>>> Ipsen - Completes acquisition of select consumer healthcare products from Sa

Ipsen (IPN FP) _ Completes acquisition of select consumer healthcare products from Sanofi 

Ipsen announced that it has completed its previously announced acquisition of a portfolio of five consumer healthcare products from Sanofi. The most significant product is Prontalgine, an analgesic for the treatment of moderate to severe pain, only sold in France. The portfolio also includes Buscopan, an antispasmodic (sold in the Czech Republic, Estonia, Hungary, Latvia, Poland and Slovakia), Suppositoria Glycerini, a laxative (sold in the Czech Republic), as well as Mucothiol and Mucodyne, expectorants for cough and flu, sold respectively in Greece and the Republic of Ireland.This transaction strengthens the evolution of Ipsen Consumer Healthcare portfolio in France and Central Europe with the strategic intent to further develop the OTx1 model in most geographies

>>> What to look at today - 8th of May 2017

Macron defeats Le Pen in French presidential elections by over 20pts as implied by polls, though market reaction is muted as investors look ahead to Parliamentary elections and also question his ability to govern a divided populace used to mainstream politics. Euro initially rises to 1.1020 but quickly reverses initial gains, while US equity futures markets turn marginally lower. - Chinal FX reserves rise for the 3rd straight time to a 5-month high as regulatory actions stem the tide of outflows. China Trade data also mixed, with CNY and USD denominated surplus beating estimates but Exports and Imports growth undershoot projections on both counts. CNY-denominated import growth slows to 4-month lows, and China Customs also notes Iron Ore imports were at lowest since Oct 2016. - Nikkei225 returns from 3-day break to reach its best levels since Dec-2015, tracking USD strength against the Yen following lowest US unemployment rate levels since mid-2007. Australia also firms as miners rally on a bounce in iron ore prices. Recall iron ore fell over 10% late last week, weighing on AUD currency. AUD/USD is tracking higher late in the day, up some 50pips from last week's lows despite a much bigger than expected decline in Australia building approvals.

Nikkei +2.46% Hang Seng +0.54% CSI -0.99% Shanghai -0.92%

Eur$ 1.0991 6.9033 CNY 6.9017 JPY 112.78 GBP 1.2970 CHF 0.9887 RUB 57.9814

S&P -0.07% EuroStoxx +0.64% FTSE +0.59% Dax +0.68% SMI 0.26%

Macro :
- Macron Set to Defeat Le Pen to Become France’s Next President
- Macron Win Cuts Residual Risks, Good for Eurozone Banks: Goldman
- Bernanke Says U.S. Tax ‘Reform,’ Not ‘Cuts’ Could Boost Growth
- U.K.’s Hunt Says on BBC Some EU Countries Want Britain to Fail
- U.K. Brexit Bill Hard to Enforce: Telegraph Quotes EU Minutes
- China’s April Exports Rise 14.3% Y/y in Yuan; Est. 16.8%

Keep an eye on :
- ABE SM : Atlantia Nears EU10b Financing for Abertis Bid: Repubblica
- AC FP : U.S. Hotels Plan Attack on the Priceline-Expedia ‘Monopoly’
- AIR FP : Delta Is Said to Consider Delaying $3b Airbus Order
- AIR FP : Airbus Gets Orders for 10 A350s From Unnamed Customer
- AKZA NA : Akzo Nobel Declines Third Takeover Proposal From PPG Industries
- AKZA NA : S&P Puts Akzo Nobel on Negative Watch, Could Cut by 1-2 Notches
- AZA IM : IAG not interested in acquiring Alitalia - FT
- ARYN VX : Aryzta poised to sell 49% shareholding in Picard
- ARYN VX : Aryzta Notes Picard Speculation, Would Announce Any Change
- BLT LN : BHP Billiton Could Get $9b for U.S. Shale Fields, Deutsche Says
- CFN PL : Cofina 1Q Net Income EU0.6m
- CSGN VX : Credit Suisse SUB Chief Says 2/3 of Swiss Job Cuts Are Done: SoZ
- EOAN GY : Germany’s Power Grid Expansion Due to Be Completed in 2025: FAZ
- ELE FP : Euler Hermes 1Q Net Falls 13%; Market Outlook Seen Uncertain
- G IM : Intesa CEO Says Generali Deal Definitely Off: Corriere
- IMPN SW : Implenia to Continue Expanding in Europe, CEO Tells L’Agefi
- KVAER NO : Kvaerner 1Q Revenue NOK1.55b
- SDF GY : K+S Plans Strategy Review, Mulling All Options: FAZ
- LIN GY : Union Investment Won’t Support Linde Management on Praxair: FAS
- LIN GY : Praxair Climbs 2.2%, Hits Two-Year High
- NOVN VX : Barron's Positive on NVS: "After a period of weak financial performance, Novartis could be poised for a multiyear run of earnings gains starting in 2018," driven by new drugs and a promising pipeline
- OR FP : The Body Shop bidder InvestIndustrial through to next round of auction; Advent, CVC also bidding
- PNL NA : PostNL 1Q Revenue EU870m
- RR/ LN : Rolls-Royce shares gain on talk of Sunday newspaper story - reported rumour - FT
- SIKA VX : Sika to Replace Syngenta in SMI Index as of May 15, SIX Says
- SKG ID : Smurfit Kappa could spend up to EUR 1bn on acquisitions - The Irish Times
- TALK LN : TalkTalk May Announce Dividend Cut of Up to 50%: Telegraph
- TEF SM : Telefonica Weighs Delaying O2 IPO Until 2018: Sunday Times
- TEVA IT : Teva to Stop Laquinimod Development in Some Forms of MS
- TOD IM : Tod's 1Q Revenue Misses Lowest Est.
- TOD IM : Tod’s Faces ‘Tougher’ Wholesale Environment Than Expected: RBS
- UCG IM : UniCredit, Vivendi Earnings Moves Overpriced; E.ON Underpriced
- VIV FP : UniCredit, Vivendi Earnings Moves Overpriced; E.ON Underpriced
- VOw3 GY : Volkswagen plans to ‘leapfrog’ Tesla in electric car race, VW brand aims to sell 1m battery driven vehicles by 2025

>>> Europe : Brokers Upgrades & Downgrades - 8th of May 2017

>>> Up
*Glencore Raised to Outperform at Macquarie, PT GBP3.85

>>> Down
*Avance Gas Cut to Hold at ABG, PT NOK28
*BBA Aviation Cut to Neutral at Citi, PT 330p
*Deutsche Boerse Cut to Neutral at Macquarie, PT EU87.55
*EDP Cut to Neutral at Macquarie, PT EU3.65
*Intesa Cut to Hold at SocGen, PT EU2.90
*Micron Cut to Neutral at Goldman
*Tod's Cut to Reduce at Kepler Cheuvreux
*UDG Cut to Hold at Berenberg

>>> Initiation

>>> Call
>> Stock
*Arkema Removed From Goldman Conviction List, Rating Kept at Buy
**KBC ADDED TO FOCUS LIST AT CITI
*CREDIT SUISSE EXITS FOCUS LIST AT CITI BECAUSE OF RESTRICTION

>>> 22nd Annual Sohn Investment conf today

22nd Annual Sohn Investment Conf to start at 12pm ET Monday at David Geffen Hall at Lincoln Center. Next Wave Sohn starts beforehand at 9am at Alice Tully Hall at Lincoln Center. List of speakers, times below.
  • 12:25 - Corvex’s Keith Meister
  • 12:45 - Fine Capital’s Debra Fine
  • 1:25 - Pershing Square’s Bill Ackman
  • 2:10 - Social Capital’s Chamath Palihapitiya
  • 2:30 - Algebris’s Davide Serra
  • 3:10 - Blue Harbour’s Cliff Robbins
  • 3:30 - Greenlight’s David Einhorn
  • 4:15 - DoubleLine’s Jeff Gundlach
  • 4:50 - Altimeter’s Brad Gerstner
  • 5:10 - Jericho’s Josh Resnick
  • 5:30 - Glenview’s Larry Robbins

(Exane) FRENCH ELECTIONS: STATE HOLDINGS (from 22/03/2017)

Stake frites

* Sale of public stakes: on the agenda of the main reformist candidates Emmanuel Macron proposes to partly finance a EUR10bn fund dedicated to innovation and industry by selling public stakes in French companies. François Fillon plans to accelerate the sale of the State’s holdings in different companies, keeping only those he deems “strategic”. Marine Le Pen has announced she would like a mix of nationalisation and divestments. Benoît Hamon and Jean-Luc Mélenchon would rather increase the size of public stakes in French companies, although, based on current polls, they are less likely to be elected.

* State’s portfolio likely to focus more on strategic assets It is very unlikely that any candidate will trigger a sale of stakes in companies in which the French State has strategic interests. This is particularly the case in defence and aerospace. That said, the lacklustre performance of the State’s shareholding portfolio in the past and the desire to protect strategic interests also highlight the need for a more efficient management of the State’s portfolio.

* Infra, telecom, transport, electronics and energy holdings most likely divestment candidates We expect a movement on ADP’s capital in the next 12-18 months and BPI to fully exit its Eiffage stake. We think a stake sale of Air France-KLM would be unlikely to be seen as giving up the crown jewels; a divestment of PSA would make sense for the next government given the significant profit (>100%) the investment has generated. We also believe the State is likely to consider disposing part of its stake in Orange while maintaining its level of influence via the double voting rights mechanism and the regulatory authorities. We also think STMicroelectronics and TechnipFMC may not be as strategic as they once were for the French government. Finally, the government’s lack of influence over ENGIE may eventually prompt it to reassess its holding.

* A detailed analysis on all listed companies partly held by the French government We assess for each company the likelihood of public stakes being sold over the coming five-year Presidential mandate. Our analysts lay out the current political and financial context for each stock and consider what the State could do with its holdings.



(Exane) French Elections : Good luck, Mr President

* A ray of hope
The election of Emmanuel Macron as President of France (with 66% of votes vs Marine Le Pen’s
34% in the second round) is a ray of hope for the financial markets. It greatly reduces political risk
in the short term. Over the coming years it could pave the way for another major step towards
Eurozone integration. On the domestic front, the hope is that we will see the implementation of
long-awaited structural reforms needed to put the economy on a firmer footing.

* Many challenges ahead
Mr Macron has his work cut out for him. It is far from a given that he will be able to command a
stable majority after the upcoming legislative elections (11 and 18 June). He is the least popular
President-elect in recent decades and the French electorate has become increasingly fragmented.
Many of his ambitious reforms will likely meet resistance. If Mr Macron fails to implement them, the
odds of a Eurosceptic emerging to become President in the next election could rise significantly.

* Modest positive for European markets
It’s now time to stop obsessing about French politics. While a Macron victory (or to be precise, the
avoidance of a Le Pen victory) was substantially priced in following the first round, the confirmation
of this outcome is likely to provide a modest tailwind for the equity market. We continue to see a
good basis for Eurozone outperformance on the better fundamentals of valuation, earnings outlook
and macro momentum.

* Sectors and Stocks: Stay Domestic
In the context of further outperformance from Europe, we continue to favour domestic exposure in
cyclical, financial and defensive areas, especially given fairly muted outperformance since the first
round. In sector terms, Travel & Leisure has been a notable underperformer since the first round,
and among our Eurozone top picks list, Randstad (like its staffer peer Adecco) has lagged behind.
Industrials, in contrast to commodities, have fared well – we exercise caution here.

>>> EURUSD opened around 1.1040 Now 1.10

EURUSD opened around 1.1040 Now 1.10
Flows from BOA have seen few tickets every one has been selling of eurusd combo of hedge funds and option related - mkt clearly in take profit mode post result - expect this to be the case on further rallies towards 1.11

>>> What to look at today - 6th & 7th of May 2017

Weekly Update
Dow +0.32% S&P +0.63% Nasdaq +0.88% Russell =0.25% Mexico +0.09% (-0.79% in $) Brazil +1,60% Nikkei +1.92% (+0.82% in $) Hang Seng -0.42% CSI -1.86% Shanghai -1.56% EuroStoxx +2.79% (+3.76% in $) FTSE +0.83% CAC +3.05% Dax +2.19% Ibex +4.23% MIB +4.30% SMI +1.94% (+2.66% in $)
The week opened on a sleepy note, with many markets outside the US closed for the Mayday holiday. Washington DC stayed on the front lines, as White House administration officials continued to push the President's agenda. Congress came together and reached a tentative deal on a $1.1T omnibus spending bill to fund the govt through Sept 30th. By Thursday, House Republicans finally pushed through its bill repealing and replacing the Affordable Care Act as had been promised repeatedly during the election. European politics also may have aided sentiment after the final French presidential debate ahead of Sunday's runoff appeared to solidify the prospects for an Emmanual Macron victory.

Macro :
- Macron Set to Defeat Le Pen to Become France’s Next President
- Bernanke Says U.S. Tax ‘Reform,’ Not ‘Cuts’ Could Boost Growth
- U.K.’s Hunt Says on BBC Some EU Countries Want Britain to Fail
- U.K. Brexit Bill Hard to Enforce: Telegraph Quotes EU Minutes

Keep an eye on :
- ABE SM : Atlantia Nears EU10b Financing for Abertis Bid: Repubblica
- AC FP : U.S. Hotels Plan Attack on the Priceline-Expedia ‘Monopoly’
- AIR FP : Delta Is Said to Consider Delaying $3b Airbus Order
- AIR FP : Airbus Gets Orders for 10 A350s From Unnamed Customer
- AKZA NA : S&P Puts Akzo Nobel on Negative Watch, Could Cut by 1-2 Notches
- AZA IM : IAG not interested in acquiring Alitalia - FT
- ARYN VX : Aryzta poised to sell 49% shareholding in Picard
- CFN PL : Cofina 1Q Net Income EU0.6m
- CSGN VX : Credit Suisse SUB Chief Says 2/3 of Swiss Job Cuts Are Done: SoZ
- ELE FP : Euler Hermes 1Q Net Falls 13%; Market Outlook Seen Uncertain
- G IM : Intesa CEO Says Generali Deal Definitely Off: Corriere
- SDF GY : K+S Plans Strategy Review, Mulling All Options: FAZ
- LIN GY : Union Investment Won’t Support Linde Management on Praxair: FAS
- LIN GY : Praxair Climbs 2.2%, Hits Two-Year High
- NOVN VX : Barron's Positive on NVS: "After a period of weak financial performance, Novartis could be poised for a multiyear run of earnings gains starting in 2018," driven by new drugs and a promising pipeline
- OR FP : The Body Shop bidder InvestIndustrial through to next round of auction; Advent, CVC also bidding
- RR/ LN : Rolls-Royce shares gain on talk of Sunday newspaper story - reported rumour - FT
- SIKA VX : Sika to Replace Syngenta in SMI Index as of May 15, SIX Says
- SKG ID : Smurfit Kappa could spend up to EUR 1bn on acquisitions - The Irish Times
- TALK LN : TalkTalk May Announce Dividend Cut of Up to 50%: Telegraph
- TEF SM : Telefonica Weighs Delaying O2 IPO Until 2018: Sunday Times
- TEVA IT : Teva to Stop Laquinimod Development in Some Forms of MS
- TOD IM : Tod's 1Q Revenue Misses Lowest Est.
- TOD IM : Tod’s Faces ‘Tougher’ Wholesale Environment Than Expected: RBS
- VOw3 GY : Volkswagen plans to ‘leapfrog’ Tesla in electric car race, VW brand aims to sell 1m battery driven vehicles by 2025