightly disappointed by weak 4Q outlook, take profits, JPMorgan says.

JPMORGAN (neutral) * 2013 profit target marginally cut due to weak FX going forward * Beat due to strong margins in Gases division * Organic rev. growth of +2.6% at lower end

GOLDMAN (buy) * Underlying 3Q in line, Ebitda at EU1.03b helped by EU57m div. payment from co. in which Linde holds an investment * Ebitda in line with ests. stripping out div. payment

KEPLER CHEUVREUX (buy) * Mixed 3Q numbers * Slight target cut due to stronger-than-expected FX impacts, will be seen as negative

DZ BANK (buy) * 3Q above ests. * 2013 target adjusted due to adverse currency effects as expected

* Earlier: Linde 3Q operating profit beats est.; trims 2013 profit forecast * Indicated 1.4% lower in Lang&Schwarz pre-market * Linde key quarterly earnings metrics: BI Analyzer * Statement

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

--Editor: Nadine Skoczylas

To contact the reporter on this story: Chiara Remondini in Milan at +39-02-8064-4241 or cremondini@bloomberg.net

To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net

>>> TULLOW OIL TLW WELL UPDATE, NORWAY

Well update - Wisting Alternative, Norway

29 October 2013 - Tullow Oil plc (Tullow) announces that the Wisting Alternative well (7324/7-1S), offshore Norway in the Barents Sea, has reached Total Depth. The well was not appraising the major discovery at Wisting Central and encountered oil shows in the deeper targeted Kobbe and Snadd formations but the reservoir rock was of poor quality where penetrated.

Wisting Alternative was drilled five kilometres north west of the Wisting Central light oil discovery, announced on 6 September 2013, in a deeper independent structure. Following the completion of drilling operations, extensive data acquisition and sampling has been carried out and the well will now be plugged and abandoned. Work will continue on evaluating the Wisting Central discovery and understanding the regional geology.

The well was drilled by the Leiv Eiriksson semi submersible rig and is located approximately 315 kilometres north of Hammerfest. The well was drilled to a total depth of approximately 2,452 metres in a water depth of 413 metres.

The Wisting Alternative well is located in licence PL537 in which Tullow has a 20% interest. OMV (Norge) are the operator with a 25% interest while Idemitsu (20%), Statoil (15%) and Petoro (20%) are also partners.

>>> 3Q net SEK629m vs est. SEK645m, sales SEK3.23b vs est.SEK3.21b.

3Q net SEK629m vs est. SEK645m, sales SEK3.23b vs est.SEK3.21b. • 3Q snus and snuff operating margin 45.4% vs 48.0% Y/y • Sees 2013 Scandinavian snus, U.S. moist snuff vol. growth • Says it is likely that 2013 op. profit from snus, snuff product area will be lower than in 2012. • Expects investments for growth for snus internationally to be largely in line with comparable 2012 period for remainder of yr • Maintains long term financial strategy, dividend policy • Call 2pm CET {www.media-server.com/m/go/Swedish-Match-2013-Q3} • Statement • NOTE: Co. sees lower than expected 3Q U.S.

>>> What to look at today

US Markets posted modest gains, buy still positive perf...Tech still under pressure...Apple beat on the top and bottom line but shares fell about 1% in extended session, with Mac and iPad shipments missing estimates and margins turning slightly softer. Initial knee-jerk response was lower afterhours, before management alleviated concerns over margin pressure being the result of sequential increase in deferrals; Apple was also upbeat on iPad shipment growth. ...VIX @ 13.31 (+1.7%)...Brazil +1.70%...As speculated, the PBoC has resumed its open market operation activity due to rising money market rates, conducting its first liquidity injection in 2 weeks. Despite the initial rush in risk appetite, investors have presumably deemed the CNY13B operation to be too modest, as repo and Shibor rates hit fresh multi- week highs and Shanghai Composite quickly pared its opening gains...Japan retail sales increase at the fastest pace in 16 months as shoppers line up ahead of the rollout of the higher sales tax. JPY remains bid however, with all eyes now on the BOJ Outlook for Economic Activity and Prices report later this week...Nikkei Closed @-0.50%...Shanghai-1.25%

Eur$ 1.3785 S&P Fut Flattish, small-ve European fut -0.05% for now

Keep an eye on : - ALFA SS : Alfa Laval 3Q Net Beats, Sees 4Q Demand on Same Level as 3Q - APR FP : April 9M rev EU596M vs EU582M - ATLN VX : Actelion Reports Further Positive Data on Opsumit - BP/ LN : *BP 3Q ADJ. PROFIT EX-ITEMS $3.7 BLN; ANALYSTS EST. $3.36 BLN - CA FP : Carrefour in exclusive talks to acquire Coop Alsace (144 Stores) - DAB DC : DAB 3Q Profit After Taxes Drops; Bank Reiterates Forecasts - DBK GY : Deutsche Bank Reports Q3 Pretax profit €18M (includes €1.2B in litigation related charges)) v €642Me; Rev €7.7B v €7.66Be - DLG GY : Dialog 3Q Ebit Misses; Sees 4Q Sales of $270m to $295m - DSV DC : DSV 3Q Net Beats Est.; Keeps FY Outlook, No Shr Buy-Back in 4Q - GIL GY : (Gildemeister) DMG Mori Seiki 3Q Ebitda, Orders Rise; Raises Full-Year Forecast - EDF FP : EDF, Veolia in Advanced Talks on Ending Dalkia JV - ENEL IM : Enel CEO Confirms Debt Cut Target: Radiocor Link - FER SM : Ferrovial, S.A. Reports 9-month Net profit €485.2M v €475.7M y/y, Rev €5.93B v €5.65B y/y - FSA IM : Fondiaria Shrs Priced at EU1.735/Each in Placing, Terms Show - KPN NA : KPN Foundation to Decide on Stake in First Half of November - LIFE SW : LifeWatch Received 510 (K) premarket notification from FDA for VSP technology - LIN GY : Linde 3Q Operating Profit Beats Est.; Trims 2013 Profit Forecast - LLOY LN : on the tape.... - LOEK GY :Loewe bidder not interested in equity; talks expected to last till YE - ML FP : Michelin 3Q Rev. Misses Est.; Sees Higher 2013 Op Income, Says Currency Cut EU288m From 3Q Net Sales - NYX US : Michael Kors to Replace NYSE Euronext in S&P 500 - NOK1V FH : 3Q earnings; watch for NSN development, 12pm and NSN standalone report at 12:30pm - OERL SW : Oerlikon 3Q Ebit Beats Estimates; Confirms Sales, Order Forecast - RUI FP : Rubis 3Q rev fell 3% to EU684M - RWE GY : ThyssenKrupp to Invest About EU180 Mln in Duisburg in 2014: WAZ - SAABA SS : Saab 3Q Op. Profit SEK266m Vs SEK262m Y/y - SAB LN : SABMiller Zambia Unit Halts Plant After New Tax on Beer: Times - SPM IM : More Questions than Answers from Saipem Results: Morgan Stanley - STAN LN : Stanchart 3Q Income Down by Low Single-Digit Percentage on Year - STM FP : 2014 Likely Better Timeframe to Play STMicro Recovery: Bernstein - TEF SM : Spain Offering EU1.7b Government Media Contract, Expansion Says - TIT IM : EI Towers may bid for Telecom Italia's transmission towers (€1b) - TNTE NA : TNT Express still planning sale of Brazil operations - UBSN VX : UBSReports Q3 Net profit CHF577M v CHF601Me, Op Pretax profit adj CHF484M (incl CHF586M litigation charge) v CHF937Me, Rev CHF6.26B v CHF6.7Be - VIV FP : Vivendi to Buy Lagardere’s Canal Plus Stake for EU1.02b - WG/ LN : Wood Group Secures 2-Year Scottish Contract Extension From Shell - WLF LN : Wolfson Sees Revenue Growth Restrained Until 1H Next Year

>>> Brokers Ups & Downs

Up

*ALMIRALL RAISED TO BUY VS NEUTRAL AT GOLDMAN *BINCKBANK RAISED TO BUY VS HOLD AT ING *BOVIS HOMES RAISED TO BUY VS HOLD AT LIBERUM *CEGEDIM RAISED TO HOLD VS SELL AT SOCGEN *HANNOVER RE RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN *IBERDROLA RAISED TO BUY VS NEUTRAL AT CITI *KOMERCNI BANKA RAISED TO BUY VS HOLD AT DEUTSCHE BANK *REDROW RAISED TO BUY VS HOLD AT LIBERUM *SAIPEM RAISED TO NEUTRAL VS UNDERPERFORM AT MACQUARIE *SAIPEM RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA *TDC RAISED TO BUY VS HOLD AT BERENBERG

Down

*BANKIA CUT TO SELL VS HOLD AT SOCGEN *BBVA CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML *BBVA CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE *CLICKS GROUP CUT TO NEUTRAL VS BUY AT UBS *COCA-COLA HELLENIC CUT TO REDUCE VS NEUTRAL AT NOMURA *DIA CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS *ITV CUT TO SELL VS HOLD AT BERENBERG *MEDIOBANCA CUT TO HOLD AT KEPLER CHEUVREUX; PT RAISED TO EU6.6 *SEADRILL CUT TO SELL VS HOLD AT SOCGEN, PT NOK243 *SMA CUT TO HOLD VS BUY AT DEUTSCHE BANK

PT Changes

*Amplifon PT Cut to EU4 vs EU4.1 at Bernstein *Ferrovial PT Raised to EU14.7 vs EU13.4 at Raymond James *GENERALI PT RAISED 12% TO EU18.5 AT BOFAML; KEPT AT BUY *Mediobanca PT Raised to EU6.1 vs EU5.8 at Nomura *Veolia Environnement PT Cut to EU14.5 vs EU15 at Raymond James

Initiation

*KONE OYJ RATED NEW UNDERWEIGHT AT BARCLAYS; PT EU59 *SCHINDLER HOLDING RATED NEW EQUALWEIGHT AT BARCLAYS; PT CHF120 *VOLVO B RATED NEW NEUTRAL AT NOMURA; PT SEK85

Country Sector Stock Calls

* More Questions than Answers from Saipem Results: Morgan Stanley