>>> Nordnet board recommends raised offer by Nordic Capital at SEK 38 per share

Nordnet board recommends raised offer by Nordic Capital at SEK 38 per share
Link to Statement : https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=753226&lang=en
The board of Nordnet has today issued a statement in relation to the public offer by NNB Intressenter, according to stock exchange announcement.
The Board of Nordnet unanimously recommends that the shareholders of Nordnet accept NNB Intressenter’s cash offer at SEK 38 (EUR 4). This statement is made by the Board of Nordnet AB (publ) (“Nordnet”) pursuant to Rule II.19 of Nasdaq Stockholm’s Takeover Rules (the “Takeover Rules”).
Background
On 25 October 2016, Nordic Capital Fund VIII (“Nordic Capital”) and Ohmangruppen, through NNB Intressenter AB (“NNB Intressenter”), announced a public offer to the shareholders of Nordnet to transfer all shares in Nordnet to NNB Intressenter (the “Offer”). NNB Intressenter initially offered SEK 37 (EUR 3.87) in cash for each share in Nordnet, but has today, 9 January 2017, announced that the Offer is increased to SEK 38 per share. The acceptance period for the Offer ends on 23 January 2017.
Together, Ohmangruppen and Nordic Capital owned and controlled, at the announcement of the Offer, in aggregate 67.5 per cent of all shares in Nordnet. On 26 October 2016, NNB Intressenter announced that Nordic Capital had acquired additional shares in Nordnet, corresponding to 4.7% of the shares. Together, Ohmangruppen and Nordic Capital own and control, as of 9 January 2017, in aggregate 72.3% of all shares in Nordnet. Öhmangruppen and Nordic Capital will, subject to completion of the Offer, contribute all of their Nordnet shares to NNB Intressenter.
The Offer values all shares in Nordnet at SEK 6.651bn (EUR 696m), based on 175,027,886 outstanding shares of which 614,079 shares are held in treasury by Nordnet.
The Offer represents a premium of approximately:
  • 29% compared with the closing price for the Nordnet share on 24 October 2016, the last trading day prior to the announcement of the Offer, of SEK 29.5 (EUR 3.08);
  • 32% compared with the volume weighted average price paid for the Nordnet share during the last 30 calendar days prior to the announcement of the Offer of SEK 28.8 (EUR 3); and
  • 41% compared with the volume weighted average price paid for the Nordnet share during the last six months prior to the announcement of the Offer of SEK 27 (EUR 2.82)
Completion of the Offer was initially conditional upon, inter alia, that the Offer is accepted to the extent that NNB Intressenter will become the owner of more than 90% of the total number of shares in Nordnet, after full dilution. NNB Intressenter has now waived this condition so that completion of the Offer is no longer conditional upon that shareholders accept the Offer to a certain extent. All other conditions for the Offer, as set out in the offer document published on 2 December 2016, remain unchanged.
Shareholders who have tendered their shares in Nordnet at SEK 37 in cash per share will automatically benefit from the increased consideration in the Offer of SEK 38 in cash for each share in Nordnet without further action.
In addition, NNB Intressenter has announced that no further increases will be made and that the consideration in the Offer at SEK 38 for each share in Nordnet thus is final.

REuters - Oil prices fall as Iran's exports surge, U.S. adds more rigs

Oil prices fall as Iran's exports surge, U.S. adds more rigs

Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th straight week.

Brent crude futures LCOc1 were trading at $56.70 per barrel at 0745 GMT, down 40 cents, or 0.7 percent, from their previous close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $53.59 per barrel, down 40 cents, or 0.74 percent.

The lower prices were a result of rising exports from Iran that come just as other members of the Organization of the Petroleum Exporting Countries (OPEC) cut supplies in an effort to end a global glut.

Iran has sold more than 13 million barrels of oil held on tankers at sea, capitalising on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data, reducing the quantity of oil it stores on tankers from 29.6 million barrels last October to just 16.4 million barrels now.

Iran's surging tanker exports were not the only indicator of plentiful supplies.

Last week, U.S. energy companies added oil rigs for a tenth week in a row, extending a recovery in activity into an eighth month as crude prices remained at levels at which many drillers can operate profitably.

"The next leg up in prices probably won't occur until the traders see evidence that production levels are falling. In the meantime, rising U.S. drilling activity and output is likely to keep prices in check," ANZ bank said on Monday.

Drillers added four oil rigs in the week to Jan. 6, bringing the total count to 529, the most since December 2015, energy services firm Baker Hughes Inc (BHI.N) said on Friday.

As a result of the increased drilling, U.S. oil output C-OUT-T-EIA has risen by over 4 percent from its 2016 low to almost 8.8 million barrels per day, although production remains 8.74 percent below its 2015 peak.

In Iraq, OPEC's second-biggest producer, a record volume of 3.51 million bpd were exported from its port in Basra in December, officials said on Monday, although they added that the country would comply with its commitment to lower output by an average of 210,000 bpd from January.

Iraq raised its February official selling price (OSP) for Basra Light crude to Asia by $0.50 to minus $0.90 a barrel against the average of Oman/Dubai quotes from the previous month, the State Oil Marketing Organization (SOMO) said on Monday.

In Russia, oil and gas condensate output were cut by 1.2 percent to 11.3 million bpd as of Jan. 6 from Dec. 29.

Reuters - Automakers, suppliers team up to share costs of self-driving cars

let's talk of Tom Tom again...clearly a target for me in this logic...stock is trading highs levels with volume...
{TOM2 NA Equity GPC D <GO>}



Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens.

While some companies, such as Tesla Motors, General Motors and Ford Motor, are trying to develop proprietary driverless systems, a larger group of automakers appears to have decided it makes more sense to develop self-driving technology in collaboration with suppliers – as many other features such as anti-lock brakes or radar-enabled cruise control already are.

"What's going on in the industry right now is like a hyper version of musical chairs - and the music is still playing," said Gill Pratt, chief executive officer of Toyota Research Institute. "Everyone is changing partners."

Several suppliers - notably Mobileye, Nvidia and Delphi Automotive - are among the more popular technology partners in the self-driving race, with multiple alliances around the globe.

"If you want to build a truly autonomous car, this is a task for more than one player," said Amnon Shashua, chief executive of Mobileye, an Israeli-based supplier of mapping and vision-based sensing systems.

"The technological challenges are immense," Shashua told Reuters. "I would compare it to sending a man to the moon."

Mobileye supplies cameras, chips and software for driver assist systems - the building blocks for self-driving cars - to more than two dozen manufacturers around the globe. The company was an early supplier of vision systems to Tesla, but the two companies had an acrimonious and public breakup last summer after the driver of a Tesla Model S was killed while operating his vehicle using Tesla's Autopilot system.

Since the break with Tesla, Mobileye has secured two critical partnerships to develop self-driving systems: With German automaker BMW and U.S. chipmaker Intel, and with longtime supplier Delphi.

The Delphi-Mobileye alliance involves a turn-key system that the partners plan to offer to smaller automakers that lack the resources to develop such systems on their own. It will be ready for production by 2019, said Jeff Owens, Delphi's chief technology officer, with a projected wholesale cost of about $5,000.

The alliance with BMW and Intel is expected to draw additional vehicle manufacturers and suppliers, according to Elmar Frickenstein, BMW's senior vice president for automated driving.

"We would like to create a standard system for everybody to use by 2021," Frickenstein said. "That would share the costs and speed up the process of development and adoption."

Eventually, BMW and its partners could offer self-driving hardware and software sets or an entire driverless system on a non-exclusive basis to companies ranging from Uber [UBER.UL] to Google, Frickenstein said.

A blueprint for collaboration is BMW's joint ownership with Daimler AG and Volkswagen AG's (VOWG_p.DE) Audi of Here, the mapping company acquired in late 2015 from Nokia. Since then, both Intel and Mobileye have teamed with Here to pool and share data.

Chipmaker Nvidia also is ramping up its partnerships in self-driving technology and systems, this week announcing deals with Audi and Here, as well as German suppliers ZF [ZFF.UL] and Bosch [ROBG.UL].

"We're not looking to develop a proprietary system," said Dirk Hoheisel, the member of Bosch's board of management who oversees autonomous driving. "We want to work with others to develop a standard platform and open standards for self-driving systems, especially around data and mapping."

While pursuing similar partnerships with suppliers, Audi sees its role as a vehicle manufacturer evolving to that of systems integrator.

"There's not one supplier out there who can provide the whole solution - no one who knows everything, every part of what's needed to make an autonomous car," said Alejandro Vukotich, Audi's head of development for driver assistance systems.

Some key components of self-driving systems - cybersecurity, for instance - should remain the responsibility of vehicle manufacturers, said Guillaume Devauchelle, head of innovation and scientific development at French supplier Valeo.

But carmakers also will continue to rely on suppliers to provide specific self-driving technologies, he said.

"There will be a mix because it's quite a complex system (with) sensing, data fusion, artificial intelligence, connectivity, man-machine interface and so on," Devauchelle said. "Those are big blocks."

>>> Pre-Market Indications

CS
Air France +1% Traffic stats - increase in traffic, loadfactor (+2.5 pt)
Bookmakers -1-2% Negative read from William Hill results
Centamin +2-3% FY production 551k ounces vs guidance 520-540k
Dialog Semi +1% Pre-announced Q4 revs of $365m - guidance was $345-375m
DNB +1% CS UPGRADE to NEUTRAL (Offshore downturn risk)
Ericsson -1-2% CS DOWNDGRADE to UNDERPERFORM (Slower recovery)
Fre Med -0.5% Regulation threatens to put an end to premium assistance
Lufthansa -0.5-1% Reported on Friday, earnings growth remains a challenge
Meyer Burger +3-5% Reveives orders for CHF 20m, upgraded by a peer
Miners +1-2% Copper +0.30%, Brent -0.15%, Iron Ore +6.00%, China +0.30%
Petrofac +3% Oman gas contract win close to $600m
Richemont +1% Tag Heuer CEO sees return to growth for Swiss watchmaking
SHB -1% CS DOWNGRADE to UNDERPERFORM (Earnings headwinds)
Swatch +1% Tag Heuer CEO sees return to growth for Swiss watchmaking
TGS +1-2% Q4 revs $165m vs cons $110m
Tui +1-2% Mulls sale of Travelopia + Mordashov buys TUI shares
Volkswagen -0.5% FBI said to have arrested VW managers [NYT]
Wirecard +2% CS UPGRADE to NEUTRAL (Metrics not deteriorating)

MainFirst Pre Mkt Indications
*FIAT-To invest $1b in Midwest Plants, Add 2,000 Jobs................U/C
*FRES MEDICAL-Says New U.S. Regulation will impact business..........-4%
*TUI-Considers sale of Travelopia to Kuoni,as well as KKR-Press......+0.5%
*LHA-Confirms 2016 view, Sees ‘Clearly Negative’ Pricing.............-0.5%
*SANOFI-Has capacity to make acquisitions - CEO Tells Figaro.........-0.5%
*VW-Near resolving Criminal Investigation,FBI arrest manager.........+0.5%
*DIALOG-Q4 Rev $365m(371),FY Rev $1.198b(1.2b),Finals due 23/2.......-0.5%
*WIRECARD-Concardis is likely be sold to Bain and Advent €700m.......+1%
*LVMH-Jean-Claude Biver (TAG) is +ve on Swiss Watch Inds for '17.....+0.5%
*DAIMLER-Mercedes has reached more than 2mln unit sales in 2016......+0.5%
*CS-Saw external asset management outflows in Q4(out Friday)-F&W.....U/C
*ROCHE-FDA grant priority review for Tecentriq (atezolizumab)........+1%
*AIR FRANCE-Dec 7.6%,Passengers 7.2m,Travsavia +37.4% to 0.8m........+1%
*ADIDAS-Pou Sheng -21% as fire CFO over sales records(90% ADS/Nike)..+0.35%
*RICHEMONT/SWATCH-Read across from LVMH comments(always bullish).....+0.5%
*AHOLD-Starts $1bln buyback program..................................+0.5%


Investec

Euro  
* AHOLD DELHAIZE-starts $1bn buyback ............................+0.5%
* AIR FRANCE-Dec Traffic +7.6%, load factor +2.7% YoY.....................+1.5%
* CS-saw asset management outflows in Q4 (FUW)..............................U/C
* DIALOG SEMI-FY prelim numbers are in line with ests.....................+0.5%
* FIAT-to spend $1bn on US plant, expand Jeep range.........................+1%
* FRESENIUS MED-says US regulation will have impaact, joins lawsuit.........-3%
* GECINA-replaces CEO,accelerate strategy,become a leading real estate grp..+1%
* IPSEN-pays $1bn for cancer assets from Merrimack..........................U/C
* LHA-sees -ive yld trend,reit ebit f/c,speaking at conf today(-3% Fri).....U/C
* LVMH-head of Tag Heuer sees return to growth in 2016......................+1%
* SWEDISH ORPHAN-CEO to leave, board wants more presence in Stockholm.......+1%
* TUI-considers sale of Travelopia to Kuoni(CityAM). Was rmrd previously....+1%
* VW- FBI arrest fmr VW manager on conspiracy charges(NYT)................-0.5%
Other
* BRUNELLO CUCINELLI-Q4 due after close
* CONTI-Q4 due this morning
* DANONE-WhiteWave extends long stop date, still sees Q1 close on deal.
* GALENICA-Sprint 'no longer holds stake'(had 9%).
* IAG-Traffic Stats due this afternoon
* US Co's reporting: Global Payments
UK
* AMINEX-In line update from Ntorya-2 well.................................unch
* BOOHOO-Confirms US Bankruptcy Court approved sales of Nasty Girl assets..unch
* CENTAMIN-Update.Strong Q4. Raises FY guidance. Raising div................+5%
* GENEL-Peshkabir 2 discovery(Broker d/g away)............................+2-3%
* ITV-"Keep watching ITV - the takeover talk may come true" (S.Telegraph)..+1/2%
* LADRBOKES CORAL-Read across from WMH miss.................................-2%
* LLOYDS-Another 1% reduction in Gvt stake (now 5.95%).....................unch
* PETROFAC-Awarded $600m Oman gas project...................................+2%
* SAFESTORE-FY.Rev & EBITDA ahead. Div +21%. Positive outlook stmnt.........+2%
* SPIRENT-New customer win in China for V2X test system.....................+1%
* SPORTSDIRECT-Considering further brand sales(D.Mail/S.Telegraph).........+1/2%
* VODAFONE-Seeks partner for struggling Indian Business(S.Telegraph).......unch
* WILLIAM HILL-Update.OpProf £260m(bottom end).GWM weaker.Sees better '17...-5%
* ZOTEFOAMS-Update.Solid finish to yr.FY to be in line.No chg to #'s........+1%

>>> Dong Energy's tax losses could help attract interest from Maersk Oil - repor

Dong Energy's tax losses could help attract interest from Maersk Oil - report (translated)

Dong Energy's tax losses could be another reason for the Danish energy company's Danish peer, Maersk Oil, to buy Dong's oil and gas operations, according to Berlingske Tidende.
The Danish daily reported, without citing any specific sources, that Dong Energy has tax losses of DKK 23.7bn (EUR 3.2bn) with the Danish government which it is not able to take advantage of any time soon. However, Maersk has significant operations in Denmark and would therefore benefit from them.
The paper cited a Jyske Bank analyst who said that it looks like Dong wants to sell its oil and gas unit in one go and it seems likely that it will sell to a buyer which can utilize the deductions. He speculated that Maersk Oil and other companies are likely interested but he pointed out that a buyer would have to hydro carbon revenues in order to use the deductions which are reportedly connected to previous Danish rules regarding hydro carbon.

FT : Saudi Aramco gets ready for ‘no ordinary IPO’



From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 01/08/17 19:31:11
Subject: FT : Saudi Aramco gets ready for ‘no ordinary IPO’
Saudi Aramco gets ready for ‘no ordinary IPO’ - http://on.ft.com/2i7lk6U
Largest oil producer must resolve issues on shape, tax and listing location

A year ago Mohammed bin Salman, Saudi Arabia’s deputy crown prince and the power behind the throne, electrified the global energy industry by revealing plans to float the world’s largest oil producer.

The ambitious proposal for an initial public offering in state-owned Saudi Aramco is the centrepiece of the hard-charging 31-year-old’s vision to overhaul an economy seen as too heavily dependent on natural resources.
One year on from Prince Mohammed’s statement of intent, many key issues are still to be resolved: notably those pertaining to the precise shape of Saudi Aramco as a public company, its tax rate and dividend policy, and where it will take a stock market listing.
But Saudi officials and advisers who are scrambling to secure work on the flotation say one thing is clear: this is no ordinary IPO.
“This listing is different to every other in terms of scale, the nature of the offering, the uncertainties around it, the timeline, the process,” says one person who has discussed the IPO planning with Saudi officials. “Nothing about it is comparable.”
Saudi officials are seeking to transform Saudi Aramco into the world’s most valuable publicly traded company, which they say is worth about $2tn.
Those close to the planning say the sale of a 5 per cent stake should happen next year, although the number of shares sold could increase, and the IPO timing could slip.
Saudi Aramco declined to comment. Saudi government officials were unavailable to comment.
Advisers are fully aware the IPO plans are being driven by Prince Mohammed, the son of King Salman bin Abdul Aziz al-Saud.
They say a successful flotation is essential to the deputy crown prince’s radical efforts to wean the kingdom off oil through his Vision 2030 programme, which aims to diversify the Saudi economy and create jobs.
The slump in oil prices since 2014 unleashed a sharp economic slowdown in Saudi that has prompted criticism of the ruling royal family by the country’s citizens, and Prince Mohammed wants to use the IPO proceeds for investments in non-oil industries — from technology and manufacturing to tourism.
“The state can no longer afford to allow see-sawing [oil] prices to disrupt its ability to govern,” says Jim Krane, a Middle East energy expert.

What’s in the IPO and what’s out
Saudi Aramco is heavily entwined with the Saudi state. Although its core operations are focused on producing and refining oil, the company conducts an array of other activities on behalf of the government.
These functions have included operating hospitals, running education programmes and building sports stadiums.
But to achieve the highest possible valuation in the IPO, there is a drive under way to streamline the company that would be taken public, so that it resembles one of the large international oil groups rather than a sprawling conglomerate.
The so-called integrated western majors have an upstream division responsible for exploration and production, and a downstream unit that refines crude.
“A lot of housekeeping and spring cleaning needs to be done before any listing can happen,” says a second person familiar with Saudi Aramco’s IPO planning. “Aramco needs to present itself as a company that is focused. Anything that is not for a strategic purpose will need to be removed.”
Staff at Saudi Aramco have spent months untangling the company’s finances from those of the government, and separating its core oil operations from projects that reflect its broader role in Saudi society.
Saudi Aramco aims to exclude as many of these non-oil projects as possible from the company that floats, by establishing joint ventures and other arrangements to take responsibility for such activities.
The company is working with the government to create a project management entity that can handle development of critical infrastructure, says one person with knowledge of the matter.

Who’s in charge, tax and the dividend
Under the IPO plans, the Saudi government will remain Saudi Aramco’s controlling shareholder, having the final say over production levels and management of the kingdom’s oil reserves.
Saudi Aramco executives are keen to resolve issues around payments it makes to the state in the form of taxes and royalties, because this will heavily influence its dividend policy, and therefore the company’s IPO valuation.
Historically, Saudi Aramco’s profits have been taxed at 85 per cent, and it pays a 20 per cent royalty on its oil production to the state, say two people close to the company.
The company has discussed the case for reducing its tax rate to about 50 per cent, although this has not been finalised, and requires government approval.

Timing should be everything
Getting a flotation away in 2018 is no easy task for Khalid Al Falih, the Saudi energy minister and chairman of Saudi Aramco.
Saudi Aramco pushed last year to overhaul its accounts so that its financial reporting in 2017 could be used in its IPO regulatory filings, say several people close to the company.
But the government will need to set out a new tax regime for Saudi Aramco before it can produce its 2017 figures in this manner, and generate pro-forma accounts for the previous two years.
Meanwhile a third-party audit of the kingdom’s oil reserves — estimated at 260bn barrels by Saudi Aramco last year — has been conducted, say two people familiar with the work.
Releasing audited accounts and reserves would be an unprecedented exercise in transparency by the company. Saudi Aramco has never issued a set of financial statements, and the country’s reserves data has been questioned by experts because the figures have barely fluctuated since the 1980s.

Where will Saudi Aramco find a home?
Another big outstanding question is the location of Saudi Aramco’s stock market listing. People close to the company say a primary listing is most likely overseas, with a secondary one in Riyadh.
While New York is being considered for the primary listing, US legislation that allows families of victims of the 9/11 attacks to sue Saudi has complicated matters. London is seen as prestigious, and Asian exchanges, including Hong Kong and Tokyo, are also being discussed.
The listing, disclosure and corporate governance rules associated with these overseas exchanges could have a significant influence on which one Saudi Aramco selects.
For example, companies on the London Stock Exchange are required to have a free float of not less than 25 per cent of their shares, although the authorities can permit a listing that does not meet this threshold in certain instances.
“In order to be able to list Aramco . . . and get the sort of valuation that the Saudis are hoping for, Aramco will need to open its books and increase transparency, including with independently audited reserves, to an extent it has not previously,” says Jason Bordoff at Colombia University’s Centre on Global Energy Policy.

>>> What to look at today - 9th of January 2017

Asian equity markets build on recent gains in the wake of steady US jobs data on Friday and further strength in US equities. In FX, USD is up for the 2nd straight session, with most pronounced gains vs JPY and GBP. USD/JPY is up about 50pips amid renewed selling in US Treasuries, while GBP/USD was weighed down by comments from UK PM May reiterates commitment for Britain to leave the single market. China FX reserves fell for the 6th straight month to $3.01T, though the decline of $41B was slightly less than consensus drop of $51B. For the year, FX reserves fell $320B - a smaller decline than record high $513B in 2015. Speaking after the release, PBoC adviser Fan Gang said the authorities intervention in curbing outflows has not been significant, and that longer term, the decline is a positive development desired by PBoC to be done smoothly. Fan added that China needs less reserves after the Yuan inclusion in SDR basket, and also played down the worries about China's financial system risks. Auto sector will remain in focus and likely on the crosshairs of President-elect Trump's tweets. GM CEO stated company is planning to keep small-car production in Mexico, given it made decisions on investment four years ago. Separately, Fiat announced a $1B investment in plants in Michigan and Ohio, with a promise to add 2,000 jobs.

Nikkei -0.34% Hang Seng +0.05% CSI +0.40% Shanghai +0.42%

Eur$ 1.0531 CNH 6.8751 CNY 6.9328 JPY 117.35 GBP 1.2184 CHF 1.0182 RUB 59.78 WTI $53.73 -0.48%

S&P +0.13% EuroStoxx +0.21% FTSE +0.51% DAX +0.25% SMI +0.35%

Macro :
- Fed’s Kashkari Optimistic New Congress May Reexamine Bank Rules
- Citadel’s Griffin Says Corp. U.S. More Leveraged Than Ever
- Fed’s Evans: Downside Risks Remain Amid Weak Global Growth
- Summers: Trump’s Deregulation Plan Sets Stage for Next Crisis
- SNB Expects Profit CHF24b for the 2016, Will Make Payout

Keep an eye on :
- ABG SM : Abengoa Said to Be in Final Talks to Sell Brazil Ethanol Unit
- AIR FP : Air France-KLM December Passengers Increase 7.6% to 7.2m
- AZA IM : Etihad Airways Says Meeting on Alitalia’s Business Plan Monday
- AVP US : Avon Products Rises to Highs; Call Volume 20.7x the 20-Day Avg
- ARAMCO IPO : Aramco Said to Have Discussed Reducing Tax Rate for IPO: FT
- BATS LN : BAT/Reynolds talks hit a bump over ‘heat vs burn’ technology - The Sunday Telegraph
- BT/A LN : Virgin Chooses BT Group for Wireless Network Order: Telegraph
- CSGN VX : Credit Suisse Said to Seek Buyers of Shell Assets: Inversor
- CSGN VX : Credit Suisse Saw External Asset Management Outflows in 4Q: FuW
- DAI GY : Nvidia and Mercedes-Benz to bring an AI car to market within a year - Recode.net - http://tcrn.ch/2iRx7Fd
- DAI GY : Mercedes-Benz Deliveries Climb 11.3% in 2016, Daimler Says
- BN FP : WhiteWave Extends Long Stop Date on Danone Deal by 90 Days
- RLD SW : Edmond de Rothschild Asset Mgmt to Exit U.K. Market: Telegraph
- ENGI FP : Engie Says Didier Holleaux to Replace Sandra Lagumina
- EURN BB : Euronav looking for takeover candidates - De Tijd
- DLG GY : Dialog Semi Preliminary FY Revenue In Line With Ests.
- DNO NO : DNO Makes Oil Discovery at Peshkabir Field in Iraqi Kurdistan
- FCA IM : Fiat Chrysler Recalls Est.86,403 Older-Model SUVs for Airbags
- FMC GY : Fresenius Medical Says New U.S. Regulation Will Impact Business
- GFC FP : Gecina Appoints Meka Brunel as CEO, Replacing Philippe Depoux
- GBX US : Greenbrier Jumps 18% as Year EPS View Beats, Peers Gain
- IPN FP : Merrimack Said Near Deal With France’s Ipsen: Reuters, Ipsen to Pay Merrimack Up to $1.03b for Cancer Assets
- KORI FP : La grippe fait 13 morts dans une maison de retraite à Lyon
- KU2 GY : China’s Midea Settles Takeover of Kuka on Jan. 6
- LHA GY : Lufthansa Confirms 2016 View, Sees ‘Clearly Negative’ Pricing
- MC FP : TAG Heuer CEO Sees Return to Growth for Swiss Watchmaking: SamS
- NTG LN : Northgate received takeover approach from Redde last summer; others circle - Sunday Telegraph
- NOVN VX : Ionis Sees ’16 Pro Forma Net Op Income in Low-to-Mid $20m Range
- ORA FP : France’s Arcep May Allocate 2.6 GHz, 3.5 GHz Bands in 2nd Half
- ROG VX : Illumina Call Volume Jumps as Stock Rallies Before Conference
- ROG VX : FDA Grants Genentech’s Tecentriq (Atezolizumab) Priority Review
- SCYR SM : Sacyr Claims for Panama Works Excess Costs Rise to $5.7b: Pais
- SAN FP : Sanofi Has Capacity to Make Acquisitions: CEO Tells Figaro
- SIE GY : Siemens, Marubeni Set to Win Thai Power Plant Order: Nikkei
- SOI FP : Soitec Starts 1-For-20 Reverse Stock Split
- UHR VX : TAG Heuer CEO Sees Return to Growth for Swiss Watchmaking: SamS
- TII CN : Terra Firma Said to Revive Sale of Wind Farm After Brexit Delay
- TOM2 NA : Automakers, suppliers team up to share costs of self-driving cars - http://reut.rs/2iRp8rN
- TUI1 GY : Germany’s TUI Considers Sale of Travelopia to Kuoni: City A.M.
- TRI FP : Trigano in exclusive talks to acquire Adria
- UBSG VX : UBS CEO Says He Welcomes Basel Committee Decision Delay: NZZ
- UBSG VX : UBS’ Weber Sees ‘Rocky Road’ Ahead for Global Economy
- VIV FP : Ubisoft Says Assassin’s Creed Movie Is Doing ’Well’ Abroad
- VOD LN : Vodafone considers merging Indian unit with Jio, Idea; Telenor India and Tata DoCoMo seek buyers - Sunday Telegraph
- VOW3 GY : Volkswagen Recalls 2009-2010 VW, Audi Models on Brake Failures
- VOW3 GY : Audi 2016 Global Sales Up 3.8% at 1.87 Mln Cars: Welt
- VOW3 GY : FBI Said to Have Arrested Ex-VW Exec on Conspiracy Charges: NYT

>>> Europe : Brokers Upgrades & Downgrades - 9th of January 2017

>>> Up
*888 Holdings Raised to Buy at Peel Hunt
*Barclays Raised to Buy at Deutsche Bank, PT 270p
*DNB Raised to Neutral at Credit Suisse, PT NOK122
*Meyer Burger Technology Raised to Buy at Citi
*Michelin Raised to Overweight at JPMorgan
*Nokian Renkaat Raised to Overweight at JPMorgan
*Stabilus Raised to Overweight at JPMorgan
*Wirecard Raised to Neutral at Credit Suisse, PT EU45

>>> Down
*Banco Popular Cut to Sell at UBS, PT EU0.80
*Babcock Cut to Hold at Deutsche Bank, PT 1020p
*Continental Cut to Neutral at JPMorgan
*De La Rue Cut to Neutral at JPMorgan, PT 670p
*Ericsson Cut to Underperform at Credit Suisse, PT SEK44
*Genel Energy Cut to Underperform at Jefferies, PT 76p
*Handelsbanken Cut to Underperform at Credit Suisse
*Hella Cut to Neutral at JPMorgan
*National Express Group Cut to Neutral at JPMorgan, PT 358p
*Odfjell Drilling Cut to Hold at Nordea Securities, PT NOK16.50
*Qinetiq Raised to Hold at Berenberg, PT 275p
*RSA Cut to Sell at UBS
*Schaeffler Cut to Underweight at JPMorgan
*Telenet Cut to Underperform at Raymond James, PT EU47
*Teva Cut to Hold at Maxim
*Wienerberger Cut to Neutral at Davy
*Weatherford Cut to Equal-Weight at Barclays

>>> PT Change

>>> Initiation
*Cairn Energy Rated New Equal-Weight at Morgan Stanley, PT 260p
*Deutsche Boerse Resumed Buy at Citi, PT EU87
*DNA Rated New Buy at Nordea Securities, PT EU12.50
*DNA Rated New Overweight at Morgan Stanley, PT EU13
*DNA Rated New Overweight at JPMorgan, PT EU12.50
*DONG Energy Cut to Sector Perform at RBC, PT DKK280
*Glencore Reinstated Overweight at Barclays, PT 390p
*LSE Resumed Buy at Citi, PT 3400p

>>> Asian Update

Asia Mid-Session Market Update: China FX reserves slide for the 6th straight month, but remain above the critical $3T level

***Friday US markets on close: Dow +0.3%, S&P500 +0.4%, Nasdaq +0.6%***
- Best Sector in S&P500: Technology
- Worst Sector in S&P500: Real Estate
- Biggest gainers: ILMN +5.2%; AES +3.6%; EBAY +3.5%
- Biggest losers: REGN -5.8%; -5.7%; NEW -3.1%
- At the close: VIX 11.32 (-0.35pts); Treasuries: 2-yr 1.21% (+4bps), 10-yr 2.42% (+5bps), 30-yr 3.01% (+5bps)

***Weekend US Corporate Headlines***
- MCD: Citic confirms acquisition of controlling interest in McDonalds China assets in a deal valued at $2.1B
- GM: CEO: Planning to keep small-car production in Mexico despite the criticism from president-elect Trump - press
- MACK: Said to be close to deal to sell 'most developed products' to Ipsen - financial press
- FCAU: Announces $1B investment in plants in Michigan and Ohio; to add 2,000 jobs
- VRTX: Guides FY16 Rev $1.68B v $1.70Be(KALYDECO Rev $703M (prior $685-705M); ORKAMBI Rev $979M); Guides FY17 KALYDECO Rev $690-710M; ORKAMBI Rev $1.1-1.3B

***Politics***
- (IR) Former Iran president Rafsanjani has died at age 82; Seen as a blow to moderate and reformist politicians - press

***Key economic data:***
- (CN) CHINA DEC FOREIGN RESERVES: $3.011T V $3.052T PRIOR (6th consecutive decline)
- (AU) AUSTRALIA NOV BUILDING APPROVALS M/M: 7.0% V 4.5%E; Y/Y: -4.8% V -5.7%E
- (AU) AUSTRALIA DEC AIG PERFORMANCE OF CONSTRUCTION INDEX: 47.0 V 46.6 PRIOR
- (AU) AUSTRALIA DEC ANZ JOB ADVERTISEMENTS M/M: -1.9% V 1.6% PRIOR

***Asia Session Notable Observations, Speakers and Press***
- Asian equity markets build on recent gains in the wake of steady US jobs data on Friday and further strength in US equities. S&P/ASX200 is the best index among the majors, rising to 8-month highs above 5,800 despite the weakness in top mining names.
- In FX, USD is up for the 2nd straight session, with most pronounced gains vs JPY and GBP. USD/JPY is up about 50pips amid renewed selling in US Treasuries, while GBP/USD was weighed down by comments from UK PM May reiterates commitment for Britain to leave the single market.
- China FX reserves fell for the 6th straight month to $3.01T, though the decline of $41B was slightly less than consensus drop of $51B. For the year, FX reserves fell $320B - a smaller decline than record high $513B in 2015. Speaking after the release, PBoC adviser Fan Gang said the authorities intervention in curbing outflows has not been significant, and that longer term, the decline is a positive development desired by PBoC to be done smoothly. Fan added that China needs less reserves after the Yuan inclusion in SDR basket, and also played down the worries about China's financial system risks.
- Outside China reserves, economic data from Australia were mixed. Building approvals topped expectations, reversing last months biggest decline in 11 months. Conversely, ANZ Job Ads data posted a surprise decline, though ANZ economist says it does not imply labor market momentum is stalling, adding "Business and consumer confidence remain elevated, capacity utilization appears to be on the rise, and retail sales have strengthened recently."
- Auto sector will remain in focus and likely on the crosshairs of President-elect Trump's tweets. GM CEO stated company is planning to keep small-car production in Mexico, given it made decisions on investment four years ago. Separately, Fiat announced a $1B investment in plants in Michigan and Ohio, with a promise to add 2,000 jobs.

China:
- (CN) Former IMF Deputy Dir Min Zhu Min: Latest FX reserves data reflect market and capital flows - press
- (CN) PBoC advisor Fan Gang: Intervention in FX reserves has not been large; CNY has been overvalued against USD over past 3-4 years - financial press
- (CN) China leaders to prioritize stability, allow room for slippage on GDP target - financial press

Japan:
- (JP) Japan Finance Ministry (MOF) to increase maximum sales amount of front-loading bonds to a record ¥56T, ¥8T more than initially planned - Nikkei

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei closed, Hang Seng +0.1%, Shanghai Composite +0.6%, ASX200 +0.9%, Kospi +0.1%
- Equity Futures: S&P500 +0.1%; Nasdaq +0.2%, Dax +0.3%, FTSE100 +0.2%

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0520-1.0545; JPY 117.00-117.50; AUD 0.7290-0.7330; NZD 0.6950-0.6975
- Feb Gold +0.1% at 1,175/oz; Feb Crude Oil -0.5% at $53.72/brl; Mar Copper +0.2% at $2.55/lb
- USD/CNY: (CN) PBOC SETS YUAN MID POINT AT 6.9262 (0.9% weaker from Fri, biggest margin of decline since June 2016) V 6.8668 PRIOR
- (CN) PBOC to inject combined CNY110B in 7-day and 28-day reverse repos v CNY89B prior
- (KR) South Korea Finance Ministry sells 5-yr govt bond at 1.85% v 1.34% prior

***Asia equities / Notables / movers***
- Yingde Gases 2168.HK: Received interest from Air Products & Chemicals and StellarS Capital; +12.9%
- China Agri-Industries Holdings 606.HK: Guides FY16 net profit HK$1.4B; +9.1%
- Sirtex Medical SRX.AU: Reports global H1 dose sales +5.6% y/y vs prior forecast of 4-6%; +1.9%
- Whitehaven WHC.AU: Affirms FY17 saleable coal production ~21-22Mt (100% basis); lowers production guidance for Narrabri longwall operation; -2.0%
- Town Health International Medical Gp Ltd 3886.HK: Issues FY16 profit warning; -2.4%
- Sharp 6753.JP: Said to have asked suppliers to cut prices by 20%, expected to take place in H1 - Taiwan press; -2.7%