>>> Europe : Brokers Upgrades & Downgrades - 30th of March 2016

>>> Up
*BOURBON RAISED TO HOLD VS SELL AT SOCIETE GENERALE
*CENTAMIN RAISED TO ADD VS HOLD AT NUMIS
*DEUTZ RAISED TO BUY AT HSBC
*GLAXOSMITHKLINE RAISED TO BUY VS NEUTRAL AT CITI
*INMARSAT RAISED TO HOLD VS SELL AT BERENBERG
*NEXT RAISED TO HOLD VS UNDERPERFORM AT JEFFERIES

>>> Down
*AEGON CUT TO HOLD VS BUY AT JEFFERIES
*DEBENHAMS CUT TO HOLD VS BUY AT JEFFERIES
*DUNELM CUT TO HOLD VS BUY AT JEFFERIES
*M&S CUT TO HOLD VS BUY AT JEFFERIES
*NORSKE SKOG CUT TO REDUCE AT KEPLER CHEUVREUX
*PEUGEOT CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*POUNDLAND CUT TO UNDERPERFORM VS BUY AT JEFFERIES
*SUNRISE COMMUNICATIONS CUT TO SELL VS NEUTRAL AT GOLDMAN
*TELEVISA CUT TO NEUTRAL AT JPMORGAN
*WILLIAM HILL CUT TO UNDERWEIGHT AT MORGAN STANLEY

>>> PT Change


>>> Initiation
*AVIVA RATED NEW NEUTRAL AT MACQUARIE; PT 502P
*BNP PARIBAS RATED NEW BUY AT UBS, PT EU50
*BRAIN AG RATED NEW BUY AT ODDO SEYDLER, PT EU12
*SCANDINAVIAN TOBACCO RATED NEW BUY AT DEUTSCHE BANK; PT DKK130
*SOCGEN RATED NEW BUY AT UBS; PT EU38

>>> Call
>> Stock
*ATOS ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*EMS CHEMIE ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*RWE ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*SHELL ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*WPP ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE

FT : Qatari investor rallies behind Deutsche Bank chairman


The Qatari investor that owns the second-biggest stake in Deutsche Bank plans to issue a rare public statement supporting Paul Achleitner as the chairman of Germany’s biggest bank, despite a sharp fall in the value of its shares.
The announcement could come as early as Wednesday from Paramount Services Holdings, one of the vehicles through which Sheikh Hamad Bin Jassim Bin Jaber Al Thani — known as HBJ — took a 6.1 per cent stake in Deutsche in 2014.

It will provided a much-needed boost for Mr Achleitner, who has been chairman of Deutsche’s supervisory board for almost four years.
He is facing pressure from investors over the bank’s weak performance — its shares have fallen more than 50 per cent in the past year — amid speculation that he may not win a second term when his contract expires next year.
Germany’s Manager Magazin quoted a person close to HBJ’s family saying Mr Achleitner “will not be part of Deutsche Bank’s future beyond 2017”. The Al Thani family owns 6.1 per cent of Deutsche split equally between Paramount and another entity — Supreme Universal Holdings.
Paramount’s statement, seen by the Financial Times, rejects this, saying it “does not believe it would be in shareholders’ interests for Supervisory Board chairman Paul Achleitner to relinquish his position in 2017, after his current term expires”. It adds that Mr Achleitner’s “leadership remains an important factor underlying Paramount Services Holdings’ investment case and confidence in Deutsche Bank”.
Paramount says it “believes that speculation about its views have the potential to create uncertainty, which is why it decided to issue a public statement”. Deutsche declined to comment.
However, other investors say Mr Achleitner might still struggle to win enough support to secure a second term next year, unless the performance of Germany’s biggest bank improves rapidly before then.
One big investor in Deutsche said: “Achleitner doesn’t have to go now, but whether his contract should be extended beyond 2017 is an open question.

A top-20 investor said: “If Deutsche’s strategy is showing signs of working then Achleitner could try to go for a second term. But if their profitability is not improving then investors would have to think about further steps.”
Last year, Mr Achleitner oversaw a shake-up in the bank’s senior management, hiring John Cryan to replace Anshu Jain as co-chief executive and to take full control when fellow co-chief executive Jürgen Fitschen steps down this year.
The Deutsche chairman had previously spent 12 years on the management board of German insurer Allianz and, before that, 11 years at Goldman Sachs, and is seen as one of the best connected figures in German finance.

>>> Assa Abloy eyeing over 100 possible takeover targets - Dagens Industri

Assa Abloy eyeing over 100 possible takeover targets - Dagens Industri

Assa Abloy, the listed Swedish lock and security systems giant, is in takeover talks with at least 100 possible targets, according to Dagens Industri.

The Swedish business daily cited CEO, Johan Molin, who was asked about the company's acquisitive plans. The company is in contact with at least 100 takeover candidates but pointed out that these talks can take years before a deal is made, he noted.

Molin was also asked if the company is eyeing any larger targets like its acquisition of Cardo in 2011 for SEK 11bn (EUR 1.2bn). Molin replied that there are a few mechanical and electronics companies which might be of interest and that electronics is especially attractive. He added that these companies are usually quite expensive though.

Dagens Industri

>>> Ferrari looks to buy luxury brands outside car sector; MV Agusta possible ta


Ferrari looks to buy luxury brands outside car sector; MV Agusta possible target – Carlo Festa Blog

Ferrari [BIT:RACE], the Italian luxury car group, is looking to buy luxury brands outside the automobile sector, the Italian language Carlo Festa blog reported. The unsourced report said that Ferrari wants to make considered buys but, because of the lack of targets in the car sector, is looking at luxury brands in other parts of the market.

The report said that the luxury yacht and motorcycle sectors was likely to be one of the areas where Ferrari will seek targets. The report said that motorcycle manufacturer MV Agusta could be a possible target, given the clash presently taking place between MV Agusta's majority shareholder the Castiglioni family and its minority shareholder Daimler.

The report said that Ferrari would need to sound out Sergio Marchionne, the CEO of Ferrari's parent FCA, as he known to be unenthusiastic about the motorcycle sector.

Previous reports have claimed that MV Agusta is looking to carry out a EUR 30m capital increase.

>>> Seaway Heavy Lifting up for sale; Boskalis, Saipem, Heerema and Technip rumo

Seaway Heavy Lifting up for sale; Boskalis, Saipem, Heerema and Technip rumoured to be interested 

Seaway Heavy Lifting, the Netherlands based off shore construction company, is up for sale, Dutch-language De Telegraaf wrote in a report citing unnamed insider sources. Heerema Marine Contractors, Boskalis, Saipem and Technip are rumoured to be potentially interested, the item noted.

Seaway Heavy Lifting would be valued at about USD 1bn, unnamed market sources said.

Seaway would not provide comments and referred to Subsea 7, one of its shareholders, the item noted. Subsea 7 did not comment either. Goldman Sachs was hired to assist with a review of Seaway's strategic options, and would not comment, the report noted.

Seaway has a strong position in the construction of off shore wind energy parks. This business suffers from current low oil prices, the item added.

An unnamed insider said he is not surprised by the sale and expects job cuts as well, the report noted.

Current shareholders of Seaway Heavy Lifting are Subsea 7 and Russian 'oligarchs', the report said.

de Telegraaf

NY Post : 21st Century Fox eyes minority slice of Paramount Pictures

21st Century Fox eyes minority slice of Paramount Pictures

21st Century Fox is one of a dozen companies interested in acquiring a minority stake in Viacom’s Paramount Pictures, The Post has learned.

Fox recently signaled its interest and would be interested in a deal to invest in the studio — worth $5 billion to $6 billion by some estimates — if it could provide synergies to the fabled Tinseltown movie studio, sources said.

Viacom Chief Executive Philippe Dauman, amid a cratering stock price and falling ratings, said on Feb. 23 that the media giant was considering selling a “significant” minority stake in the 104-year-old studio, which had a 5.9 percent market share of the movie business in 2015, according to BoxOfficeMojo.

Fox owned an 11.3 percent share of the movie business last year.

Wall Street’s keeping a close watch on Viacom right now. Its controlling shareholder, Sumner Redstone, soon to turn 93, is in failing health.

Dauman finds himself under pressure to turn the company around after a period of poor performance and cost-cutting at the studio.

Paramount, run by Brad Grey, is known for movies like “The Godfather” and “Mission Impossible.” Its summer slate includes “Star Trek Beyond” and “Teenage Mutant Ninja Turtles: Out of the Shadows.”

Viacom is expected to use the proceeds from the Paramount stake sale to pay down debt, among other things.

While Fox has expressed interest, Viacom has thus far given it the cold shoulder, sources said.

Some in Hollywood have taken that to mean Viacom is looking for a different kind of partner, one solely interested in the studio as a passive investment.

There have been no talks between the two companies, sources said. “As it is configured, there’s no interest,” said a source close to talks.

Viacom hired PJT Partners to shop the stake after, it said, it received expressions of interest from prospective partners.

Others kicking the tires are China-based media companies such as Alibaba and Dalian Wanda, according to reports.

While some Tinseltown sources describe Viacom as being interested in solely a passive partner, others maintain that is not the case.

Those sources point to Dauman’s comments back in February: “In this time of change and enormous opportunity in our industry, a partnership will bring significant benefit to Paramount and Viacom, both strategically and financially, provide new opportunities for Paramount’s employees and talent, and enhance long-term value for all Viacom shareholders.”

Fox isn’t alone in viewing a minority stake as unappealing.

DreamWorks Animation’s Jeffrey Katzenberg, speaking at the Morgan Stanley Technology Media and Telecom Conference on Feb. 26, said he wouldn’t bite at a minority Paramount stake — but would rather buy the entire studio.

Viacom shares closed Tuesday at $40.14, down 23 cents. Shares are down 41 percent over the past year.

Eric Jackson, managing director at SpringOwl Asset Management, an activist investor, told The Post: “[The Paramount sale] is the minimum he [Dauman] can do to juice the stock without giving up control or anything that really changes the collection of assets.”

Fox shares ownership with News Corp., which owns The Post.

Reuters - Goldman raises $1.5 billion in infrastructure fund first close: source

Goldman raises $1.5 billion in infrastructure fund first close: sources http://reut.rs/1qh2xao

Goldman Sachs Group Inc (GS.N) closed the first stage of fundraising for its newest infrastructure fund with about $1.5 billion, according to people familiar with the matter.

The fund, which completed its first close late last year and is targeting $3 billion, has since reached $1.8 billion in capital raising, the people added, asking not to be named because the matter is private.

A spokeswoman for Goldman declined to comment.

Goldman's last infrastructure fund raised $3.1 billion in 2010. Goldman has raised more than $10 billion in investments in infrastructure since 2006, according to its website.

Investors are increasingly looking to infrastructure, which includes assets such as airports, bridges and toll roads, as an alternative to low-yielding fixed income products with more stable returns than traditional private equity.

Morgan Stanley (MS.N) said in March it had raised $3.6 billion for its second infrastructure fund.

Other private equity firms are looking to raise large infrastructure funds.

ArcLight Capital Partners last year closed a $5.6 billion fund focused on energy infrastructure investments and KKR & Co LP also closed a $3.1 billion fund.

Global Infrastructure Partners is seeking to raise as much as $15 billion for its third fund, according to reports last year.

>>> Asian Update

Asian Market Update: Fed Chair Yellen tempers recent "live meeting" Fed speak with dovish remarks; Japan industrial output plummets; ADB cuts Asia GDP targets

***Economic Data***
- (JP) JAPAN FEB PRELIMINARY INDUSTRIAL PRODUCTION M/M: -6.2% (biggest decline since Mar 2011) V -5.9%E; Y/Y: -1.5% V -1.7%E
- (JP) JAPAN FEB VEHICLE PRODUCTION Y/Y: -6.9% V -5.8% PRIOR; 3rd straight decline
- (CN) China Mar Westpac Consumer Confidence index: 118.1 v 111.3 prior
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 114.5 v 116.0 prior
- (NZ) NEW ZEALAND FEB BUILDING PERMITS M/M: +10.8% V -7.8% PRIOR; 7-month high
- (KR) South Korea Feb Department Store Sales y/y: -1.9% v 9.0% prior; Discount store sales y/y: -7.0% v 11.0% prior

***Index Snapshot (as of 03:30 GMT)***
- Nikkei225 -0.3%, S&P/ASX +0.1%, Kospi +0.4%, Shanghai Composite +1.4%, Hang Seng +1.4%, Jun S&P500 +0.1% at 2,049

***Commodities/Fixed Income***
- Apr gold flat at $1,238/oz, May crude oil +0.8% at $38.57/brl, May copper -0.9% at $2.19/lb
- (US) Weekly API Oil Inventories: Crude: +2.6M v +8.8M prior; 6th straight week of build
- GLD: SPDR Gold Trust ETF daily holdings fall 1.2 tonnes to 820.5 tonnes; first decline since Mar 14th
- SLV: iShares Silver Trust ETF daily holdings rise to 10,276 tonnes from 10,257 tonnes; highest since Apr 2015
- (CN) PBOC to inject CNY60B in 7-day reverse repos
- (CN) PBOC SETS YUAN MID POINT AT 6.4841 V 6.5060 PRIOR; Strongest Yuan setting since Mar 18th
- (AU) Australia MoF (AOFM) sells A$900M in 2.75% 2017 Bonds; avg yield: 2.63%; bid-to-cover: 2.54x

***Market Focal Points/FX***
- Asian equity markets have responded positively to the latest set of dovish remarks from Fed chair Yellen, tracking the gains on Wall St, just as USD index plunged and precious metals rallied. Speaking in New York, Yellen challenged the more upbeat recent rhetoric from regional Fed presidents that rekindled uncertainty of April being a "live" meeting, noting ongoing risks to US economy from global developments while also expressing concern about low inflation expectations with projections of PCE core well below 2% in 2016. She concluded that cautiousness in policy adjustment is the most appropriate course of action, reiterating that the FOMC is not on a preset course for normalizing policy. USD/JPY fell about 100pips below 112.40 from the levels ahead of Yellen's remarks, AUD/USD was up about 90 pips above 0.7640, and NZD/USD up about 80pips to trade above 0.6880, with some added strength coming from hotter building permits data. China markets led the regional advance, while Nikkei lagged on JPY strength against the stumbling greenback.

- Risk aversion in Japan was exacerbated by particularly disappointing February industrial production which fell m/m by the biggest margin since the massive 2011 earthquake. Despite the bigger than anticipated plunge, METI still raised its March forecast to +3.9% m/m v +3.1% prior and also set its Apr forecast at +5.3%. Earlier, a Nikkei feature noted increasingly lower trading volumes on Tokyo Stock Exchange as indication of wilting investor confidence in even short-term trading profits. Later in the day, Japan vehicle output also fell for the 3rd straight month.

- Regionally, Asian Development Bank (ADB)'s "Outlook 2016" report cut developing Asia 2016 GDP target to 5.7% from 6.0% and cut Central Asia 2016 GDP growth to 2.1% from 3.7%. SE Asia forecasts were cut to 4.5% from 4.9% and 2017 set at 4.8%. ADB also cut its China target for this year to 6.5% from 6.7% prior and forecast 2017 at 6.3% - below the official 6.5-7.0% range for the next 5 years.

- In Australia, PM Turnbull confirmed press speculation that the govt will consider giving more flexibility to states to set their own rates of income tax, reducing nationwide levy by 2pts starting from 2020. On the corporate front, shares of Virgin Australia were sharply lower after key holder Air New Zealand announced it is considering selling part or all of its 26% stake in VAH.

***Equities***
US equities / ADRs:
- SONC: Reports Q2 $0.18 adj v $0.16e, R$133.2M v $129Me; +4.3% afterhours
- PLAY: Reports Q4 $0.53 v $0.43e, R$234M v $229Me; -0.6% afterhours
- RH: Reports Q4 $0.98 v $0.99 prelim, R$647M v $647M prelim; -4.5% afterhours
- VRNT: Reports Q4 $0.90 v $1.17e, R$282M v $319Me; Starts $150M share buyback program (6.8% of market cap); -11.9% afterhours

Notable movers by sector:
- Consumer discretionary: Belle International Holdings 1880.HK -7.5% (guidance); Dongfeng Motor 600006.CN +0.2% (FY15 result); FamilyMart Co. 8028.JP +0.8% (FY15/16 result speculation); Daphne International Holdings 210.HK -1.0% (FY15 result); Ajinomoto Co 2802.JP -5.1% (guidance)
- Consumer staples: WH Group 288.HK +7.5% (FY15 result)
- Financials: Evergrande Real Estate Group 3333.HK -1.3% (FY15 result); Bank of Communications 601328.CN +1.8% (FY15 result); China Everbright Bank Co 601818.CN +1.9% (FY15 result)
- Industrials: CRRC Corp 601766.CN +1.2% (FY15 result); Virgin Australian VAH.AU -4.8% (Air New Zealand looks to sell stake)
- Technology: Alibaba Pictures Group 1060.HK +4.1% (FY15 result); Ourgame International Holdings 6899.HK +1.9% (FY15 result); Samsung Electronics 005930.KR +1.4% (Q1 result speculation); Sharp Corp 6753.JP +6.2% (president to resign)
- Energy: Sinopec (China Petroleum & and Chemical Corp) 386.HK +6.1% (FY15 result); Xinjiang Goldwind Science & Technology Co 2208.HK +5.1% (FY15 result); Yanzhou Coal Mining Co. 1171.HK -0.5% (FY15 result); APA Group APA.AU +2.8% (AGL deal)
- Telecom: NTT (Nippon Telegraph & Telephone Corp) 9432.JP +0.5% (acquisition)

>>> US After Hours Summary: ACAD +22% in reaction to news; LNDC -13% &


After Hours Summary: ACAD +22% in reaction to news; LNDC -13% & VRNT -12% in reaction to earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: SONC +3.7%

Companies trading higher in after hours in reaction to news: ACAD +22.2% (affirms favorable AdComm review for NUPLAZID for the treatment of psychosis associated with Parkinson's disease)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: LNDC -12.6%, VRNT -11.9%, WPRT -5.8%, VNCE -3.1%, RH -2.6%, PLAY -1.8%

Companies trading lower in after hours in reaction to news: SPKE -14.9% (announces 1.5 mln secondary offering of class A common stock by selling stockholders), CTRV -7.2% (to offer shares of its common stock and warrants to purchase shares of its common stock in a 'best efforts' underwritten public