(Exane) Beverage : Alcohol consumption is under pressure, Drinking less but bbet

Alcohol consumption is under pressure
Global alcohol consumption is under pressure, with intake levels in several developed markets in long-term decline. More worryingly for the drinks industry, recent studies and data point to younger generations shunning alcohol. Health and vainness are more important than alcohol for millennials. ‘One for the road’ is quickly becoming ‘None for the road’.

Healthier choices on the menu
With health and moderation cited as key factors for reduced consumption, a flurry of industry activity is underway to meet changing consumer needs. From an increase in self-regulation (labelling) to the launch of healthier products (alcohol-free is firmly on the table). Although still at an early stage, new products / categories stand to create disruption for the established players.

Drinking less……but drinking better
In a world of lower alcohol consumption, premiumisation is a ray of light for the industry. Growth of premium+ segments is comfortably outstripping lower-priced segments, in both beer and spirits. With higher price-points and higher margins, premiumisation can be very lucrative and will become increasingly crucial for growth in mature markets (and important for growth in EMs too).

The beer industry is most at risk
While all industry players stand to lose from reduced consumption, the brewers are most at risk in the developed world. Alongside the natural maturing of beer markets, shrinking consumer pools and a history of share of throat losses, health awareness is an added negative. Within the industry, one would be best backing those who have proved they can premiumise (ABInBev).

Long-term opportunities for the distillers
The distillers, with ‘lighter’ spirits options and greater room for creativity, have an edge in the context of the changing landscape in developed markets (and have more natural volume growth tailwinds in any case). Premiumisation is also crucial here though. Remy screens well, with not a great deal to choose between Diageo and Pernod (it’ll come down to execution).

(BofA-ML) European Infra. : Spending outlook improve : Buy DG, FGR & LHN

More constructive on European infrastructure spending
We turn moderately more positive on the medium-term outlook for European
infrastructure spending. We increase our revenue estimates for names with exposure to
European contracting and building materials, albeit only from 2018E given latecyclicality
of the sector and long lead times on large projects. Annual infrastructure
output in Europe (new construction) is 16% below the 2007 peak, the Eurozone Civil
Engineering PMI index is at a 2.5-year high, and contractors’ order backlogs have shown
an inflection in several markets, notably France. Among the Europe-exposed names, our
top picks are Buy-rated Vinci, Eiffage and LafargeHolcim. We are making PO and
estimate changes across the sector.

European Commission sees €30bn annual investment gap
We recently attended TEN-T Days 2016, a European Commission (EC) transport and
infrastructure investment conference. The EC estimates that transport investment
needs in Europe stand at €130bn pa, but the investment since the financial crisis has
been around only €100bn pa. Investment needs in the 30 priority transport corridors
(TEN-T networks) exceed €600bn by 2030.

Expect more EU measures embracing PPP projects
The European Commission recognizes that infrastructure investment needs cannot be
met by traditional funding from national budgets or direct EU grants alone and they
require increased private sector participation. In late 2014, the EC unveiled Investment
Plan for Europe (Juncker Plan) with a view to enable €315bn of investment in Europe
over 2015-17, funded with a €21bn contribution from the EU and assuming a 15x
multiplier. According to the EC, the Plan mobilized €108bn of investment through June
2016, with €8.5bn in transport infrastructure and €23.5bn in Energy. Press reports
suggest the Juncker Plan could be extended and upsized to c.€500bn in the coming days.

French road concessions may see a new investment plan
Governments seem also more receptive to see investments in infrastructure assets
already operated by the private sector. Notably, French road concessions were extended
in 2010 and 2015, in exchange for new capex. Management commentary around H1’16
results suggested discussions on a new investment plan could get under way. Visibility
on the detail and the timing is still low, but we estimate the 2015 concession extension
was favourable for the operators, with value creation for DG and FGR exceeding €3/sh.

Stock picking: Buy Vinci, Eiffage and LafargeHolcim
Our Buy rating on Vinci (Buy, PO €77) is based on its balance sheet strength,
management’s solid capital-allocation track record and the scope to improve profitability
in Contracting. We like Eiffage (Buy, PO €80) for its significant refinancing opportunity
and medium-term upside on cash returns. Vinci and Eiffage generate 79% and 99% of
sales in Europe ex-UK (64% and 82% in European Contracting), respectively. We
reiterate our Buy rating on LafargeHolcim, reflecting an improving earnings momentum
leading to higher FCF potential, combined with an attractive valuation. The group
generates c20% of its sales in Europe ex-UK. Our PO is raised to CHF60 from CHF58.

(Challenges) Affaire Doubl'O : BPCE à nouveau dans le viseur de la justice

Affaire Doubl'O : BPCE à nouveau dans le viseur de la justice

Le parquet de Paris a fini par ouvrir une information judiciaire pour publicité mensongère au sujet de ce produit souscrit par 267 000 épargnants, qui devaient doubler leur capital en six ans.


C’est un véritable feuilleton juridique. Quinze ans après sa commercialisation, le produit financier "Doubl’O" pourrait valoir de nouveaux ennuis judiciaires aux Caisses d’Epargne, aujourd’hui intégrées au groupe BPCE. Selon nos informations, le parquet de Paris a finalement ouvert, fin avril 2016, une information judiciaire, confiée à la juge Aude Buresi. Dans le viseur: les dépliants publicitaires très optimistes de "Doubl’O" et "Doubl’O Monde", des produits conçus par la Société Générale. Leur devise: "doublez votre capital en toute sérénité. Bonne pioche garantie". Non seulement les 267 000 épargnants, qui ont souscrit pour 2,13 milliards d’euros, sont loin d’avoir doublé leur capital en six ans, comme promis. Mais, en plus, les Caisses leur ont facturé près de 30 millions de droit d’entrée.
Une première condamnation à Saint-Etienne
En 2008, l’avocat Daniel Richard, représentant le collectif Lagardère contre les abus bancaire (CLAB), dépose une première plainte contre X auprès du parquet de Paris pour publicité mensongère et escroquerie. Dans le même temps, des plaintes individuelles sont aussi déposées au niveau local, en particulier à l’encontre de la Caisse d’Epargne et de Prévoyance Loire Drôme Ardèche. Ces plaintes individuelles, également portées par Daniel Richard ainsi que sa consœur Hélène Feron-Poloni, débouchent, fin 2012, sur une condamnation de la Caisse régionale pour publicité mensongère. Une première concernant un produit d’épargne vendu par une banque.
Dans le jugement, qui sera confirmé en appel, le tribunal de Saint-Etienne précise qu’au lieu d'une rentabilité annuelle de 12,25 %, les performances de Doubl'O Monde ont été comprises entre 0,5% et 1,9% hors frais d'entrée et de gestion. Surtout, les juges ont estimé que le dépliant ne comprenait pas d'élément permettant d'informer clairement le consommateur que le doublement n'était qu'une simple possibilité et pas une certitude. Pire, le texte principal renvoyait à plusieurs reprises à des mentions complémentaires imprimées dans des caractères de moins d'un millimètre ! Du coup, la banque a dû payer une amende portée en appel à 100 000 euros et verser aux victimes des indemnités comprises en 15 et 25% du capital investi.
Un énième rebondissement judiciaire
En revanche, la plainte du CLAB déposée au niveau national, à laquelle s’étaient joints de nombreux plaignants, a été classée sans suite en 2014. Motif invoqué par le parquet: le groupe BCPE, issue de la fusion en 2010 des Caisses d’Epargne et des Banques Populaires, ne saurait être considéré comme responsable d’une infraction commise auparavant par une société qu’il a absorbée. Daniel Richard dénonce alors dans Le Parisien un "enterrement de première classe" mais ne se décourage pas. L’un des victimes dépose une nouvelle plainte avec constitution de partie civile début 2015. C’est cette plainte, reprise par l’avocate Hélène Feron-Poloni après le décès de son confrère, qui va aujourd’hui donner lieu à une enquête pénale. La juge vise notamment les responsabilités de l'ex-filiale des Caisses d'Epargne, Ecureuil Gestion, devenue Natixis Asset Management, aujourd'hui intégrée à BPCE. Contacté par Challenges, le groupe affirmait n’avoir pas encore été mis au courant de l’ouverture de cette information judiciaire.

Re/Code.net : Who will buy Twitter? We ranked all the possible buyers.

Who will buy Twitter? We ranked all the possible buyers.
So glad you asked.

At pretty much every recent dinner party, tech gathering and social shindig where we have run into the digital elite, everyone seems to have the same question: What's going to happen to Twitter?
The travails of the San Francisco-based social communications company have been an ongoing soap opera for a long time now, one that has gotten Google-sized attention despite its relatively small size and tech impact.
Like the slow-moving train wreck of Yahoo, to which Twitter is increasingly compared, it’s partly due to the media fascination with the company. And there is no doubt that the app’s social impact is immeasurable, especially in the way it holds a perpetual mirror in front of all the narcissists in the world (Trump! Kanye! Various and sundry VCs on Sand Hill Road!).
Or, as former Twitter board member Mike McCue told us recently: "Twitter is a huge phenomenon more than it is a company."

Ouch.
Here’s the case for and against all the possible Twitter suitors that keep cropping up.

But perhaps that's the truth, even as CEO Jack Dorsey and his top execs seek to bring growth and value back to the company he founded. It raises the question: What is going to happen to Twitter? At a projected $18 billion price tag, the options can be tough to imagine. Luckily, we did all the hard work for you!
There is a caveat: So far, the company’s top brass has not wanted to sell and has indicated that the hope is to remain independent. But because it’s Twitter, that did not stop Dorsey’s co-founder and director Evan Williams from setting off a ruckus after he was asked about a possible sale. Williams no-commented and then noted that the board would "consider the right options." No surprise, the non-answer caused the stock to pop.

It’s down again, though, and the question now becomes whether anyone thinks there are actual buyers for the company.
As one former exec there told us recently, sotto voce: "Twitter is the most invaluable company that no one really wants to buy."
Double ouch.
That’s not exactly true, which is why we put on our green-shade visors and did some investment banking of our own. While we may lack the gumption of the ever-wily Frank Quattrone, we make up for it in energetic guessing, larded with a lot of actual reporting.
So here’s the case for and against all the possible Twitter suitors that keep cropping up.
Google
Justin Sullivan / Getty

The case for Google (Kurt): There’s a good reason Google’s name always tops this list: It makes the most sense! Google has the money — Alphabet generated more revenue last quarter alone ($21 billion) than Twitter is actually worth. And while the company has tried its hand at social media before (I think we can all now agree that Google+ has been a minus), Twitter would give it a legitimate social platform to tie in with YouTube, which is now feeling heat from Facebook and Snapchat, which are very social. Could Google make good use of Twitter properties like Vine and Periscope by coupling them in some kind of media hybrid offering with YouTube? Maybe!
Look how happy they are!
Michael Kovac/Getty Images for Vanity Fair
Google already understands the advertising business, so no problems there. Then imagine Twitter’s livestreaming pitch to the NFL and other major rights holders with Google’s backing on distribution. Google could essentially bring Twitter private, and allow it to fix whatever user and product problems it has away from the investor criticism that comes when you’re a public company. There’s a lot to like here!
Haters like to point out that Alphabet CEO Larry Pagedoesn’t give a rip about social media, but he’s no longer running Google. Sundar Pichai is. Couple that with former Google exec Omid Kordestani now chairing Twitter’s board, and the whole Larry hates social argument may no longer mean much.
The case against Google (Kara): Kurt, Kurt, Kurt. Larry no longer runs Google? When pigs fly perhaps, but today making a nearly $20 billion purchase is something the testy and robotic founder will most definitely need to weigh in on. And he does have disdain for social, for reasons that include the fact that no one at Google is social or understands the paradigm.
But Google lost to Facebook a long time ago on that score, and Page seems to have decided that the company’s future is not in this direction. Rather, his recent hire of Diane Greene to compete with Amazon and others in the cloud and his artificial intelligence plays are the kind of all-in investments that make the most sense.
And then there are the regulatory issues that come with any big Google purchase. Will the politicians in D.C. like Google owning all of search and the still-influential social platform upon which the recent election has been playing out? No, they will not. Ask the first Twitter presidential candidate, Donald Trump, if he’d like the Democratic-leaning Google to own his fave platform and he would blow a very large raspberry on the podium.
Vanity aside, it’s not an acquisition that even the roll-over regulators of the various U.S. agencies will swallow easily. As for the hair-trigger Europeans? Nein! Non! Or, as persistent Google foe and European Competition Commissioner Margrethe Vestager would surely declare: Ingen!
Hand in glove with the many antitrust issues, there is the mass of publicity that comes with owning Twitter. It is watched by the media like no other company (largely because reporters love to talk about nothing more than themselves, even if no one else cares). While Google gets a lot of attention, the kind that Twitter gets is not the same and not welcome to the secretive nature of the search giant.
And then there are the ugly controversies around abuse. While Google perhaps has the tech chops to help improve the tools to fix the ongoing debacle in this arena, it would take a massive PR effort that is simply not in the company’s wheelhouse. Google is all the algorithm and Twitter is all about humanity. You see the disconnect here.
Perhaps most simply, Google already has Twitter on its platform via search. Whether it needs more than that for that much money is a very good question.
Facebook
The case for Facebook (Kurt): Facebook does a lot of things really well. One of those things is selling and delivering mobile advertising, which, coincidentally, is how Twitter makes money. Facebook is also great at user growth — it has three separate billion-user products, plus Instagram, which has more than 500 million users. Twitter has been stuck right around 300 million monthly users for over a year and needs a serious distribution jolt. Facebook also does a lot of things well that Twitter wants to do, like video distribution and messaging.
What Facebook doesn’t do well is what Twitter does best: Distributing breaking and real-time news. Facebook CEO Mark Zuckerberg talked a lot on the company’s last earnings call about live video and immediacy around the news, but Facebook hasn’t figured it out, as evidenced by its trending topics nightmare that doesn’t seem to go away. Buying Twitter could help solve that problem and, at the very least, ensure the company doesn’t fall into a competitor’s hands (see: Google).
The case against Facebook (Kara): Yes, the real-time news argument is a good one. But is solving it worth a $20 billion check? Or could Facebook just use the same tactics as it has in its complete lift of Snapchat Stories using its Instagram unit? It would be much harder, obviously, as replicating Twitter as a global news platform is not the same as copying hot software. But it is certain that Facebook probably has a lot of cheaper innovations to beating Twitter at news than the trouble it might buy with Twitter.
Most central to that trouble is all the grief that would come with Twitter’s massive basket of deplorables. And we do mean deplorables here, and we’re not apologizing for saying so, because it is a cesspool of abuse and ugliness far too often. All those anonymous users spewing all that hatred is most definitely not amenable to Facebook’s walled-garden approach to social, which has been a huge success for it. And Facebook itself has been pretty bad about dealing with similar controversies over what it bans (see the recent mistake over the "napalm girl" photo). More complexity seems to be something that the company is incapable of dealing with, even if it introduces better tools.
And as good as they are, neither Zuckerberg nor COO Sheryl Sandberg are equipped to handle the mass of controversy that Twitter brings with it. Plus, as with Google, there would be regulatory issues that would be tough to overcome. (Sorry, Elliot Schrage — you’re good, but not that good!)
Facebook tried to buy Twitter a long time ago for $500 million. That was then.
Microsoft
Justin Sullivan / Getty
The case for Microsoft (Kara): There is no real case, because what kind of problem does Twitter solve for Microsoft? None! The company is turning very clearly into an enterprise company, after many — so many — debacles in the consumer space.
But okay, I’ll try. It would be nice for Microsoft to have some traction in social, in mobile and in ads. Maybe Twitter could be integrated in with LinkedIn, for which the software giant recently paid $26 billion, bringing in a savvy media-focused exec in its CEO Jeff Weiner. He’d surely have some ideas for it.
But that’s all I got.
The case against Microsoft (Kurt): Kara pretty much nailed it up top.
Microsoft already broke the bank this year for an unprofitable social network in LinkedIn, so buying another one would be foolish. Microsoft hasn’t hit any home runs with other social and communication acquisitions, such as Yammer and Skype (does anyone actually use Skype on mobile?), and there’s nothing here to imply a Microsoft-owned Twitter would be any different.
Plus, if Twitter is serious about getting into TV-style livestreaming, it would be better selling to a company with actual media experience. Plus plus, Microsoft is basically out of the online advertising industry. Its business is primarily driven by enterprise tools and services, not consumer brands, and making a splashy consumer play would be more distracting than anything.
Apple
Stephen Lam / Getty
The case for Apple (Kara): This is an interesting question, given how beloved Apple is to Twitter’s Dorsey. He’s a longtime Steve Jobs fanboy and also has a lot of respect for the company today. A sale to Apple is one that you can see the recalcitrant Dorsey saying "yes" to more easily.
Here’s what Twitter will help Apple with: A real-time news offering (Apple News is just awful); a livestreaming opportunity that it could tout on iPhones; a decent social presence and worldwide platform (remember Ping? I do, but only me!); an ad business that Apple can actually succeed with; a still-cool mobile app.
It’s not hard to see how Apple could integrate Twitter with a lot of its services and make them instantly better. Still, Apple simply does not have a social media culture, and it would need Dorsey there to lead the efforts. And he has another job over at Square, as you might have heard.
The case against Apple (Kurt): So, so wrong, Kara. Twitter doesn’t have a single thing Apple might want. Twitter is an advertising business, and Apple is not good at advertising. Twitter doesn’t have any hardware products, and owns virtually nothing when it comes to the kind of high-quality content Apple currently distributes, such as music, movies and television. Apple already offers a superior messaging product to Twitter, and has its own curated news app. And the abuse issues — not the Apple image at all.
Maybe Twitter could make Apple a little cooler? But it would be cheaper to just buy something hip, like Carpool Karaoke (Oh, wait!).
Big Pipes: Verizon or Comcast
Justin Sullivan / Getty
The case for Big Pipes (Kara): One major thing: Mobile streaming! It’s a thing, in case ya didn’t know!
Let’s start with Verizon, which has so many billions of dollars of cash on its balance sheet and no idea what to do with it. Well, it did use about $10 billon of that to buy stumbling Internet brands AOL and Yahoo, and so far the market has not punished them for it. Why not double down with Twitter and make it a trifecta? Also, Verizon has the management that could actually coordinate it all, especially AOL CEO Tim Armstrong. He’d be helped if he could get Twitter execs like COO Adam Bain and CFO Anthony Noto to stay.
Comcast is run by smart people (Disclaimer: NBCUniversal has a huge investment in Recode owner Vox Media) who like to buy value and, if not growth. That’s not Twitter these days, but one reason for them to buy it is that they have a lot of content and other stuff that would be great on the platform. Plus, regulators would let them buy the property, as opposed to video and TV companies, which Comcast can’t do much of. Twitter is not a video company, because wishing you are a video company does not make it so. Could it be someday? Maybe.
While I think Verizon is a more likely buyer than Comcast, these would be big stretches for both, and therefore probably more trouble than it is worth.
The case against Big Pipes (Kurt): For all the news Twitter has made around its livestreaming efforts, it’s a very minor player in world of live video distribution. It doesn’t own any significant rights for any significant portion of time, and it isn’t creating new programming. The NFL broadcasts it's distributing aren’t even produced by Twitter — NBC and CBS handle that. Twitter is simply the platform for everyone else’s content, and we have no idea how large or how valuable Twitter’s audience actually is. When Yahoo streamed an NFL game back in 2015, the viewership numbers were terrible by NFL standards. There isn’t much reason (yet) to believe Twitter’s streams will fare any better.
Add in the fact that Verizon has paid a combined $10 billion for Yahoo and AOL in the past 18 months. It could probably afford Twitter, too, but what a lineup of troubled companies that would be to fix.
Big Media: News Corp/21st Century Fox, Disney
Getty Images
The case for Big Media (Kara): The case for big media buying Twitter? Because they are still old media, no matter how hard they try to pretend otherwise. When it comes to appealing to younger audiences (also known as digital audiences), even growth-starved Twitter beats them.
The main reason for media companies to buy Twitter is that they don’t want another media company to buy Twitter and, good God, not Google or Facebook either, because then all that’s left is Snapchat (and Evan Spiegel is was selling, last time we checked).
There has been a lot more noise about Rupert Murdoch’s Fox buying it than any other media giant, but that would be a big bet for him and his two sons. And while Disney has a taste for digital properties (Hello, Vice!) and while Dorsey is on the board of Disney, so is Facebook’s Sandberg. Would I like to be a fly on the wall of that board meeting? Yes!
The case against Big Media (Kurt): How many traditional media companies can comfortably afford an $18 billion acquisition? Few. Twitter is likely too expensive for News Corp/Fox or Time Warner or Disney. Media organizations already get most of the benefits of Twitter’s product — free content distribution— without the headache that comes with running it. Plus, Twitter is hungry for any and all high-quality video content, which means rights holders like Turner (Time Warner) can easily ink deals with Twitter if need be. No need to open the checkbook.
There’s also this: Twitter is valuable because media companies see it as a neutral platform. Imagine this scenario that one source jokingly suggested: "The Arab Spring live on Twitter, brought to you by Rupert Murdoch and Fox News!" Yeah, not so much.
The Chinese Internet giants
The case for a Chinese buyer (Kurt): Chinese tech companies are all looking for a foot in the door when it comes to monetizing U.S. consumers. Twitter could be that giant toe as a big trophy property! Tencent-owned messaging app WeChat, which dominates in China, has tried unsuccessfully to build a U.S. audience in the past, and appears to have given up that plan. Momo, another Chinese messaging service, has a similar story. That might make a company like Twitter, which has 66 million U.S. users and lots of business partnerships with U.S. advertisers, an attractive option to Chinese tech giants like Tencent, Alibaba and Baidu.
The case against a Chinese buyer (Kara): Have you all heard about the Committee on Foreign Investment in the United States? Well, welcome to the committee that would say "no" to such a deal tout de suite. As it notes on its website, "CFIUS is an inter-agency committee authorized to review transactions that could result in control of a U.S. business by a foreign person (‘covered transactions’), in order to determine the effect of such transactions on the national security of the United States."
In other words: The deal busters.
Simply put, the U.S. will not let Chinese interests own a global platform like Twitter. You think Trump is mean to the Mexicans? Imagine what he’d say about this sale. Same with Hillary Clinton and pretty much everyone else in D.C.
Salesforce
Justin Sullivan / Getty
The case for Salesforce (Kurt): Well, Salesforce just bought Quip, whose CEO, Bret Taylor, recently joined Twitter’s board. Some people think he’d be a good fit to run Twitter’s core product, too, although he says he’s not interested. Otherwise ... I got nothing. Kara?
The case against Salesforce (Kara): I got nothing. While CEO Marc Benioff likes to buy things, according to sources at Salesforce, these rumors about his interest in Twitter are just that, and such a purchase is unlikely. But it is a fun idea, because Benioff is fun!
Private Equity
Andy Dean Photography / Shutterstock
The case for private equity (Kara): What a wonderful world it would be if Twitter could be run in a quiet place, instead of being perpetually naked in the middle of Times Square as it is now. It could cut costs, thin down, focus and maybe finally realize its very unrealized potential.
All gone would be the persistent detractors (Saccattack!), the shareholder activists (who are gathering even now for a new attack), the irksome media (I blame myself) and all the leaky board members, employees, ex-employees and sundry players.
Sounds dreamy? It is! Calling Silver Lake, stat!
The case against private equity (Kurt): I blame Kara, too! The biggest issue here is price. Twitter is just too expensive as it stands right now for most private equity firms to justify purchasing. These kinds of deals usually happen when a business actually makes money — investors want some kind of return on their investment — and Twitter is still losing money each quarter.

(TechCrunch) Apple’s iPhone 7 will be super limited in stores and all jet black

Apple’s iPhone 7 will be super limited in stores and all jet black and Plus models are sold out

Apple has issued a statement tonight that is essentially setting expectations for those who hoped they’d be able to walk into an Apple store on Friday and pick themselves up an iPhone. The statement makes it clear that all iPhones will be in short supply for walk-in customers without a reservation.
The statement also indicates that Apple’s jet black iPhones and all iPhone 7 plus models in all colors have sold out completely in the initial online ordering period and thatno inventory will be available.
Yep, that’s right, if you want an iPhone in jet black, just order it online and wait – you won’t find one in stores.
This matches what I’ve heard which is that jet black iPhone 7s are incredibly hard to come by – even for employees and executives inside Apple – especially the Plus models. Most reviewers and other early birds got matte black iPhone 7 Pluses to test – I only know of one exception.

I personally love the jet black finish and, regardless of a tendency to scuff, am really attached to it on my review iPhone 7. I’ll be waiting to buy a jet black Plus.
Apple’s statement is below:
We couldn’t be happier with the initial response to iPhone 7 and iPhone 7 Plus, and we are looking forward to beginning sales through our retail stores and partners around the world.
Beginning Friday, limited quantities of iPhone 7 in silver, gold, rose gold, and black will be available for walk-in customers at Apple retail stores. During the online pre-order period, initial quantities of iPhone 7 Plus in all finishes and iPhone 7 in jet black sold out and will not be available for walk-in customers. Availability at partner locations for all finishes may vary and we recommend checking directly with them.
Customers can continue to order all models in all colors on apple.com. We sincerely appreciate our customers’ patience as we work hard to get the new iPhone into the hands of everyone who wants one as quickly as possible.

>>> What to look at today - 15th of September 2016

Dow-0.18% S&P-0.06% Nasdaq+0.36% Russell-0.06%
US Market closed mix with major index lower & Tech index higher. Volatility in Crude oil has been a catalyst today. Energy component was under pressure as participants responded to a mixed reading of the API report. The API reported that crude oil stockpiles rose by 1.4 million barrels (last: -12.0 million barrels) while gasoline inventories fell by 2.4 million barrels (last: -2.40 million barrels). WTI crude initially spiked on the news, but was unable to maintain position above the $45.00/bbl price level. Crude oil ended its day near its low, sliding 3.0% ($43.58/bbl; -$1.34). The consumer staples (-0.3%), financial (-0.3%), and energy (-1.2%) sectors ended at the bottom of the leaderboard while consumer discretionary (UNCH), utilities (+0.5%) and technology (+0.6%) led. Today volume were below average with 872mil shares. US After Hours APOG +6.5% following earnings/guidance, AERI +64% on clinical trial update... SBLK -4.1% following earnings/offering. Asian equity markets are mixed with volatility remaining compressed as China, Taiwan, and Korea indices remained untraded in observance of Mid-Autumn Festival. Rate decisions from SNB and BOE loom large in the upcoming European session, while stateside the focus falls on the upcoming retail sales data on Thursday morning. Outlook for the BOJ next week is also playing into the overall uncertainty, with two separate press reports tipping in favor of more easing.

Nikkei -1.37% Hang Seng +0.41% CSI closed Shanghai Closed

Eur$1.1242 CNH 6.6699 VNY 6.6747 GBP 1.3244 CHF 65.2140 RUB 65.2135 WTI$ 43.74 (I+0.37%)

S&P +0.09% EuroStoxx -0.30% Dax -0.33% SMI -0.25%

Macro :
-Hedge Fund Industry Growth ‘Unwelcome,’ Says Caxton’s Andrew Law
- Bank of England Gauges Brexit Tactics as Rate Seen Kept at 0.25%
- Ford, Rolls-Royce Skip Paris as Car-Show Glitz Fades in Web Age
- EU28 August Car Registrations Rise 10% Y/y to 0.819m Units

Keep an eye on :
- ABBN VX : Cevian Raises ABB Stake to 6.2%
- ABI BB : Kirin could bid for SABMiller’s CEE assets (€5bil valuation) - Puls Biznesu
- AIR FP : Boeing Discussing Stretching 737 Max With Customers: CEO
- ALSO SW : *SCHINDLER HOLDS LESS THAN 10% OF ALSO
- ALOCT FP : Accenture to acquire 47.4% stake for €22.50/shr; intention to acquire remaining shares
- AMUN FP : Amundi, Credit Agricole Combine Real-Estate Management Units
- APPL US : Apple Says Initial IPhone 7 Plus Sold Out For Its Retail Stores
- AREVA FP : Areva Sells Share in Offshore Wind Business Adwen to Gamesa
- BSLN SW : Basilea in Pact With Asahi Kasei in Japan for Isavuconazole
- BAYN GY : Bayer Pharma Strategy to Focus on Smaller Deals: Manager Magazin
- BMPS IM : Monte Paschi Names Marco Morelli CEO, Effective From Sept. 20
- BMPS IM : Monte Paschi Chairman Quits Ahead of EUR5b Capital Hike: FT
- CABK SM : ECB Approves Jordi Gual as CaixaBank Non-Executive Chairman
- DBAN GY : Deutsche Beteiligungs to Increase Capital by 10% New Shares Sale
- DBK GY : Deutsche Bank to Give Back Gains, No Quick Fixes: Macquarie
- DL NA : Ordina Says Jo Maes to Become CEO as of April 1, 2017
- EDF FP : U.K. Said to Approve EDF’s 18-Billion Pound Nuclear Project
- EDF FP : EDF’s Dalkia Buys Groom Energy Solutions in US, Le Figaro Says
- G IM : Generali Best Insurer, Swiss Re Upgraded to Neutral: Mediobanca
- HLAG GY : More takeovers expected in the shipping industry, says Hapag-Lloyd CEO
- KEMIRA FH : Kemira confirms evaluating targets
- KORI FP : Korian 1H Ebitda Increases, Co. Raises FY Ebitda Margin Target
- MONC IM : Fosun International once had interest in Prada, AIA Group and Moncler http://bit.ly/2czfrtB
- SAP GY : SAP Commits $1b to Invest in Global Tech Startups
- SIE GY : Siemens Agrees to $5.6b Argentina Infrastructure Project
- SOON VX : Sonova CEO Says AudioNova to Contribute Substantially to 2H
- TELIA SS : Telia Says U.S., Dutch Authorities Propose Settlement of ~$1.4b
- TKA AV : America Movil Doesn’t Plan Telekom Austria Delisting, APA Says
- TOD IM : Tod’s 1H Ebitda In Line, Sees Reaching Good Results in Next Year
- WFC US : Wells Fargo Said Investigated by Federal Prosecutors: CNBC
- ZC FP : Zodiac Aerospace FY Sales Beat Estimates

>>> Europe : Brokers Upgrade & Downgrade - 15th of September 2016

>>> Up
*COCA-COLA HBC RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*DICK’S SPORTING GOODS RAISED TO OUTPERFORM AT OPPENHEIMER
*FRESNILLO RAISED TO NEUTRAL VS SELL AT UBS
*MONCLER RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*SUEZ RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*SWISS RE RAISED TO NEUTRAL VS UNDERPERFORM AT MEDIOBANCA
*TRANSOCEAN RAISED TO HOLD VS SELL AT CANACCORD

>>> Down
*ARCH CAPITAL GROUP CUT TO EQUALWEIGHT AT BARCLAYS
*DUNELM CUT TO HOLD VS BUY AT CANACCORD
*FERRELLGAS PARTNERS CUT TO UNDERPERFORM VS SECTOR PERFORM: RBC
*HARGREAVES LANSDOWN CUT TO SELL VS BUY AT LIBERUM
*NESTE CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*PETROFAC CUT TO HOLD AT JEFFERIES
*SPORTS DIRECT INTERNATIONAL CUT TO NEUTRAL VS BUY AT CITI
*SSAB CUT TO UNDERPERFORM AT RBC CAPITAL
*TGS NOPEC CUT TO SELL AT NORDEA
*TOPDANMARK CUT TO HOLD AT HSBC
*TRYG AS CUT TO REDUCE AT HSBC

>>> PT Change


>>> Initiation
*CCEP RATED NEW NEUTRAL AT CREDIT SUISSE, PT EU37
*ELISA OYJ RATED NEW EQUALWEIGHT AT MORGAN STANLEY; PT EU35
*RPC GROUP RATED NEW BUY AT BERENBERG; PT 1,050P
*SANNE GROUP RATED NEW BUY AT BERENBERG; PT 600P

>>> Call

>>> Kemira confirms evaluating targets

Kemira confirms evaluating targets

Kemira, the Finnish chemicals supplier, confirms it is evaluating targets, according to Kauppalehti Online. Kemira plans to continue to evaluate acquisition opportunities to boost its growth, the Finnish newswire cited a statement from the company and wrote.

The news is a company confirmation to an unsourced report published by this newswire in which a person familiar with the situation said the Finnish company could step up its M&A activity once the paper chemicals business it acquired from AkzoNobel last year has been fully integrated.

Kemira has also launched an efficiency improvement programme.

>>> Fosun International once had interest in Prada, AIA Group and Moncler

Fosun International once had interest in Prada, AIA Group and Moncler

Fosun International [HKG: 0656] has once had interest in Prada [HKG: 1913], AIA Group [HKG: 1299] and Moncler [BIT:MONC], the online edition of Hong Kong Economic Journal reported.

The Chinese-language news report cited chairman Guo Guangchang as saying during an interview with the China Central Television (CCTV) that the company once had several projects that it wanted to do but did not materialize. Fosun International was not well prepared in terms of its capital structure and plans to expand internationally then, Guo said.

Fosun International once had interest in Prada, AIA Group and Moncler, he went on to say. However, he did not disclose the exact time when Fosun had interest in these companies, the report added.

>>> More takeovers expected in the shipping industry, says Hapag-Lloyd CEO - rep

Fosun International once had interest in Prada, AIA Group and Moncler

Fosun International [HKG: 0656] has once had interest in Prada [HKG: 1913], AIA Group [HKG: 1299] and Moncler [BIT:MONC], the online edition of Hong Kong Economic Journal reported.

The Chinese-language news report cited chairman Guo Guangchang as saying during an interview with the China Central Television (CCTV) that the company once had several projects that it wanted to do but did not materialize. Fosun International was not well prepared in terms of its capital structure and plans to expand internationally then, Guo said.

Fosun International once had interest in Prada, AIA Group and Moncler, he went on to say. However, he did not disclose the exact time when Fosun had interest in these companies, the report added.