>>> Street Pre-Market Indication

ML
SOFTWARE AG - Q4 sales a 3-4% beat, FY15 EBITA margin 30% v 28.5% cons..+5-7%
OCADO - Amazon may approach Ocado according to the DailyMail..............+5%
MAN GROUP - AHL +3.6% on Friday, up 4.4% from last official valuation day.+4%
UNILEVER - Q4 org growth +4.9% v 4% est, FY EBIT in line, reassuring....+3-4%
CRED AG - Exploring sale of stakes in regional banks, worth c EUR 17bn....+3%
UBI IM - Did not receive letter from ECB re NPLs, +ve surprise............+3%
PRUDENTIAL - Solv II ratio at 190% and capital at top end, very solid.....+3%
ABB - Spec in DI co to sell Power Grid div for $12-15bn to Chinese buyers.+3%
VESTAS WIND - We add to our Europe 1 (top picks) list, PO DKK 630.........+2%
UNITED INTERNET - We INITIATE coverage with a BUY rating, PO EUR 55.......+2%
B. LAND - All lettings ahead of H1 ERV, Leadenhall 94% let, robust........+2%
RENAULT - Further emissions headlines re Espace but not new news..........+2%
CAIRN - Uneventful IMS, cash levels better than est, oil holding up.......+2%
THALES - Foreign affairs min says confident of Rafale sales to UAE, Echos.+2%
DRILLISCH - We INITIATE coverage with a Neutral rating, PO EUR 42.......+1-2%
ZALANDO - 5% cons upgrades on bottom line but sales miss will hold back.+1-2%
SKANSKA - Wins order worth c SEK 1.5bn, included in order bookings in Q1+1-2%
RIO - Q4 production fine, guidance parameters mostly met in 2015..........+1%
IG GROUP - net trading rev +8.8% but pretax lower on inflationary costs...-1%
ACCIONA - Anti-corruption court investigating bribery in public contracts.-2%
NOVOZYMES - Org growth 4% v 4.1% cons, '16 org growth 3-5% v 5.8% cons..-2-3%


JPM:
CRED AGRICOL May consider selling stakes in regional banks to improve capital+5%
LUXURY China retail sales inline +11.1% yoy. Jewellery better vs Nov +3%
PRUDENTIAL Solvency 2 ratio of 190%. Expectations were 170 - 180% +3%
RIO TINTO Weak prodn update. No mention on of more opex/capex cuts +1%
SOFTWARE AG Q4 beats 3% on revs and 7% on op. profit. Margin guidance ahead +5%
UNILEVER Good enough. Org growth beats / EPS inline. FY margin inline +3%
ZALANDO Q4 implied sales growth = slowdown v Q3. No comment on gr margin+1%


CS:
Adidas M/P CS upgrade to NEUTRAL (Valuation)
BAE Systems -1% CS downgrade to UNDERPERFORM (Due to Outperformance)
British Land +2-3% Lettings strong, occupational markets remained robust
Compass Group M/P Re-stating earnings changing their geographies slightly
Credit Ag +3-5% Seeking ways to bolster capital
Flug Wien +2-3% 2015 is a new passneger record, 2016 outlook inline
Flow Traders +1-2% ETF trading surged last week, nearly 40% above 2015 average
IG Group +1-2% H1 inline, net trading revenue inline
Industrials +1-2% Sector strong in China, weaker GDP, potential stimulus
Kinnevik +1-2% Kinnevik own 32% of Zalando
Komax +2-3% Revenues 1.5% beat, talking to people on sale of Medtech
Miners +1-2% Copper +1.95%, Brent +1.8%, Iron Ore +0.65%, China +3.03%
Novozymes -3-4% 4% revenues light, DK3.45B, est DK3.48B
Rio +1% FY15 prod/FY16 guidance inline/slightly light
RSA +2% Spec AXA and Allianz may be interested in RSA Insurance.DM
Schoeller -1-2% FY15 sales €312m vs cons €325m, 2016 to be difficult
Software +3-5% Q4 Revenues 3% beat, FY op earnings 19% beat
Stora Enso UNCH One off with a negative net impact of approximately EU250m
Total +2% CEO says company won't cut dividend
Unilever +2-3% 4Q underlying sales growth 4.9%, estimates 4%
Zalando +4-5% Sales slightly light but profits inline, stock been weak


Mainfirst:
*CREDIT AGRICOLE-May sell stakes in Regional Banks worth €17bln.....+2%
*SOFTWARE-Ebita 92.2m(90.9),Rev 257.5m(250),Ebit 80.1m(84.1)........+6%
*KOMAX-FY Orders 442.8m(380.1),Sales 370m(364.5),Medtech 4 sale.....+2%
*HENKEL-Still plans major acquisitions,strategy remains unch........U/C
*VW-To continue selling diesel cars in the US says Mueller..........+1%
*TOTAL-Annual pft will fall by more than 20%,no Divi cut............+2%
*RENAULT-Needs to adj emissions systems,Espace exceeds limits.......U/C
*UNILEVER-Sales Grth 4.9%(4),Vol Grth 1.9%(2.5),Price 2.9%(1.6).....+3%
*NOVOZYMES-Rev 3.45b(3.48),Ebit 962m(970),Ebita 1.35b(1.18).........-1%
*ZALANDO-Q4 Sales 865-872m(880),Ebit 61-78m(72),FY Rev ok...........+3%


ShoreCap:
RIO TINTO - meets Q4 production targets,iron ore shipments +11%............+0.5%
BR.LAND - strong Q3 with robust demand for space,retail footfall +2%.........+1%
JUDGES - recovering order intake sustained over H2,sees FY results inline....+3%
JOHNSTON PRESS - revs -7%,digital+12%,print-12%,sees FY EBITDA,debt inline..UNCH
SCS GROUP - strong Xmas & Jan sales,LfL+8.8%,FY profits significantly ahead.+10%
UNILEVER - 2015 sales growth 4.9%(Est4%).Margin +30bp.Tough outlook..........+1%
XLMEDIA - Sees fy revs ahead of expectations.................................+5%
IG GROUP - H1 pbt 98.6m.Divi 8.45p.CEO says H2 has started well..............+1%
MYSALE - revs +4%,profits +16%,margins +250bps,good trading continues........+2%


RBC:
AIR/RR/SAF -1% China plans to merge 40 entities working on plane engines ($22bn)
AMUNDI -2% On the read through from ACA talk given stake.
ANTO/GLEN +2% Copper +2% on Chinese hopes of stimulus and a steady currency
ARM +2% APPLE suppliers in Asia well bid, CATCHER (+5.94%)
BRITISH L. +1% Q3 Trading statement solid, retail footfall ahead despite weather
C.AGRICOLE +1% Consider selling 25% stake in regional banks (was -7% yest)
INTESA +2% Bounce after yesterday (-5%) on NPL concerns appear unfounded.
NOVOZYMES -2% Q4 EBITDA ahead, revs inline, but '17/19 growth rates low
PRUDENTIAL +2% New solvency capital ratio of 190%, new CEO announcement for UK.
RENAULT -1% Les Echoes reports emissions abode prescribed levels for Espace.
RIO TINTO +2% Production strong STILL! Slowing expansion projects growth.
SOFTWARE +6% Q2 operating margin well ahead, earnings beat - preannouncement
UNILEVER +2% Q4 sales growth ahead, pricing better, volume light - inline.
ZALANDO +2% Q4 trading update inline, importantly confirm FY - relief rally

>>> Amazon rumoured to have engaged advisers for Ocado bid - report

Amazon rumoured to have engaged advisers for Ocado bid 

Amazon (Nasdaq:AMZN), the Seattle, Washington-headquartered internet retailer, is rumoured to have mandated advisers to work on a takeover approach to the UK-based grocery-delivery company Ocado (LON:OCDO), The Daily Mail reported. An unidentified market source was quoted describing Ocado as a “perfect fit” for Amazon.

Amazon is keen to provide a full UK-wide grocery-delivery offering and acquiring Ocado at its current share price would be less expensive than trying to expand its own limited-range Pantry delivery service, the report noted. Ocado’s shares ended the day’s trading at 242.5p on 18 January, giving the business a market capitalisation of GBP 1.5bn (USD 2.1bn).

Neither Amazon nor Ocado wished to make any comment, the item reported.

Daily Mail

>>> Renault rappellera 15.000 véhicules pour des réglages-Royal - RTRS

Renault rappellera 15.000 véhicules pour des réglages-Royal - RTRS


19-JAN-2016 08:22:11

PARIS, 19 janvier (Reuters) - Renault RENA.PA s'est engagé à rappeler plus de 15.000 véhicules pour les vérifier et les régler correctement à la suite des irrégularités relevées lors des premiers tests sur les émissions polluantes, a annoncé mardi Ségolène Royal sur RTL.

Les tests effectués par l'organisme de certification UTAC à la demande du ministère de l'Ecologie ont porté pour l'instant sur 22 véhicules, sur une centaine prévue et ont révélé des dépassements de normes - mais pas de fraude du type de celle mise en place par Volkswagen VOWG_p.DE. (Full Story)

"Les choses peuvent être faites rapidement", a déclaré Ségolène Royal en précisant que pour régler correctement les systèmes de filtration d'un moteur, il faut une demi-journée.

La ministre de l'Ecologie, qui a salué "le souci de transparence de Renault", a rappelé que d'autres constructeurs

dont elle n'a pas précisé le nom -- ont également dépassé les normes lors de ces tests.
Leurs dirigeants ont également accepté de venir s'expliquer devant la commission ministérielle, comme ceux du groupe au losange lundi. (Full Story)

La ministre de l'Ecologie, qui a réaffirmé sa détermination à "protéger les français contre la pollution de l'air" a souligné que les tests menés jusqu'ici "n'étaient pas suffisants" et a préconisé des "tests en conduite réelle et quelle que soit la température extérieure", qui seraient "incontestables".

"C'est dans l'intérêt même de l'industrie automobile" de garantir les droits des consommateurs et de lutter contre la pollution de l'air, a-t-elle ajouté.

>>> ABB could initiate sale of Power Grids later in the year - Dagens Industri

ABB could initiate sale of Power Grids later in the year 

ABB, the Swiss industrial giant, could initiate the sale of its Power Grids division later this year, according to Dagens Industri. This is after ABB announced last year that it had initiated a strategic review of its Power Grids division.

The Swedish business daily reported that ABB's automation business is likely to be affected by the decreasing price of oil as well as the Chinese market slowing down. Selling Power Grids would give ABB's restructuring process more time to take effect and increase ABB's share price.

The paper wrote, without citing any named sources, that ABB's major shareholders are pushing for the review to be concluded by late summer and that a sale of Power Grids will follow. The paper reported further that Power Grids is expected to fetch USD 12-15bn.

The item noted that regulatory rules will hinder ABB's competitors Siemens and General Electric from bidding, but other possible bidders are State Grid Corporation of China (SGCC), Mitsubishi Hitachi Power Systems, Toshiba and Shanghai Electric Group.

Power Grids has a turnover of over SEK 100bn (EUR 10.7bn), the paper wrote. ABB's largest shareholders are the Swedish investment company Investor with 10.03% of the votes and capital, Swedish activist fund Cevian Capital with 5.16% and American PE firm Blackrock with 4.18%.

Dagens Industri

>>> Inwit admits two bidders to due diligence - Carlo Festa Blog

Inwit admits two bidders to due diligence 

Inwit, the listed Italian transmission tower group, has admitted two bidders to due diligence, the Italian language Carlo Festa blog reported. The unsourced report named the bidders as Spanish transmission tower group Cellnex and Italian infrastructure group F2I and sole suitor American Tower.

The report said that due diligence will last until March, when the bidders will be expected to submit binding offers for a 45% stake in Inwit. The report said that vendor Telecom Italia (TI) will then choose a party for exclusive negotiations.

The report said that TI is hoping to close a sale by mid-year.

The report said that Inwit has a market cap of EUR 2.9bn.

Carlo Festa Blog


Cellnex-F2i, Ei Towers e American Tower presenteranno le offerte vincolanti per Inwit in marzo
Sono tre i soggetti che da qui a marzo avranno a disposizione la documentazione per arrivare a formulare nel mese di marzo un’offerta vincolante per le torri di Inwit, controllata di Telecom Italia. Il tandem Cellnex-F2i, Ei Towers e Americano Tower dovranno presentare infatti in marzo le proposte finali per acquisire la quota del 45% di Inwit, la società in cui sono confluite le torri di Telecom Italia. Da qui ad allora dovranno perfezionale la loro offerta. A quel punto, all’inizio di primavera, dovrebbe essere concessa da Telecom Italia un’esclusiva a trattare per arrivare a finalizzare l’accordo entro la metà dell’anno. Inwit ha attualmente una capitalizzazione di oltre 2,9 miliardi. Telecom Italia dovrebbe restare con una quota di minoranza post-operazione. In pole position per l’acquisizione ci sarebbe proprio l’alleanza Cellnex-F2i. La spagnola Cellnex, ex Abertis, che ha già acquisito 7.300 torri di Wind e altre 300 da Atlantia con le 11.500 torri Inwit, raggiungerebbe quota 38 mila siti con sinergie stimabili in un miliardo. Al contrario il fondo infrastrutturale guidato da Renato Ravanelli punta ad entrare nel settore delle torri di trasmissione.

>>> Telecom Italia CEO says mobile unit will be aggregating force in Europe (tra

Telecom Italia CEO says mobile unit will be aggregating force in Europe

Marco Patuano, the CEO of Telecom Italia (TI) has said that the group's mobile phone unit TIM, will be an aggregating force in Europe, La Repubblica reported. TIM was financially sound with good growth prospects, In an interview with the Italian-language daily, Patuano noted.

Patuano told the paper that this would stop it being a target and instead turn it into an aggregating force for medium-sized European telcos, of which there were around 100.

TI has a market cap of EUR 18.37bn.
La Repubblica

>>> Konecranes could sell Terex crushers after merger; Metso could be in the fra

Konecranes could sell Terex crushers after merger; Metso could be in the frame 

Konecranes [HEL:KCR1V], the Finnish crane equipment supplier, could sell the crushers business after its merger with Terex [NYSE:TEX] is completed, according to Kauppalehti.

The Finnish language paper carried an unsourced speculative analysis piece about the merger of Konecranes and Terex, the Connecticut, US-based mining and industrial equipment supplier.

It wrote that it is unlikely Terex’s large crushing equipment will remain as part of the merged company’s product portfolio. It further noted M&A transactions worth hundreds of millions could take place once the fusion is completed.

The item noted Metso, the Finnish industrial machinery company, may not well choose to stand on the sidelines if the crushers will come up for sale.

Kauppalehti

>>> Allianz and AXA rumoured to be eyeing RSA - report

Allianz and AXA rumoured to be eyeing RSA 

Insurers Allianz (ETR:ALV) of Germany and France-based AXA (EPA:CS) are rumoured to be considering bids for their UK-based rival RSA (LON:RSA), The Daily Mail reported. The market report did not attribute the speculation to a source but said Allianz and AXA are among several potential bidders said to be eyeing long-mooted bid target RSA.

RSA has a GBP 4.1bn (USD 5.8bn) market cap.

Daily Mail

>>> Adecco has liquidity for large buys; share buy back possible if targets not

--> Watch Hays, Michael Page,....

Adecco has liquidity for large buys; share buy back possible if targets not found

Adecco, the listed Swiss staffing services group, has enough liquidity for large buys, Neue Zuercher Zeitung reported.

The Swiss daily cited Adecco Chief Financial Officer Hans Ploos van Amstel who told an investor day on Monday there is enough liquidity for large buys even if the targeted payout to share holders of 40% to 50% of net profit is maintained.

Van Amstel said if no suitable takeover targets are found then cash would be returned to shareholders, possibly through share buy backs which Van Amstel described as more efficient than special dividends.

Adecco has a market cap of CHF 10.54bn.

Neue Zuercher Zeitung

>>> What to look at today - 19th of January 2016

US Market Closed for Martin Luther King Day.
Asian indices are in rally mode and US futures portend an upbeat return for markets from a long weekend. China economic data points whiffed across the board, boosting speculation of expanded PBoC easing in time for the extended Lunar New Year holiday early next month. Q4 GDP came in at 1.6% V 1.8%E q/q and 6.8% V 6.9%E y/y. For 2015, GDP slowed to a 25-year low of 6.9%, even though services component rose to 50.5% v 48.2% in 2014 and consumption marked 66.4% of total economy vs 51.2%. Fixed asset investment slowed to a new multi-year low, with property investment growth slowing to v +1.3% prior and new construction falling y/y by -14.0%. Industrial Output growth slowed below 6% after last month's bounce, with power generation component back in the red at -3.7% v +0.1% prior. The initial reaction to China data was pronounced risk-off, but expectations of more easing in the pipeline have trumped the fears of a deeper slowdown. China Stats Bureau head said China will step up reform on supply side even with the economy in "reasonable" range, also warning that some industrial companies would slow further in 2016. BOJ Gov Kuroda reiterated the central bank will do whatever it takes to achieve price target and that there were no issues with JGB liquidity. Econ Min Amari also reiterated cabinet position that the economy is solid and the volatility in Japan equities was due to external factors.

Nikkei +0.55% Hang Seng +1.42% Shanghai +3.12%

Eur$ 1.0872 CNH 6.6017 CNY 6.5793 JPY 117.87 GBP 1.4281 CHF 1.0076 RUB$ 78.90 WTI $29.53 (+0.37%)

S&P +0.97% EuroStoxx+1.47% Dax +1.55% SMI +1.19%

Macro :
- China’s Economy Grows 6.8% in 4Q Y/y; Est. 6.9%
- China GDP Misses Forecast for First Time Since Early 2013
- ECB’s Villeroy Says European Recovery on Track, Stimulus Working
- Merkel Said to Meet With Car Execs on E-Mobility: Handelsblatt
- Oil Price Rebound Seen After 2H; 7 Cos. Raised, 6 Cut: Canaccord

Keep an eye on :
- ABG SM : Abengoa Bondholders to Provide at Least EU60M: El Economista
- AC FP : Starwood Capital, Fosun Said to Weigh Ascendas Hospitality Bids
- AF FP : French Shared Plane Services Outlawed in Current Form, DGAC Says
- BLT LN : BHP May Cut Fiscal 2017 Capex View to $5b From $7b: Deutsche
- BMPS IM : Paschi CEO Confirms Bank’s Financial Stability After Shares Drop
- BMPS IM : Paschi, UniCredit Say ECB to Review Their Bad Loans
- BP IM : Banco Pop., Carige Say ECB to Conduct Analysis on NPLs Strategy
- ACA FP : Credit Agricole Said to Eye Capital Boost by Selling Bank Stakes
- ACA FP : Credit Agricole Restructuring Would Embed EPS Dilution Risk: KBW
- HEN3 GY : Henkel Still Plans Major Acquisitions, Bagel-Trah Tells Paper
- EGL PL : CMVM Announces Temporary Ban on Mota-Engil Short Selling
- UG FP : Opel’s Zafira Exceeded Emission Limits in French Tests: Echos
- RNO FP : Opel’s Zafira Exceeded Emission Limits in French Tests: Echos
- RIO LN : Rio Tinto 4Q Iron Ore 100%-Basis Output 87.2mt; Est. 91mt, Sees Up to 24% Boost to Mined Copper Output in 2016
- SOW GY : Software 4Q Operating Earnings 92.2m Euros Vs 88.4m Euros Y/Y
- UCG IM : Paschi, UniCredit Say ECB to Review Their Bad Loans
- UQA AV : Uniqa Sees Significantly Lower 2016 Result on Spending, Outlook
- VOW3 GY : Ex-FBI Head Freeh to Assist Volkswagen: Suedddeutsche Zeitung
- VOW3 GY : VW to Adhere to Selling Diesel Cars in U.S.: RedaktionsNetzwerks