>>> street pre market indications

CS:
Aalberts +2% 1H revs 1.27bln vs cons 1.3b
AB Inbev R SAB has told employees to stop working on integrating ops
Acerinox +3-5% Q2 EBITDA at €79m CSe €65m, guidance positive
Accor -3-5% H1 EBIT 8% below consensus
Anglos +4-5% Net Debt better, EBITDA 8% beat
Aperam +2% Q2 numbers and guidance inline, conf call upbeat
AstraZeneca M/P Q2 Rev $5.6b est $5.58b, guidance unchanged
BAE Systems +1-2% H1 Sales GBP 8.71bln, EPS 17.4p, no impact from Brexit yet
BHP Billiton UNCH BHP and Vale SA will book charges totaling more than $2b
BNP Paribas +2-3% Q2 Net at 2.56b consensus 2.21b, CET1 11.1% from 11%
Bodycote -1% Revs 291mln CS at 293.1mln, outlook slightly cautious
BATS M/P H1 rev 6.7b vs 6.65b cons, raises dividend
BT Group +1-2% No's slightly better, on track for full year
Bureau Veri M/P No's inline, weaker cash generation, guidance at low end
Carrefour +1% 1H recurring operating income beats estimates
Centrica +0.5% EPS 9.8p (cons. 9.3p), guidance maintained
Clariant UNCH H1 sales inline, confirms outlook
Compass Grp -1-2% FY expectations inline, but organic growth a little light
Countrywide -3% Co saying they will not meet last years EBITDA
Danone +1-2% Q2 LFL sales growth 4.1% est 3.7%, confirms targets
Diageo -1% Earnings 1% ahead of the market
Dialog Semi -10% Cuts 2016 Rev growth on smartphone demand
Domino Pizza +2-3% 4% ebit beat and UK lfl is +10.9%
Endesa +1% H1 EBITDA 4% ahead of cons, guidance for 2016 confirmed
Ericsson -1% Only parts of Sprint deal renewed
Euronext +3-5% 2Q revs 7% beat, EBITDA 15% beat
Gamesa +3-4% Raises 2016 EBIT guidance
GEA Group -1-2% Revenues 1% beat, 2% orders beat, confirms FY
Grenke +2-3% Net profit 10% ahead, guidance raised slightly
Henderson -1-2% AUM inline, EPS1 of 7.1p (CSe 7.6p)
Hochtief M/P H1 inline and guidance reiterated
Informa M/P H1 Rev GBP 648mln est GBP 644mln, confident on FY
Inchcape +1-2% Revs slightly ahead, new buyback announced
Intu +2-3% EPS 7.5 vs CS 6.8p, See's FY net rental growth 3-4% vs 2-3%
JCDecaux M/P 1H Rev. Matches Est; Says Strong Performance Across Co
Just Eat +3-5% UK orders in line, guidance raised. SI ~5.5%
Linde UNCH 2Q revs 4.3bln vs cons 4.32bln, reiterated guidance
Lloyds -1-2% Revenues and costs inline but impairments lower
Logitech +5-7% Q1 revs 10% beat, op income 46% beat, guidance raised
Maersk +1% CS upgrade to OUTPERFORM (Risk/reward skewed to upside)
Melrose M/P Brush performing inline, all about the recent acquisition
Merlin Ent -2-3% EBITDA 2% light, Legoland disappointing
Miners +1% Copper +0.80%, Brent -0.85%, Iron Ore +1.30%, China -0.51%
Moncler +2-3% H1 revenues 1% beat, H1 sales +17% on constant FX basis
Nat Express UNCH Revs 1.1bln cons 1.04bln, on track for FY
Neste Oil +5-7% Strong beat 282mn comparable ebit v 200mn consensus
Nexans +7-10% 20% EBIT beat, better cost savings
Nos +1% Revs +0.6% vs cons and EBITDA +1.8% vs cons
Nordex +3-5% H1 sales ahead €1.5bn vs cons €1.17b
Ontex +1-2% 2Q Revs 510.2m vs cons 503.8m
Red Elec M/P Numbers inline with market expectations
Repsol +1% Results in line with company collected consensus
RELX +2-3% GBP200mln of share buybacks in remainder of 2016
RentokiL -1-2% Pre-tax 3% ahead but they maintain FY
Renault +2-3% 8% earnings beat and strong on cash flow
Rolls-Royce +3-4% H1 Adj rev GBP 6.14b est GBP 6.12b, outlook unchanged
Royal Dutch -5% EBIT of $1.36bn vs consensus of $2.36bn
SAB Miller R Has told employees to stop working on integrating ops
Sanofi +0.5% Gets FDA approval for Adlyxin for type diabetes
Schneider +2-3% H1 EBITA 1% beat, Revs 3% miss, margins better
Siltronic +1-2% Q2 revenues and gross margin slightly better
Sky +1% Fy adj GBP 11.97bln est GBP 11.8bln. 808,000 new customers
S&N -1% Q2 Rev $1.19bln est $1.2bln.
Suez UNCH EBIT 4% beat, underlying numbers inline
Subsea +5-10% Solid margin performance, 50% EBITDA beat
Technip +2-3% Revs inline, 20% operating beat, guidance at top end
Telenet +1-2% Revs 1% ahead, EBITDA 2% beat
Telefonica M/P Q2 Rev EU 12.7bln est EU 12.6bln
Total +2-3% Solid beat, $2.2bn v $1.9bn cons
Thom Cook +2-3% No's inline, guiding for FY EBIT of £300m vs cons £309m
UCB +2-3% Revs inline, EBITDA €549m, cons €516m, maintain guidance
Veolia +0.5% EU3.3b contract with Sinopec to set up JV
Verbund M/P Adj EBITDA 450mn vs consnesus 448mn
Weir +1-2% Revs slightly light, margin beat, CEO stepping down


JPM:
AAL Op profit 26% ahead vs cons (prior to prodn to report) +3%
ACCOR FY16e guidance is 3% below consensus at the mid-point -2%
ADR moves BUD & SAB -2% vs EU close.
AZN Core EPS touch ahead vs cons. Quality suspect. Reits outlook +1%
BATS EBIT miss rather than EPS beat likely to be the focus -2%
BNP PBT 17% ahead vs cons.Quality suspect -driven by corp center/CIB+3%
BVI FP Rev set be at low end for FY -2%
CARREFOUR EBIT 3% beat vs cons due to better margins. 11% short base +3%
CENTRICA Fine. Weakness in US&more customer losses offset by cost cutting+2%
CLARIANT EBITDA 1% below consensus .. Guidance maintained unch
COMPASS Org growth& margins better vs JPMe.No more buyback => disappoint-2%
CSGN Capital better at 11.8% vs JPMe 11.4% +4%
DANONE Q2 LFL ahead, H1 EBIT 4% beat vs cons. Guidance unch +2%
DIAGEO Inline, within the mix US better vs cons unch
DIALOG Warning. FY guidance lowered to rev decline of ~15% -7%
EURONEXT EPS c10% ahead of cons +2%
HENDERSON Earnings in-line but focus expected on Q2 weaker net outflows -3%
INTU increased FY rental growth to 3-4% v 2-3% +1%
IPSEN Solid topline with lower opex and lower tax rate than exp +3%
ITRK/ SGS Neg read from BVI guidance -1%
JERONIMO Q2 sales/EBITDA beat cons by 3%/4%. LFL +7% vs JPM at +3% +2%
JUST EAT Revs/EBITDA ahead vs JPME. +4% increase in FY 16 EBITDA guid +5%
LINDE Top line miss offset by better margins unch
LLOYDS CT1 and interim DPS light vs cons. Outlook -2%
LOGITECH Q1 EPS 20c cons 12c, Op income $38m JPMe 31m +2%
MERLIN LFL miss vs cons. H2 outlook subdued -4%
MONCLER Adj EBITDA beats cons by 2%. Cost control better than exp +2%
NEXANS Adj EBIT beat consensus by 24%. All divisions ahead +4%
NOS EBITDA/Rev 1.8%/0.6% ahead vs cons. Capex inline. KPIs mixed +1%
ONTEX Broadly inline on top line & margins. EPS beat 0.89 vs JPMe0.82 +2%
R. ELECTRICA EBITDA 0.3% above JPMe, NI 00.7% below JPMe. unch
RELX H1 Org Rev growth +4% vs cons +3%. Rev +3% vs JPMe. +2%
RENAULT EBIT 15% ahead cons, group op profit 10% ahead of exp. +2%
RENTOKIL H1 PBT 3% ahead of company cons. +2%
ROLLS ROYCE H1 16 EPS of +4.2p vs cons -1.7p, big beat. +3%
SCHNEIDER Upgrades FY guidance after H1 margin beat vs cons. +2%
SCHRODERS Earnings beat reflects higher AUM due to FX benefit. +1%
SMITH & NEPH Guidance down for FY, H1 results lower end of cons. -3%
SOPHOS Q1 17 beats cons, significant cash generation. +4%
SUEZ Op miss vs JPMe & cons. Bottom line broadly inline. -1%
TECHNIP Q2 sales, margins, EBIT, cash beat vs cons,outlook cautious. +2%
TL5 Q2 revs inline JPMe/cons. NI beat vs JPMe/cons (+13%/10%). +1%
WEIR GROUP Stanton appointed CEO, FY guidance unchanged. +1%


Mainfirst:
*BNP-Net 2.56b(2.21),Rev 11.3b(11),CET1 11.1%,FIC +17%,Eqty -19%.....+3%
*CS-Net 170m(-178),Rev 5.47b(5.36),CET1 11.8%,AUM 1218.4bln..........+3.5%
*GAMESA-Ebit 230m(221),Raises Ebit guidance aT least 430m(405.5).....+4%
*IMERYS-H1 Rev 2.1b(2.13),Net 158.1m(163),OP 293m(289.5).............+1%
*ACCOR-Rev 2.6b(2.59),Ebit 239m(260),France -2.%,Paris-12%...........-3%
*MONCLER-Rev 346.5m(343.9),Ebitda 78.3m(79.1),Ebit 59m(58.4).........+2%
*TELEPERFORMANCE-H1 Rev 1.69b(1.69),Confirms 2016 Targets............U/C
*SAIPEM-Q2 Rev 2.44b(2.67),Sees FY Rev about 10.5b(10.74)............-1%
*LOGITECH-Sales 480m(433.8),Inc 38m(24.4),EPS 20c(12),SI 15%.........+4.5%
*TELEFONICA-Rev 12.7b(12.6),Net 693m(701),OIBDA 3.92b(3.9)...........U/C
*DIALOG SEMI-Sees 2016 Rev -15%(8),,Q3 Rev 290m-320m(303.4)..........-10%
*UCB-Rev 2.02b(2.04),Ebitda 549m(516),Net 300m(246),FY unch..........+1%
*CLARIANT-Sales 1.42b(1.44),Ebitda 215m(216.3),confirms o/lk.........-2%
*TECHNIP-NI 123.3m(141.1),Ebitda 324.4m(293.8),Raises FY view........+2%
*JC DECAUX-H1 Rev 1.62b(1.62),OG 3.4%(3.6),Q3 looks weak.............-2%
*SCHNEIDER ELEC-Upgrades FY targets,H1 NI 809m,Rev 11.8b(12.3).......+2%
*RED ELECTRICA-Ebitda 754.4m(752.8),Net 323.5m(323),Rev 968.2m(974)..+1%
*DANONE-H1 Op Inc 1.48b(1.43),Q2 LFL Sales Grth 4.1%(3.7),o/lk ok....+2%
*EURONEXT-Q2 Rev 132.3m(124.5),Ebitda 77.7m(66.83),EPS 71c(60).......+2%
*RENAULT-OP 1.54b(1.44),Rev 25.2b(24.9),FCF 381m,Reits f/casts.......+2%
*DB1-Rev 601m(605),Ebit 325.6m(312),Net 218.5m(182),FY confirmed.....U/C
*GEA-Q2 Sales 1.16b(1.17),Ebitda 145.2m(146),Ebitda Margin 12.6%.....-1.5%
*GRENKE-Net 27.1m(23.55),Raising FY Net 98-102m(93-98)...............+1.5%
*HOCHTIEF-Pft 140m(108),Rev 9.37b(10.8),Margin 5.9%,FY confirmed.....+2%
*LINDE-Rev 4.298b(4.2),Ebit 562m(544),PT 468m(460),Net 354m(323).....-1%
*SILTRONIC-Sales 229.6m(221),Ebit 6m(2),Ebitda 35.1m(34.6),o/l mixed.+3%
*TAKKT-Sales 280.4m(276),Ebit 41.1m(31.8),Ebitda 48.1m(39.5),FY ok...+0.5%
*WACKER CHEMIE-Finals Q2 1.39b(1.4),FCF 126m,outlook looks ok........+1%
*WIRECARD-Prelims Rev 240.2m(239),Ebitda 70.2m(70),Finals 17/8.......+1%
*TOTAL-Net Inc 2.2b(1.82),Keeps Div 61c,OP Inc upstream 1.13b........+1%
*ADIDAS-Rev 4.4b(4.42),Net Op +35%-39% had seen +25%.................+4%


ShoreCap:
CENTRICA - H1 Revs 13%,oper.pft -12% £853m,on track for 2016 targets........+1%
RYL DUTCH - CCS earnings -87%,bearish outlook on impacts for Q3.............-2%
JD SPORTS - sees FY PBT in upper half of range,buyback approved.............+1%
BODYCOTE - demand in industrial markets softer then expec,not seen improving-1%
DOMINO'S PIZZA - sales +17% LfL +10.9%,oper.pft +20.6%,well placed for H2...+2%
WEIR GRP - H1 ahead of expec,minerals unit strong,FY g'dance unch...........+2%
MERLIN - revs +5.3% LfL -1.1%,PBT +0.9%,cautious nr term outlook,FY inline..-2%
COMPASS - Q3 rev growth 5.2%.£700m rev gain from FX.Fy expectations unch....+1%
BAE - Sees eps about 5-10% higher than 2015.Divi 8.6p.......................+2%
LLOYDS - H1 ptp 4.16b(Est4.06b).Divi 0.85p.To close 2k branches.............+1%
ROLLS-ROYCE - H1 ptp 104m.sees '16 constant ccy revs marginally lower y/y...-1%
DIAGEO - Fy sales in line with estimates.Confident on fy targets............+1%
BATS - H1 pft 2.45b(est2.49b).Divi in line.Market share grew 30bps..........-1%
THOMAS COOK - Q3 in line.Now sees Fy adj ebit about £300m(Had seen 310-335).-4%
SPECTRIS - H1 lfl sales -3.4%.Sees overall 2016 outcome unchanged...........-2%
INCHCAPE - H1 sales +11%.Divi 7p.Plans 100m share buyback...................+2%
RENTOKIL - H1 ptp+14.4%.Divi +13.8%.Says fy expectations unchanged.........UNCH
BT - in line with f'casts Openreach proposals to continue, FY on track.....UNCH
ANGLOS - H1 sales a beat due to cost cutting , disposals £1.5bn agreed H2..UNCH
SCHRODERS - AUM £343bn divi maintained sees impact on investor demand.......-1%
JUST EAT - active users +45% is raising 2016 outlook........................+2%
SMITH & NEPHEW - all in line outlook statement positive.....................+1%
NATIONAL EXPRESS - in line US performing well...............................+1%

(CS) Global Equity Strat : Road Show feedback - "New" Clients Consensus

GLOBAL EQUITY STRATEGY: After an extensive round of marketing in the US, Europe and South Africa, we thought we would highlight where we see the ‘new’ consensus: 
1) Clients are close to being as bearish on equities as we can remember; 
2) Clients are warming up to emerging markets; 
3) Clients see 'lower for longer' now being 'lower forever'; 
4) Capitulation on Europe; 
5) Oil: upside risk; 
6) Some clients see disruptive technologies as the key risk; 
7) Japan – close to record foreign selling; 
8) Clients felt a crisis is needed before looser fiscal policy happens; 
9) China – largely off the radar screen.

>>> What to look at today - 28th of July 2016

Dow -0.01% S&P -0.12% Nasdaq +0.58% Russell+0.17%
US Market closed mixed responding to a positive bottom-line reading from top-weighted Apple +6.5% and the latest policy statement from the Federal Open Market Committee, oil weakness was also a catalyst. Technology (+0.8%), telecom services (+0.7%), and health care (+0.4%) led the advance. On the flipside, consumer staples (-1.5%), utilities (-1.2%), and energy (-1.0%) rounded out the board. FB +1.8% ahead of earnings, stock is up 6.5% in after hours after better numbers. IBB +2.4%. Volume were below average with again less than 800mil shares traded today. US after hours GRPN +24%, CRUS +15%, MRVL +9%, FB +4.5% on earnings/guidance, ALR +21% recouping late subpoena-related losses... INFN -31.5%, RRTS -17.5%, TER -8%, WFM -5% on earnings/guidance. Asian equity markets are mixed, tracking a similarly divided session on Wall St confounded by the balanced FOMC policy statement. On the one hand, the Fed acknowledged the strengthening labor market and deemed the near-term risks to the economic outlook as diminished, but on the other, it maintained that inflation measures remain low and expectations for pickup are little changed. The focus now falls on the BOJ and its high-profile plicy decision in tomorrow's session. Expectations are high that Gov Kuroda will deliver with more easing, either with expanded asset purchases, deeper cut in interest rates, or both...the degree of uncertainty is high. In China, PBOC has continued to fix the Yuan midpoint firmer for the 3rd day. China's bloated credit was also in the spotlight, as CBRC called for banks to maintain sufficient liquidity against rising NPLs and Fitch warned again that the leverage growth has contributed to financial imbalances. Samsung Electronics also delivered a final Q2 results that was fairly in line with expectations.

Nikkei -1.02% Hang Seng -0.32% CSI -0.12% Shanghai -0.24%

Eur$ 1.1069 CNH 6.6682 CNY 6.6623 JPY 104.82 GBP 1.3180 CHF 0.9858 RUB 65.9573 WTI $ 42.05 +0.31%

S&P +0.19% EuroStoxx -0.10% Dax-0.10% SMI+0.02%

Macro :
- Fed Fund Futures Fully Price Next Rate Hike Around 2H 2017
- FOMC Sees Strengthening Labor Mkt, Diminished Near-Term Risks
- Fed Says ‘Near-Term Risks’ To Economic Outlook Have Diminished
- Banks’ Liquidity Situation More Than Sufficient: Dombret to WiWo

Keep an eye on :
- AALB NA : Aalberts Industries 1H Net Income Beats Analysts’ Estimates
- AC FP : Accor 1H Rev. In Line, Ebit Misses, CFO: There Is Uncertainty Due to Brexit, Terror, Turkey
- ACX SM : Acerinox 1H Net EU8.68m vs EU63.9m Y/y
- ATE FP : Alten 1H Intl Sales Rise 22%; Sees Positive FY Organic Growth
- ALT FP : Altran CFO ’Reasonably Confident’ For 2H, Brexit Not A Worry
- STS IM : Ansaldo STS Cuts 2016 Return on Sales View; Reiterates Rev. View
- BAYN GY : Bayer, Merck Rejected By Top U.S. Court on Generic Birth-Control
- BBVA SM : BBVA to Reach EU200m Savings Goal in 2017 With Faster Closings
- BESI NA : Besi Forecasts 3Q Revenue Will Fall 15-20% From Previous Quarter
- BNP FP : BNP 2Q Net Beats Estimate, Fully Loaded CET1 Ratio 11.1%
- BVI FP : Bureau Veritas 1H Adj. Net EU194M; Sees FY Rev. At Goal Low End
- CA FP : Carrefour 1H Recurring Operating Income Beats Ests.
- CLN VX : Clariant 2Q Ebitda Ex-Items In Line; Confirms 2016, M/T Targets
- CNP FP : CNP Assurances 1H Net EU620m; CEO Confirms Strategic Goals Right
- COL SM : Colonial 1H Net Rises 13% to EU230 Million
- CSGN VX : Credit Suisse 2Q Net Revenue Declines; GM Revenue Drops
- BN FP : Danone 2Q LFL Sales, 1H Profit Beats; Confirms 2016 Forecast
- DB1 GY : Deutsche Boerse Says 2Q Ebit Rises, Confirms FY Profit Forecast
- DLG GY : Dialog Semi 2Q Underlying EPS Beats Estimates After Outlook Cut
- GIL GY : DMG Mori 2Q Order Intake Falls 8%, Confirms 2016 Forecast
- DRW3 GY : Draegerwerk Says 1H Sales Fall Led by Africa, Asia, Australia
- ELE SM : Endesa 1H Ebitda EU1.87B vs EU1.93b Year Earlier
- ERA FP : France Says It’ll Own 25.66% of Eramet After Operation
- RF FP : Eurazeo 1H Net Falls, NAV Increases From Dec. Level
- EKT SM : Euskaltel 1H Net EU30.2M, Reverses EU18.4M Loss a Year Ago
- FWB IM : Swisscom’s Fastweb Unit Said to Sell Metroweb Stake for EU80m
- FCC SM : Melia Hotels to Replace FCC in IBEX 35 Index
- GAM SM : Gamesa Raises 2016 Ebit Guidance to at Least EU430m
- G1A GY : GEA Group 2Q Sales Miss Estimate; Sticks to Outlook
- GLJ GY : Grenke 1H Net Interest Income Up; Raises FY Profit Forecast
- HOT GY : Hochtief 1H Order Intake EU13.2b vs EU11.9b, Hochtief 2Q Figures Strong, Provide Confidence on FY: DZ Bk
- IPR PL : Impresa 1H Net Profit Rises to EU1.2m vs EU0.67m Y/y
- NK FP : Imerys 1H Net Income Rises After Acquisitions Boost Revenue
- IIA AV : Immofinanz FY Net Loss EU390.4m on Russia Writedown, CA Immo Approves Transfer of Registered Shares
- DEC FP : JCDecaux 1H Rev. Matches Est; Says Strong Performance Across Co.
- JMT PL : Jeronimo Martins 2Q Net EU95m vs Est. EU90.2m, Nears to Sell Monterroio to Soc. F. Manuel dos Santos
- KLM NA : KLM Condemns Union Actions, Says They Are Bad for Cargo Clients
- LIN GY : Linde 2Q Operating Profit Slightly Beats; Confirms 2016 Outlook
- MAU FP : Maurel & Prom 1H Revenue EU142m Falls Y/y; Output Rises by 43%
- MS IM : Mediaset Espana 1H Net EU117.7m vs EU97.8m Year Earlier
- MS IM : Reportedly Mediaset board to tell CEO to push for Vivendi to honor its withdrawn offer for Pay-TV unit
- MERY FP : Mercialys 1H FFO Rises, Keeps 2016 Forecast
- MONC IM : Moncler 1H Rev. Beats Ests., Adj. Ebit In Line
- NEX FP : Nexans Swings to 1H Profit, Sees ‘Unsettled’ Environment in 2H
- ONTEX BB : Ontex 2Q Rev., Adj. Ebitda Beat Est.; Sees 2H LFL Rev. Up 4%-6%
- REE SM : Red Electrica 1H Ebitda EU754.4M in Line With EU752.7M Est.
- RNO FP : Renault 1H Profit Beats Estimate; Forecast Confirmed, Renault Cuts CEO Ghosn’s Variable Compensation
- SAB LN : SABMILLER STREET WRAP: News Not a Sign of Recommended Change
- SPM IM : Saipem 2Q Ebitda Beats Ests.; Lowers 2016 Profit, Debt Guidance
- SAN FP : Sanofi Gets FDA Approval of Adlyxin for Type 2 Diabetes
- SU FP : Schneider Electric Upgrades FY Adjusted Ebita Margin Target
- SFR FP : SFR Plans to Cut 5,000 Jobs by 2019, Les Echos Says
- WAF GY : Siltronic Posts 2Q Profit as Sales Decline; Adjusts Outlook
- SOP FP : Sopra Steria 1H Organic Growth 5.4%; Confirms 2016, 2017 Targets
- SEV FP : Suez Confirms FY Targets Even After Says Ground Lost in 1H
- TTK GY : Takkt 2Q Ebitda Up 39%, Confirms 2016 Outlook
- TEC FP : Technip 2Q Net Income Misses, Ebitda Beats Ests.; Raises FY View
- TEC FP : RusTechnip Gets Russia Service Contract Worth EU50m-EU100m
- TCH FP : Technicolor 1H Revenue Up, Posts Net Loss; Confirms 2016 Goals
- TEF SM : Telefonica 2Q Oibda EU3.92B; Est. EU3.9B
- TNET BB : Telenet 2Q Rev., Adj. Ebitda, Free Cash Flow Beat Ests.
- TEVA IT : Teva Gets FTC Approval for Allergan Generics Deal
- TOM2 NA : *GARMIN RAISED TO NEUTRAL AT JPMORGAN
- UCB BB : UCB 1H Adj. Ebitda EU549m; Est. EU516m; Keeps Full-Year Outlook
- UCG IM : UniCredit Asks Authorities to Assess if Market Abuse in Shares
- UCG IM : UniCredit CEO Sees Nothing Special From Stress Tests: Corriere
- VIE FP : Veolia in EU3.3b Contract With Sinopec to Set Up JV: Echos
- WCH GY : Wacker Chemie 2Q Sales Slightly Misses; Specifies 2016 Forecast
- WIN GY : Wincor Nixdorf 3Q Rev. Beats Ests; Sees FY Sales Growth of 6%
- WDI GY : Wirecard Board Boosts 2Q Rev By a Third to EU240.2M VS 2015
- YTY1V FH : YIT Narrows 2016 Revenue Outlook; 2Q Operating Profit a Miss

>>> Europe : Brokers Upgrades & Downgrades - 28th of July 2016

>>> Up
*CAIRN ENERGY RAISED TO OUTPERFORM AT RBC CAPITAL
*ENDESA RAISED TO OUTPERFORM AT MAIN FIRST BANK AG
*GFT TECHNOLOGIES RAISED TO BUY VS NEUTRAL AT UBS
*INMOBILIARIA COLONIAL RAISED TO BUY VS SELL AT ALPHAVALUE
*INMOBILIARIA COLONIAL RAISED TO NEUTRAL VS SELL AT MIRABAUD
*MAERSK RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*RWE RAISED TO HOLD VS SELL AT BERENBERG
*SANTANDER RAISED TO HOLD VS SELL AT SOCGEN
*STATOIL RAISED TO BUY VS HOLD AT DNB

>>> Down
*ATRESMEDIA CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*DNB CUT TO REDUCE VS ADD AT ALPHAVALUE
*GFK CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*GLENCORE CUT TO SELL AT LIBERUM
*INFINERA CUT TO NEUTRAL AT JPMORGAN
*MAGNIT CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*NYRSTAR CUT TO UNDERPERFORM AT MACQUARIE
*OSRAM LICHT CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*POSTNL RAISED TO OUTPERFORM AT MAIN FIRST BANK
*SAIPEM CUT TO SELL VS HOLD AT DNB

>>> PT Change


>>> Initiation
*ACADEMEDIA RATED NEW BUY AT NORDEA
*MPC CAPITAL RATED NEW BUY AT BERENBERG; PT EU11
*TECHNOGYM RATED NEW 'BUY' AT KEPLER CHEUVREUX

>>> Call

FT : SABMiller puts AB InBev integration work on hold

SABMiller puts AB InBev integration work on hold

SABMiller has told employees to stop working on integrating operations with those of Anheuser-Busch InBev, the Belgian brewer, which on Tuesday raised its takeover proposal for its smaller rival to £79bn.
In a memo seen by the FT, Alan Clark, chief executive, told employees on Tuesday to “pause” integration planning with AB InBev, until the SAB board meets to decide whether it will accept the new offer.

He said: “The convergence planning workstreams are being paused pending the board’s considerations of the revised offer. This means that there should be no contact with AB InBev with immediate effect, and all meetings and calls will be postponed until further notice.”
The brewer of Budweiser and Stella Artois bumped up its offer to stem a growing SAB investor rebellion over the terms of the deal, following a sharp drop in sterling’s value.
The London-listed brewer recommended AB InBev’s previous offer made last October. It has been working with it on integration planning since February, to ensure a smooth handover for what would be the third-largest takeover deal in corporate history.
The work has focused on areas such as financial operations, IT and procurement.
Some investors, including Elliott Management and Aberdeen Asset Management, have criticised the structure of the deal.
A cash-and-shares offer designed for SAB’s two largest shareholders — Altria and BevCo, which hold 41 per cent of the shares —- has risen sharply in value compared to the cash offer aimed at other shareholders.
The partial share offer is worth £51 a share, up from £39 last October, while the cash offer has been raised to £45 a share, from £44 previously.
SABMiller is talking to shareholders this week before convening a board meeting, possibly for Friday.
Jan du Plessis, SABMiller chairman, told shareholders at the group’s annual meeting last week that the board would review the terms of AB InBev’s bid and “look at the transaction as a whole,” but only after the proposed takeover was cleared by Chinese authorities, a decision which is expected imminently.
Mr Clark said in the memo: “I appreciate this will cause lots of internal and external speculation. However, please stay focused.”

>>> Asian Update

Asian Mid-session Market Update: Fed threads the needle of acknowledging improved employment and tempering market outlook for higher rates; BOJ decision in focus

***Economic Data***
- (AU) AUSTRALIA Q2 IMPORT PRICE INDEX Q/Q: -1.0% V +1.5%E; EXPORT PRICE INDEX Q/Q: 1.4% V 3.0%E
- (KR) SOUTH KOREA JUN DEPARTMENT STORE SALES Y/Y: +11.8% V -2.7% PRIOR; DISCOUNT STORE SALES Y/Y: +0.9% V -6.3% PRIOR
- (SG) SINGAPORE Q2 PRELIMINARY UNEMPLOYMENT RATE: 2.1% V 2.0%E

***Index Snapshot (as of 04:30 GMT)***
- Nikkei225 -0.7%, S&P/ASX +0.4%, Kospi -0.4%, Shanghai Composite -0.6%, Hang Seng -0.5%, Sep S&P500 +0.2% at 2,164

***Commodities/Fixed Income***
- Dec gold +0.8% at $1,345/oz, Sep crude oil +0.4% at $42.09/brl, Sep copper +0.9% at $2.20/lb
- USD/CNY: (CN) PBOC SETS YUAN MID POINT AT 6.6597 V 6.6671 PRIOR; 3rd straight firmer Yuan fix; strongest Yuan fix since July 5th
- (CN) PBOC to inject CNY80B in 7-day reverse repos
- (JP) Japan investors bought net ¥679B in foreign bonds v bought ¥1.71T in prior week; Foreign investors sold net ¥271.5B in Japan stocks v bought ¥443.7B in Japan stocks in prior week
- JGB: Japan's MoF sells ¥2.15T in 0.1% (0.1% prior) 2-yr JGBs; avg yield -0.361% v -0.295% prior; bid-to-cover 3.95x v 4.96x prior

***Market Focal Points/FX***
- Asian equity markets are mixed, tracking a similarly divided session on Wall St confounded by the balanced FOMC policy statement. On the one hand, the Fed acknowledged the strengthening labor market and deemed the near-term risks to the economic outlook as diminished, but on the other, it maintained that inflation measures remain low and expectations for pickup are little changed. Fed funds futures actually tilted in favor of lower rates, and even December contract moved by 5pts and is now below 50% probability of a 25bp hike. USD was also on the defensive, falling about 40pips below 104.70 vs JPY. AUD/USD and NZD/USD rallied by about 60pips respectively to $0.7520 and $0.7120.

- The focus now falls on the BOJ and its high-profile plicy decision in tomorrow's session. Expectations are high that Gov Kuroda will deliver with more easing, either with expanded asset purchases, deeper cut in interest rates, or both. However, given the recent BOJ penchant for disappointment, the degree of uncertainty is high. Today, former BOJ chief economist Hayakawa endorsed more easing and a more flexible CPI target. Concurrently, investors are trying to parse the latest announcement by PM Abe of a ¥28T fiscal stimulus that was suspiciously short on detail. A report today indicated that ¥7T of the package would be devoted to new spending, which is only about half of yesterday's floated forecast.

- In China, PBOC has continued to fix the Yuan midpoint firmer for the 3rd day. China's bloated credit was also in the spotlight, as CBRC called for banks to maintain sufficient liquidity against rising NPLs and Fitch warned again that the leverage growth has contributed to financial imbalances.

- Samsung Electronics also delivered a final Q2 results that was fairly in line with expectations. Company mapped out CAPEX for FY16 to be higher y/y and forecast Q3 shipments of smartphones to rise.

***Equities***
US equities / ADRs:
- GRPN: Reports Q2 -$0.01 v -$0.03e, R$756M v $712Me; +23.8% afterhours
- FB: Reports Q2 $0.97 (adj) v $0.81e, R$6.44B v $6.01Be; +4.5% afterhours
- CAKE: Reports Q2 $0.78 v $0.71e, R$558.9M v $563Me; Raises dividend 20% to $0.24 (implied yield 1.9%; Increases share repurchase by 7.5M shares (16.1% of outstanding); +1.5% afterhours
- LRCX: Reports Q4 $1.80 adj v $1.64e, R$1.55B v $1.53Be; +1.1% afterhours
- XL: Reports Q2 $0.37 v $0.23e, R$2.53B v $2.54Be; +0.9% afterhours
- ABX: Reports Q2 $0.14 v $0.14e, R$2.01B v $2.04Be; -0.7% afterhours
- NE: Reports Q2 $0.01 adj v $0.07e, R$895M v $515Me; -0.7% afterhours
- AMGN: Reports Q2 $2.84 v $2.74e, R$5.69B v $5.60Be; -0.8% afterhours
- ORLY: Reports Q2 $2.65 v $2.67e, R$2.18B v $2.20Be; -1.1% afterhours
- MAR: Reports Q2 $1.03 v $0.98e, R$3.90B v $3.86Be; -1.5% afterhours
- CA: Reports Q1 $0.64 v $0.61e, R$999M v $982Me; CFO retires; -1.6% afterhours
- MCK: Reports Q1 $3.53 v $3.35e, R$49.7B v $50.2Be; -4.0% afterhours
- WFM: Reports Q3 $0.37 v $0.37e, R$3.70B v $3.69Be; Guides Q4 $0.23-0.24 v $0.37e; -5.2% afterhours

Notable movers by sector:
- Consumer discretionary: Belle International Holdings 1880.HK +6.9% (Q2 SSS improved); Alps Electric Co 6770.JP +9.7% (Q1 result); Stanley Electric Co 6923.JP +8.3% (Q1 result)
- Financials: Macquarie Group MQG.AU +1.4% (Q1 update); Sumitomo Mitsui Financial Group 8316.JP -3.0% (Q1 result); Japan Airlines Corp.9201.JP -4.6% (Q1 result speculation)
- Industrials: Hyundai Engineering and Construction 000720.KR +3.6% (Q2 result); Hyundai Heavy 009540.KR +8.3% (Q2 result); GUD Holdings GUD.AU -3.5% (FY16 result); Virgin Australia VAH.AU +2.3% (Q4 result); Nissan Motor Co 7201.JP -0.5% (Q1 result)
- Technology: Advantest Corp 6857.JP +11.3% (raises guidance); Hitachi High-Technologies Corp 8036.JP +10.3% (Q1 result); Samsung Electronics 005930.KR -1.3% (Q2 final result)
- Materials: CITIC Dameng Holdings 1091.HK +8.9% (H1 result); RUSAL PLC 486.HK -0.7% (Q2 result); Beadell Resources BDR.AU +4.6% (Q2 result); Sandfire Resources SFR.AU +1.1% (Q4 result); Northern Star Resources NST.AU +7.5%, Evolution Mining EVN.AU +4.1% (gold rises)
- Energy: Syrah Resources SYR.AU -3.8%, Origin Energy ORG.AU -3.1% (oil declines); Beach Energy BPT.AU -3.3% (Q4 result)

Les opé­ra­teurs té­lé­coms prêts à faire chan­ter l'UE pour ga­ran­tir la 5G

L'echo.br

Les opé­ra­teurs té­lé­coms prêts à faire chan­ter l'UE pour ga­ran­tir la 5G

Le dé­ploie­ment des ré­seaux 5G coû­tera cher. Les opé­ra­teurs ne veulent plus être les seuls à payer, au risque de tou­cher à la neu­tra­lité du net.

La neu­tra­lité de l’in­ter­net, qui ga­ran­tit l’éga­lité de trai­te­ment de tous les flux de don­nées sur le ré­seau, est-elle éco­no­mi­que­ment com­pa­tible avec le pro­chain avè­ne­ment de la 5G, la nou­velle gé­né­ra­tion de stan­dards pour la té­lé­pho­nie mo­bile? La ques­tion vient d’être posée par une série d’opé­ra­teurs té­lé­coms eu­ro­péens à la Com­mis­sion eu­ro­péenne. Parmi les si­gna­taires de ce "Ma­ni­feste" fi­gurent Deutsche Te­le­kom, BT Group, Orange, KPN ainsi que notre Proxi­mus na­tio­nal. Quelques construc­teurs de ré­seaux, tels que Nokia, ont co­si­gné le do­cu­ment, tan­dis que d’autres, comme Sie­mens ou Phi­lips, sou­tiennent l’ini­tia­tive. Rien que du beau monde…

La 5G, cen­sée ser­vir les plans eu­ro­péens pour l’éla­bo­ra­tion d’un vé­ri­table mar­ché unique di­gi­tal, amé­lio­rera en­core la vi­tesse et la cou­ver­ture des ré­seaux. Les pre­miers tests gran­deur na­ture de la tech­no­lo­gie doivent dé­bu­ter en 2018, alors que les pre­mières mises en ser­vice actif sont at­ten­dues pour 2020. Le dé­ploie­ment du suc­ces­seur de la 4G né­ces­si­tera bien évi­dem­ment des in­ves­tis­se­ments co­los­saux. Et c’est là tout le pro­blème.

Ré­gu­la­teurs pro Google et Net­flix?

Le Berec, l’or­gane qui réunit les ré­gu­la­teurs des com­mu­ni­ca­tions élec­tro­niques au plan eu­ro­péen et qui est chargé de l’im­plé­men­ta­tion d’un rè­gle­ment eu­ro­péen im­po­sant la neu­tra­lité du net, vient de clô­tu­rer sa consul­ta­tion sur ce sujet. Ce do­cu­ment est perçu par les opé­ra­teurs té­lé­coms comme trop fa­vo­rable au strict main­tien de ses lignes di­rec­trices ac­tuelles sur la neu­tra­lité. Cette po­si­tion fa­vo­rise les géants du net comme Google, Mi­cro­soft ou autres Net­flix qui ne par­ti­cipent pas aux in­ves­tis­se­ments "ré­seaux", mais bé­né­fi­cient de ces in­fra­struc­tures pour ex­ploi­ter leurs ser­vices. Or le Berec est censé conseiller la Com­mis­sion, qui dé­voi­lera en sep­tembre pro­chain son plan d’ac­tion pour le dé­ve­lop­pe­ment de la 5G. La Com­mis­sion pré­sen­tera en même temps un pro­jet de re­fonte du cadre ré­gu­la­toire du sec­teur.

"L’UE et les Etats membres doivent ré­con­ci­lier le be­soin d’un in­ter­net ou­vert avec des règles prag­ma­tiques qui ren­forcent l’in­no­va­tion."
PU­BLI­CITÉ

Du coup, les prin­ci­paux opé­ra­teurs eu­ro­péens ont vu rouge. Dans leur ma­ni­feste, qu’ils ont déjà eu l’oc­ca­sion de pré­sen­ter de vive voix au com­mis­saire eu­ro­péen Gun­ther Oet­tin­ger (So­ciété nu­mé­rique) début de ce mois, ils mettent en garde l’UE et ses Etats membres " contre les lignes di­rec­trices du Berec qui créent des in­cer­ti­tudes si­gni­fi­ca­tives sur le re­tour sur in­ves­tis­se­ment de la 5G".

" L’UE et les Etats membres doivent ré­con­ci­lier le be­soin d’un in­ter­net ou­vert avec des règles prag­ma­tiques qui ren­forcent l’in­no­va­tion, pour­suivent-ils. La mise en œuvre des règles sur la neu­tra­lité du net doit per­mettre tant le dé­ve­lop­pe­ment de ser­vices spé­cia­li­sés in­no­vants né­ces­saires aux ap­pli­ca­tions in­dus­trielles qu’un accès de qua­lité à in­ter­net au­quel s’at­tendent tous les consom­ma­teurs."

Faire conver­ger les payeurs

Ac­tuel­le­ment, les opé­ra­teurs ont certes la pos­si­bi­lité de ré­ser­ver de la bande pas­sante sur les ré­seaux pour of­frir à des clients cer­tains ser­vices spé­cia­li­sés consom­mant plus de bande et offrent plus de qua­lité de ser­vice, pour au­tant que les uti­li­sa­teurs fi­naux n’en res­sentent pas les ef­fets.

On de­vine qu’ils vou­draient aller plus loin dans cette voie sur les fu­turs ré­seaux 5G, mais qu’ils sentent que les ré­gu­la­teurs ne sont pas prêts à les suivre sur ce ter­rain. D’où la ré­dac­tion de ce ma­ni­feste qui, aux yeux de cer­tains ré­gu­la­teurs, prend un petit air de chan­tage. En ré­sumé:

• nous vou­lons bien in­ves­tir dans les nou­velles in­fra­struc­tures, mais pas aux mêmes condi­tions qu’au­jour­d’hui
• ga­ran­tis­sez-nous da­van­tage de pos­si­bi­li­tés d’offre de ser­vices dif­fé­ren­ciés, sans quoi nous frei­ne­rons les in­ves­tis­se­ments… Ce qui re­vien­drait concrè­te­ment à éro­der un peu le prin­cipe de neu­tra­lité du net.

"Des ser­vices di­gi­taux conver­gents né­ces­sitent une ré­gu­la­tion conver­gente…" Les CEO des opé­ra­teurs si­gna­taires
" Tous les ac­teurs de la chaîne de va­leur di­gi­tale de­vraient opé­rer sur un pied d’éga­lité, avec des exi­gences de confi­den­tia­lité équi­va­lentes et pro­por­tion­nelles pour in­no­ver dans des mar­chés cen­trés sur les don­nées, écrivent en­core les CEO des opé­ra­teurs si­gna­taires. Il n’y a pas de jus­ti­fi­ca­tion pour im­po­ser des obli­ga­tions plus strictes aux four­nis­seurs de com­mu­ni­ca­tions élec­tro­niques qu’aux autres four­nis­seurs de ser­vices di­gi­taux. Des ser­vices di­gi­taux conver­gents né­ces­sitent une ré­gu­la­tion conver­gente…"

Le Berec inondé sous les ré­ponses

Des sou­cis en vue pour le com­mis­saire Oet­tin­ger, qui devra trou­ver com­ment conci­lier ces avis contra­dic­toires d’ici la ren­trée.

Entre-temps, on a ap­pris que la consul­ta­tion du Berec sur la neu­tra­lité du net avait re­cueilli plus de 500.000 ré­ponses. C’est énorme. Ha­bi­tuel­le­ment, il n’en re­çoit que quelques cen­taines. Il n’em­pêche: le Berec tient à son ca­len­drier. Il dé­voi­lera le 30 août les lignes di­rec­trices fi­na­li­sées qui for­me­ront le cadre des contrôles à venir.