(ValuersActuelles) Présidentielle : la théorie qui installe Marine Le Pen à l’Él

Présidentielle : la théorie qui installe Marine Le Pen à l’Élysée


Second tour. Serge Galam, physicien et chercheur au CEVIPOF, estime que malgré son retard dans les sondages, Marine Le Pen pourrait être élue présidente de la République grâce à ce qu’il appelle “l’abstention différenciée”. Explications.

Les sondeurs ont certes très bien prédit les résultats du premier tour de l’élection présidentielle, mais ils ont aussi déjà prouvé, à plusieurs reprises, leur capacité à se tromper. Alors quand un physicien, chercheur au centre de recherches politiques de Sciences Po (CEVIPOF), explique scientifiquement que Marine Le Pen a une chance de faire mentir les pronostics, les médias tendent l’oreille. Serge Galam a déjà prédit l’élection de Donald Trump et la défaite d’Alain Juppé à la primaire de la droite, ce qui donne encore plus de poids à sa démonstration.

Faible mobilisation de l'électorat Macron

Quelle est sa théorie ? Elle repose sur un étonnant postulat de départ : la candidate du Front national pourrait gagner l’élection, sans pour autant que les intentions de vote annoncées par les sondeurs, qui la donnent largement battue, ne soient erronées. Comment cela est-il possible ? En raison de ce qu’il appelle “l’abstention différenciée”. En termes d’intentions de vote, Marine Le Pen est incapable selon lui “de dépasser la barre des 50%”, comme il l’explique à l’Express. Mais elle pourrait bénéficier le jour du vote de la faible mobilisation de l’électorat d’Emmanuel Macron, qui n’est pas forcément perçue dans les sondages. Des électeurs qui certes ont l’intention de voter Macron, mais qui finalement ne se déplaceront pas pour le faire. Une sorte d’abstention cachée, comme certains estimaient qu’il pouvait exister au premier tour un “vote caché” en faveur de François Fillon.

L’explication est chiffrée. Le chercheur part de l’hypothèse où les intentions de vote pronostiquées par les sondeurs seraient exactes, et que Marine Le Pen bénéficie donc de 42% contre 58% pour Emmanuel Macron. Dans cette configuration, si 90% des électeurs FN vont voter le 7 mai, et seulement 65% de ceux qui ont annoncé voter pour Macron, la présidente du FN serait élue avec 50,07% des voix. Pour seulement deux points d’intention de vote de plus pour Marine Le Pen (44%), avec toujours 90% des électeurs FN allant voter, il faudrait alors 70,71% de mobilisation à Emmanuel Macron pour l’emporter.

“Toute excuse pourra être bonne pour ‘oublier' d'aller voter”

Pourquoi l’électorat Macron serait si peu mobilisé ? Interrogé sur internet ou au téléphone, le sondé explique qu’il votera pour Emmanuel Macron, la plupart du temps pour faire opposition à Marine Le Pen. Mais au moment de se déplacer au bureau de vote, cette unique motivation pourrait ne pas suffire. Selon Serge Galam, “toute excuse pourra être bonne pour ‘oublier' d'aller voter”, notamment chez les électeurs profondément anti-FN mais pour qui glisser un bulletin Macron dans l’urne serait une “pilule très amère” à avaler. Le physicien estime que la campagne d’entre-deux tours, les campagnes de dénigrement de Macron sur les réseaux sociaux où l’absence de consigne de vote donnée par Jean-Luc Mélenchon peuvent donner du poids à sa théorie. Les séquences politiques comme celle de l’usine Whirlpool peuvent également jouer en la défaveur du candidat En Marche !, notamment pour l’électorat de Mélenchon, qui rentrerait parfaitement dans la case des anti-FN ayant du mal à se résoudre à voter pour la créature de François Hollande.

“C'est amusant de voir les sondeurs être très fiers d'avoir fait la bonne traduction. Ils ont raison, mais ça ne met pas à l'abri de faire de nouvelles erreurs la prochaine fois. Il faut un peu d'humilité, car on n'a pas d'outils fiables à 100 %” lance Serge Galam, interrogé par Le Point. Car les sondeurs, bien au fait de sa théorie sur “l’abstention différenciée”, affirment avoir déjà pris en compte dans leur méthode cette possibilité d’une abstention cachée. Ils demandent notamment quelle est la certitude d’aller voter, et ne conservent que les résultats des sondés pour laquelle elle est très élevée. Depuis l’échec de leurs confrères anglo-saxons lors du Brexit et de l’élection américaine, les sondeurs français ont fait leur auto-critique, avec une réussite certaine lors du premier tour. Mais la théorie de Galam ne fait pas leur procès. Elle laisse simplement à Marine Le Pen une fenêtre de tir, sans affirmer qu’elle sera nécessairement élue présidente, et sans que sa potentielle victoire ne remette en cause la réalité des intentions de vote exprimées aujourd’hui par les différents instituts de sondage.

(BofA-ML) Global Equities See Best Inflows Since U.S. Election

Investors poured $21b into equities and $10.9b into bonds in the week through April 26, BofAML strategists Michael Hartnett and Jared Woodard write in note.
  • Europe equity funds see $2.4b of inflows, the most since December 2015 after “market-friendly” French election
    • U.S. equity funds get $13.8b, most in 19 weeks, amid tax-reform optimism
    • EM stocks see 6th straight weekly inflows, Japan sees inflows in 14 of past 16 weeks
  • Global stock market cap up $3.3 trillion YTD; bull market unlikely to end until bullish macro data prompt central banks to tighten
    • Returns for stocks and bonds impressive given Trump disappointment, EU politics; best explanation is supportive central-bank liquidity
  • Sector-wise, investors poured money into financials, tech, energy and U.S. smallcaps; redemptions in defensives including REITs, consumer, utilities and telcos

9to5 : More detailed alleged iPhone 8 schematic surfaces, suggests wireless char


Although there are still many doubts about the iPhone 8 rumored design, mocked up above, a new schematic has surfaced on Weibo today. This drawing (embedded after the break below) is a more detailed version of what we saw yesterday and includes label annotations for many components.
The new dual front and (vertical) back cameras are visible and a rear Touch ID sensor is nowhere in sight, again implying it will be integrated into the OLED display. What’s most interesting about this latest leak though is that it indicates the parts used by the iPhone 8 for wireless charging …

The drawing is in Chinese but we have had the image translated to confirm the exact components being shown.
From the top left corner going clockwise, the schematic labels point to an antenna gap, light and proximity sensor, duo front camera, a second antenna gap positioned symmetrically opposite, main motherboard (shaded yellow), power button, battery, Qi wireless charging coils, Taptic Engine, a third antenna gap, Lightning port, a fourth antenna gap, speaker, ‘wireless charging module’, SIM tray, volume buttons, mute switch, flash and rear dual-camera.
The four seams for antennas is reminiscent of the iPhone 4/4s design which likewise had antenna lines in the four corners of the chassis. With this purported schematic, the antenna gaps are positioned on the top and bottom sides.
The callout to two wireless charging parts corroborates what KGI has been saying for months, but it also more precisely states that the components are ‘Qi,’ the wireless charging standard that relies on inductive pads to transmit power to devices. The Apple Watch charger uses a variant of Qi technology. Apple joined the Wireless Power consortium that manages the Qi standard in February.
It’s also interesting to note how much internal space Apple will dedicate to making wireless charging a reality, if this schematic is real. As well as the large coil (represented by the green circle), there is also the separate square wireless charging module in the lower left corner.
There have been some sporadic claims in the past months that the iPhone 8 would feature ‘truly’ wireless charging — somehow able to receive power over the air without the need for capacitive pads. This seems unlikely given the current state of technology and the fact that this leak specifically denotes the device as using ‘Qi’ components.
To get a sense of what this iPhone 8 would look like in the hand, refer to our earlier coverage of the iPhone 8 dummy which also uses this design.
Apple is expected to officially announce the new iPhone at a media event in the fall but it may not ship in the usual September timeframe as the company has reportedly faced production delays. Recent rumours have suggested the iPhone 8 will be available to customers in late October or early November.
As well as wireless charging, Apple’s new flagship phone will tout a larger large 5.8-inch curved OLED screen in about the same overall device size as the iPhone 7, 3D-sensing front cameras, an Apple A11 SoC and more.
Apple is also expected to announce two iterative updates to the iPhone 7 and iPhone 7 Plus, keeping the same exterior chassis with upgraded internals. KGI has said that these ‘iPhone 7s’ phones will also get the same wireless charging functionality as the iPhone 8.

Reuters - Exclusive: Trump complains Saudis not paying fair share for U.S. defen

Exclusive: Trump complains Saudis not paying fair share for U.S. defense


President Donald Trump complained on Thursday that U.S. ally Saudi Arabia was not treating the United States fairly and Washington was losing a “tremendous amount of money” defending the kingdom.

In an interview with Reuters, Trump confirmed his administration was in talks about possible visits to Saudi Arabia and Israel in the second half of May. He is due to make his first trip abroad as president for a May 25 NATO summit in Brussels and could add other stops.

"Frankly, Saudi Arabia has not treated us fairly, because we are losing a tremendous amount of money in defending Saudi Arabia,” he said.

Trump’s criticism of Riyadh, the world’s top oil exporter, was a return to his 2016 election campaign rhetoric when he accused the kingdom of not pulling its weight in paying for the U.S. security umbrella.

"Nobody’s going to mess with Saudi Arabia because we’re watching them," Trump told a campaign rally in Wisconsin a year ago. “They’re not paying us a fair price. We’re losing our shirt.”

Saudi Arabia’s powerful deputy crown prince Mohammed bin Salman met with Trump last month in a meeting that was hailed by a senior Saudi adviser as a “historical turning point” in relations. The talks appeared to signal a meeting of the minds on many issues, including their shared view that Iran posed a regional security threat.

Riyadh and other Gulf allies see in Trump a strong president who will shore up Washington’s role as their main strategic partner and help contain Riyadh's adversary Iran in a region central to U.S. security and energy interests, regional analysts said.

Asked about the fight against Islamic State, which Saudi Arabia and other U.S. allies are confronting as a coalition, Trump said the militant group had to be defeated.

"I have to say, there is an end. And it has to be humiliation," Trump said, when asked about what the endgame was for defeating Islamist violent extremism.

"There is an end. Otherwise it's really tough. But there is an end," without detailing a strategy.

A visit to Israel would reciprocate a White House visit in February by Israeli Prime Minister Benjamin Netanyahu. Palestinian President Mahmoud Abbas is due to meet Trump next Wednesday in Washington.

Trump has set a more positive tone with Israel than his Democratic predecessor, Barack Obama, who often clashed with the right-wing Israeli leader, and has raised concerns among Palestinians that their leaders may not get equal treatment.

Trump has also asked Israel to put unspecified limits on its building of Jewish settlements on land the Palestinians want for a state, and has promised to seek a Middle East peace deal that eluded his predecessors. However, he has offered no new diplomatic prescriptions.

“I want to see peace with Israel and the Palestinians,” he said. “There is no reason there's not peace between Israel and the Palestinians - none whatsoever.”

Trump brushed aside a question of whether he might use a possible trip to Israel to declare U.S. recognition of the entire city of Jerusalem as Israel's capital, a reversal of longstanding U.S. foreign policy likely to draw international condemnation.

"Ask me in a month on that," he said, without elaborating.

If Trump ties an Israel visit to next month's Brussels trip, it would be around the time Israelis are celebrating the 50th anniversary of the reunification of Jerusalem, when Israel captured Arab East Jerusalem in the 1967 Middle East war.

Successive U.S. administrations as well as the international community have not recognized Israel's annexation of the eastern part of the city, and the future status of Jerusalem remains one of the thorniest issues in the Israeli-Palestinian dispute.

Israel claims all of Jerusalem, which contains sites sacred to the Jewish, Muslim and Christian faiths, as its capital. Palestinians want East Jerusalem as the capital of a future state of their own.

>>> Europe Pre-Market Indications

CS
Amundi +3% Q1 net inline, AUM Eu1,128bn, strong inflows
Axiabank M/P Core operating trends in line, CET1 better
Bankia +3% Q1 revs 14% ahead, net income 27% ahead
BKIR -1% Capital from 12.3% to 12%, NIM inline
Barclays PLC +2-3% Revs ahead, NIM guidance upgraded
Bureau Veri M/P Revenues 2% beat, organic growth better, guidance confirmed
Cellnex M/P Q1 revs 1% light, EBITDA 1.2% ahead
Danske +1% Q1 Net 5.5bn (bbg cons. 4.52bn), fees and commissions ahead
DNB UNCH Q1 Net income 4.30b cons 4.26bn, CET1 slightly light
Electrolux +4-5% Sales 2% miss, Op Profit 15% beat
Elis M/P Org growth +2.3% vs cons +1.9%, reiterate guidance
Gam M/P Launched new share buy-back programme
Gemalto -10% Profit warning - Q1 revs inline, >10% cut to FY EBIT
Hastings +1% Customer policies increased, reiterates outlook
Just Eat -2% Executive Chairman, is taking a leave of absence
Linde R 1Q REV. EU4.39B, EST. EU4.25B, confirms forecasts
Mediaset Esp +3-4% Q1 results 12% ahead of cons, guidance unchanged
Miners +1% Copper +0.60%, Brent +2.85%, Iron Ore +2.50%, China -0.80%
MTU Aero +2-3% Sales €1.26bn vs cons €1.189, EBIT ahead, outlook confirmed
Oils +0.5% Brent +2.85% to $52.05, WTI +2.4% to $49.55
OMV +5% 1Q Results ‘Significantly’ Above Market Expectations
Nos M/P Revs in line and EBITDA 1% beat
Norsk Hydro -2-3% Q1 miss, EBIT 2.3bn NOK. Cons 2.7bn NOK
Renault M/P Q1 revs 7% beat, guidance unchanged
RBS +3-5% LFL basis Q1 adj PBT 1.55bn versus cons 1.1bn, CET1 better
Sanofi +1-2% EPS 1.42 vs 1.26, sales ahead,
SES M/P Q1 inline, guidance reiterated
Semis -0.5% INTEL -3% after hours despite Q1 $0.66 vs est $0.65
Teleperforce +2-3% Revenues 5% beat, organic growth 570bps better
TF1 +1% Q1 revs 1.7% ahead of cons
UBS +2-3% Q1 adj PBT of CHF1967m cons CHF1693m, pretax 14% ahead
Ultra Elec M/P Trading inline with previous release
Zodiac +3% 1h Sales inline, net income and debt better


MF
*UBS-Net 1.27b(953),OP 7.53b(7.37),PT 1.69b(1.28),WM 639m(637)......+3.5% *IMERYS-Sales 1.11b(1.11),Net 78.8m(91),OP 147.2m(149)..............-2% 
*SEB-OP Pft €131m(132),OG +11.5%(6,1%)Confirms outlook,China gd.....+5% 
*CAIXABANK-NI 403m(305.6),NII 1.15b(1.12),B/Loans 6.7%,CET 11.5%....+1% 
*B/VERITAS-Rev 1.14b(1.124),OG 1.9%,OG in '17 +ve,SI 8.6%...........+2%
*TELEPERFORMANCE-Q1 Rev €1.07b(1.02),Confirms FY guidance...........+1% 
*TF1-Rev 499m(492),Net 27.7m(6.5),Ad Growth +2%(1.7),SI 9%..........+2%
*VINCI-Q1 Rev €8.44b(8.178),Confirms FY trends,Construction +ve.....+2% 
*RENAULT-Rev €13.1b(12.212),Auto 12.5b,o/l +2.5% vs 2%..............+2% 
*SANOFI-Sales 8.65b(8.37),EPS 1.42(1.26),Diabetes sales weak........+1% 
*REXEL-Rev 3.32b(3.3),Net 62.8m(52.3),Confirms FY targets...........+2% 
*DANSKE-NI 5.5b(4.52),Inc 12.6b(11.6),FY Net 17-19b(17.88)..........+2% 
*DNB-NI 4.3b(4.26),EPS 2.64(2.6),CET1 15.8%m,Loan Loss 18b 16-18....-3% 
*BANKIA-Net 304m(228.9),Short Interest 6%...........................+3% 
*LINDE-Rev 4.39b(4.25),OP 1.04b(1.01),Margin 23.7%(23.7),FY ok......+1% 
*FUCHS-Sales 618m(590),OG 9%(5.7),Ebit 94m(94),NI 66m(67),take pfts.-3% 
*NEMETSCHEK-Rev 96.3m(94),Ebitda 26.3m(25),EPS 37c(35),FY ok........-0.5% 
*RIB SOFT-Rev 26.2m(26.1),Ebitda 15.3m(14.4),Ebit 11.8m(11.9).......+3% 
*MTU AERO-Rev 1.26b(1.18),Ebit 157m(135.8),Net 111m(92.3)...........+2.5% 
*ELECTROLUX-Sales 28.9b(29.4),OP 1.54b(1.35),ORG -3%,(SI 4%)........+3% 
*MAERSK-Will buy Hamburg SUD for 3.7b,synergies 350-400m from 2019..+1% 
*GEMALTO-Rev 651m(640),Sees Q2 Sales 9% YoY,Pfts backend loaded.....-10% 
*NORSKE HYDRO-Sales 23b(24),Ebit 2.28b(2.82),Pft 1.58b(1.79)........-5% 
*AMUNDI-Net Inflows 32.5b,Q1 Pft 143m,AUM 1.13trl as of March end...+3% 
*MEDIASET ESP-Ebitda 81.2m(76.1),Net Inc 60.6m(55.3)................+3% 
*CONTI-Sales 1b,Ebit 1.2b,Confident they can achieve FY targets.....+0.5% 
*ZODIAC-Sales 2.447b,Op Inc -12m,Safran talks continue..............+1%


Exane :
Amundi u/c
Bankia +1%
Barclays +2%
Beneteau +3-4%
Bureau Veritas +2%
Cofinimmo u/c
Danske +2-3%
DNB -3-4%
Elis u/c
Gemalto -5%
Imerys -1%
Ingenico u/c
Ipsos -1%
Lectra +3%
Linde +1%
MTU +3-4%
Norsk Hydro -3%
OMV +1-2%
RBS +1-2%
Renault +3-4%
Rexel -1-2%
Sanofi +1%
SEB (SK FP) +5%
SES -1%
SPIE -1%
Showroomprive.com +2%
Teleperformance +4-5%
TF1 +3%
UBS +2-3%
Vinci u/c

>>> What to look at today - 28th of April 2017

Dow +0.03% S&P +0.06% Nasdaq +0.39% Russell -0.16%
US Market closed near the flat line ahead of reports of big tech names. Earnings helped the sentiment (BMY+3.5%, PYPL +6.2%) Oil was also in focus. Crude -1.2% following Wednesday's EIA inventory report, crude oil moved below its 200-day simple moving average ($49.00/bbl). As a result, the energy sector (1.1%) settled near the bottom of the sector standings. The telecom services (-1.3%) and financials (-0.5%) spaces also showed relative weakness. However, the financial sector's underperformance wasn't all that surprising in light of the sector's big week-to-date gain entering Thursday's session (+3.1%). The remaining groups--industrials (unch), materials (-0.2%), and consumer staples (-0.2%)--also finished in the red, but their losses were modest. US After Hours ALGN +13%, SYNA +8%, WDC +7%, GOOGL / CERN / AMZN +4% all higher following earnings/guidance, activist news lifting HON +5% ... ATHN -16%, GIMO -12%, SBUX / BIDU -5%, INTC / KLAC -4% following earnings/guidance. Asian indices are tracking lower despite the modest gains in US indices as traders express caution over geopolitical and policy risks stemming out of Washington and Beijing. In China, banking regulators have turned more of their focus on the property sector, tightening loans to developers and urging banks to monitor financing risks.- In FX, dollar majors traded little changed despite the cautious tone in stocks, with US GDP report coming into focus in early Friday session. Japan saw a wide range of mixed economic data - national CPI slowed to a 5-month lows and industrial output y/y decline was the biggest in 9 months, while unemployment was better than expected matching 1994 lows and annualized retail trade reaching near 2-year high.

Nikkei -0.34% Hang Seng -0.38% CSI -0.56% Shanghai -0.18%

Eur$ 1.0863 CNH 6.8947 CNY 6.8934 JPY 111.16 GBP 1.2906 CHF 0.9949 RUB 57.0135

S&P -0.06% EuroStoxx +0.03% Dax -0.03% SMI +0.02% FTSE +0.09%

Macro :
- Italy Banks to Suffer Again From Country Risk, Be Selective: KBW
- Dan Loeb’s Third Point Sees Trump’s Tax Plan Boosting Business
- EU Said to Prepare for Eventual United Ireland Post-Brexit: FT
-Swiss Energy Reform Seen Supported by 55% in Poll, Tamedia Says

Keep an eye on :
- ABE SM : Atlantia Says CEO to Explore Strategic Options for Abertis Deal
- APD US : Air Products Plans to Spend $8b on M&A, Growth Projects
- AMUN FP : Amundi 1Q Net Income Rises 10%; Quarterly Inflows Hit Record
- AMZN US : Amazon 1Q EPS Beats Est.; Shares Rise
- BKIA SM : Bankia 1Q Net EU304m Beating EU228.9m Estimate
- BEN FP : Beneteau 1H Loss Narrows; Target for FY Sales, Profit Raised
- BVI FP : Bureau Veritas 1Q Rev. Rises 7.4%; FY Margin Outlook Confirmed
- CA FP : *CARREFOUR BEST M&A PARTNER FOR DIA AMID CONSOLIDATION: NATIXIS
- CABK SM : CaixaBank 1Q Net Beats Estimates; Fee Revenue Rises 20%
- COFB BB : Cofinimmo FY Adj. EPS View Trails Est.
- DANSKE DC : Danske Bank 1Q Net Income Beats Highest Est.
- DBK GY : Deutsche Bank May Reconsider Selling Spanish Assets: Expansion
- FSKRS FH : Fiskars 1Q Rev. Beats Est.
- FPE3 GY : Fuchs Petrolub 1Q Sales Beat Highest Est.
- GTO NA : Gemalto 1Q Rev. EU651m
- ICAD FP : ICADE 1Q Revenue EU334M
- ITP FP : Interparfums 1Q Sales EU112m, Up 34%
- LIN GY : Linde 1Q Adj. Operating Profit Beats Highest Est., Sees 2017 Sales Rising as Much as 3% if Market Favorable
- LHA GY : Lufthansa’s Spohr May Discuss UAE’ Stake in Air Berlin: Focus
- MAU FP : Maurel & Prom 1Q Sales EU90m, Down 1% Q/q, Up 57% Y/y
- TL5 SM : Mediaset Espana 1Q Net Income Beats Highest Est.
- NHY NO : Norsk Hydro 1Q Sales Miss Est.
- OMV AV : OMV 1Q Clean CCS Ebit EU800m
- PC IM : *PIRELLI RELISTING SEEN BY THE END OF 2017, CORRIERE SAYS
- RNO FP : Renault 1Q Sales Jump 25% to EU13.1b on Delivery Gain, AvtoVAZ, Renault CFO Delbos Sees Risk of Diesel Decline Going Forward, Renault 1Q Performance Strong Across the Board, Jefferies Says
- RXL FP : Rexel Confirms Targets; 1Q Net Rises 62% to EU62.8m
- SAN FP : Sanofi Says U.S. Diabetes Sales Drop May Accelerate
- TFI FP : TF1 Post Net Profit From Year-Earlier Loss; 1Q Rev. Rises 2.5%
- TOM NO : Tomra 1Q Gross Margin 40%
- HO FP : Thales Buys Guavus for $215M
- FP FP : Total Plans Drilling at Azeri Gas Field in Sept.: Caspian Energy
- UBSG VX : UBS 1Q Net Beats Ests; Clients Activity Still Uneven
- UNI IM : Unipol likely to increase BPER Banca stake to 10%
- DG FP : Vinci 1Q Revenue EU8.44b, Vinci 1Q Revenue Boosted by Airports; Contracting Growth Returns
- VOLVB SS : Volvo Cars 1Q Operating Profit Rises 11%
- WPP LN : WPP Said to Cut Sorrell’s Maximum Pay to Appease Investors: Sky
- ZC FP : Zodiac Aerospace: April 2017 H1 2016/2017 results
- ZC FP : Zodiac: Talks Continue With Safran With View to Completion, Zodiac to Say Talks Continuing With Safran: Les Echos, Zodiac to Hire Yann Delabriere to Work With Zarrouati: Figaro

>>> Europe : Brokers Upgrades & DOwngrades - 28th of April 2017

>>> Up
*Beneteau Raised to Buy at SocGen, PT EU15.90
*Boliden Raised to Add at AlphaValue
*CNH Industrial Raised to Outperform at MedioBanca, PT EU11.60
*Drax Raised to Overweight at Barclays, PT 410p
*Fortum Raised to Accumulate at Inderes, PT EU14
*Kesko Raised to Accumulate at Inderes, PT EU46
*Mediobanca Raised to Overweight at Morgan Stanley, PT EU10
*NEXANS Raised to Overweight at Barclays, PT EU66
*SNC-Lavalin Group Raised to Action List Buy at TD, PT C$73

>>> Down
*Bankinter Cut to Sell at Ahorro Corporacion, PT EU7.20
*BBVA Cut to Reduce at Kepler Cheuvreux
*Berendsen Cut to Underweight at Morgan Stanley, PT 645p
*BME Cut to Sell at Ahorro Corporacion, PT EU30
*Covestro Cut to Hold at SocGen
*Eurazeo Cut to Neutral at Goldman, PT EU67
*Fielmann Cut to Hold at Baader-Helvea, PT EU80
*Hermes International Cut to Market Perform at Raymond James
*Marston's Cut to Sell at Goodbody Stockbrokers, PT 125p
*Stagecoach Cut to Reduce at HSBC, PT GBP2
*Straumann Cut to Reduce at Kepler Cheuvreux, PT CHF485

>>> Initiation
*Bovis Homes Resumed Buy at HSBC, PT 1,078p

>>> Asian Update

Asia Mid-Session Market Update: Japan data deluge points to economic Growth but soft inflation

***US Session Highlights***
- Stock were subdued today, with little change in Blue chips and broader market indices. Techs, instead, continued to rally, pushing the NASDAQ to a new all-time high at 6,050, before closing slightly lower. Of the S&P sectors, Energy showed the largest decline at 1.1%, while Consumer Discretionary posted the largest gain at 0.5%.

***US markets on close: Dow flat, S&P500 +0.1%, Nasdaq +0.4%***
- Best Sector in S&P500: Technology
- Worst Sector in S&P500: Telecommunications
- Biggest gainers: UA +9.9%; INTU +8.5%; XLNX +7.4%
- Biggest losers: TDC -8.2%; FFIV -7.5%; EQT -7.0%
- At the close: VIX 10.4 (-0.5pts); Treasuries: 2-yr 1.26% (flat), 10-yr 2.30% (-2bps), 30-yr 2.97% (-1bps)

***US movers afterhours***
-WDC Reports Q3 $2.39 v $2.16e, R$4.65B v $4.54Be; +7.0% afterhours
-GOOGL Reports Q1 $7.73 v $7.48e, R$24.8B (includes $4.6B TAC) v $19.7Be; +4.3% afterhours
-CERN Reports Q1 $0.59 v $0.58e, R$1.26B v $1.23Be; +4.1% afterhours
-AMZN Reports Q1 $1.48 v $1.03e, R$35.7B v $35.4Be; +3.9% afterhours
-MSFT Reports Q3 $0.73 v $0.69e, R$22.1B v $23.6Be; -0.5% afterhours
-INTC Reports Q1 $0.66 v $0.65e, R$14.8B v $14.8Be; -3.6% afterhours
-KLAC Reports Q3 $1.62 v $1.54e, R$913.8M v $894Me; -3.6% afterhours
-BIDU Reports Q1 $1.00 v $0.85e, R$2.45B v $2.32Be; CFO to step down, effective on appointment of successor; -3.8% afterhours
-SBUX Reports Q2 $0.45 v $0.45e, R$5.3B v $5.42Be; -4.7% afterhours
-FTNT Reports Q1 $0.17 v $0.15e, R$340.6M v $335Me; -7.2% afterhours
-ATHN Reports Q1 $0.32 v $0.46e, R$285M v $297Me; -16.8% afterhours

***Key economic data***
- (JP) JAPAN MAR JOBLESS RATE: 2.8% V 2.9%E (matches lowest rate since Jun 1994)
- (JP) JAPAN MAR OVERALL HOUSEHOLD SPENDING Y/Y: -1.3% V -0.5%E
- (JP) JAPAN APR TOKYO CPI Y/Y: % V -0.2%E; CPI EX-FRESH FOOD Y/Y: -0.1% V -0.2%E
- (JP) JAPAN MAR NATIONAL CPI Y/Y: 0.2% (5-month low) V 0.3%E ; CPI EX FRESH FOOD (CORE) Y/Y: 0.2% V 0.2%E
- (JP) JAPAN MAR PRELIMINARY INDUSTRIAL PRODUCTION M/M: -2.1% (biggest decline since June of 2016) V -0.8%E; Y/Y: 3.3% V 3.9%E
- (JP) JAPAN MAR RETAIL SALES M/M: +0.2% V -0.3%E; RETAIL TRADE Y/Y: 2.1% (22-month high) V 1.5%E
- (JP) JAPAN MAR VEHICLE PRODUCTION Y/Y: 4.7% V 11.2% PRIOR
- (AU) AUSTRALIA Q1 PPI Q/Q: 0.5% V 0.5%; Y/Y: 1.3% (5-quarter high) V 0.7% PRIOR
- (AU) AUSTRALIA MAR PRIVATE SECTOR CREDIT M/M: 0.3% V 0.5%E; Y/Y: 5.0% V 5.1%E
- (NZ) NEW ZEALAND MAR BUILDING PERMITS M/M: -1.8% V +17.2% PRIOR
- (NZ) NEW ZEALAND MAR TRADE BALANCE (NZ$): +332M V +370ME; First surplus in 9 months
- (KR) SOUTH KOREA MAR INDUSTRIAL PRODUCTION M/M: 1.0% V 1.5%E; Y/Y: 3.0% V 4.0%E

***Asia Session Notable Observations, Speakers and Press***
- Asian indices are tracking lower despite the modest gains in US indices as traders express caution over geopolitical and policy risks stemming out of Washington and Beijing. In his "100-day in office" milestone interview, President Trump turned his focus to both North and South Korea. On the former, Trump said it is his "biggest worry" and that it would be very difficult to resolve situation diplomatically, adding that "we could end up having a major, major conflict with North Korea." Subsequently, however, Trump criticized the current trade deal with South Korea, noting that US is owed $1B by Seoul for the deployment of THAAD missile defense system. In China, banking regulators have turned more of their focus on the property sector, tightening loans to developers and urging banks to monitor financing risks.
- In FX, dollar majors traded little changed despite the cautious tone in stocks, with US GDP report coming into focus in early Friday session. NZD/USD remained in a tight range despite New Zealand hitting a trade surplus for the first time in 9 months, as exports to China jumped over 40% y/y. Japan saw a wide range of mixed economic data - national CPI slowed to a 5-month lows and industrial output y/y decline was the biggest in 9 months, while unemployment was better than expected matching 1994 lows and annualized retail trade reaching near 2-year high.

China
- (CN) Some China banks said to have tightened loans to property developers - Chinese press

Japan
- (JP) Japan Fin Min Aso: Plan to hold bilateral finance dialogue with China on May 6th - press

Australia/New Zealand
- (NZ) RBNZ remains concerned by elevated property prices; Expects to publish debt-to-income consultation paper in about 6 weeks - press

Korea
- (KR) US State Sec Tillerson: China has told US govt it warned N Korea not to conduct another nuclear test - Fox interview
- (KR) BOK: To keep accommodative policy as demand-side inflation pressures are modest; Consumption rising steadily on perception of economic improvement
- (KR) US Pres Trump: To renegotiate or terminate the South Korea trade deal; Wants $1B payment for THAAD missile defense system - press
- (KR) South Korea Defense Ministry: Unchanged in view that US should pay for THAAD - Korean press
- (US) Pres Trump: North Korea is my biggest worry; Would love to resolve situation diplomatically, but its "very difficult" - press interview


***Asian Equity Indices/Futures (01:00ET)***
- Nikkei -0.4%, Hang Seng -0.5%, Shanghai Composite -0.4%, S&P/ASX200 -0.1%, Kospi -0.2%
- Equity Futures: S&P500 flat; Nasdaq flat, Dax -0.1%, FTSE100 -0.2%

***FX ranges/Commodities/Fixed Income (01:00ET)***
- EUR 1.0855-1.0875; JPY 111.05-111.35; AUD 0.7460-0.7475; NZD 0.6870-0.6890
- June Gold +0.1% at 1,268/oz; June Crude Oil +1.2% at $49.55/brl; July Copper -0.1% at $2.60/lb
- SPDR Gold Trust ETF daily holdings fall 0.9 tonnes to 853.4 tonnes
- (CN) PBOC SETS YUAN MID POINT AT 6.8931 V 6.8896 PRIOR; 4th straight weaker setting; weakest setting since Apr 12th
- (CN) PBOC to inject combined CNY80B v CNY50B prior in 7-day, 14-day and 28-day reverse repos, 9th straight injection; For the week, injects CNY70B v CNY170B in prior week
- (CN) China Finance Ministry auctions CNY10B in 3-month bills at avg yield of 2.944% v 2.919% prior
- (AU) Australia MoF (AOFM) sells A$800M in 5.75% 2022 Bonds; avg yield: 2.1198%; bid-to-cover: 4.68x
- (JP) Japan MoF sells ¥1.99T v ¥2.2T indicated in 2-yr 0.1% JGBs; Avg yield: -0.193% v -0.206% prior; bid to cover: 5.51x v 3.82x prior