>>> Europe : Brokers Upgrades & Downgrades - 22nd of March 2016

>>> Up
*AENA RAISED TO HOLD VS REDUCE AT HSBC
*DUERR RAISED TO BUY VS HOLD AT BERENBERG
*GOLDEN OCEAN GROUP LTD RAISED TO BUY AT NORDEA
*PHILIPS RAISED TO BUY AT DEUTSCHE BANK
*TDC RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE

>>> Down
*BARCLAYS CUT TO HOLD VS BUY AT HSBC
*CAPITA CUT TO SELL AT STIFEL
*FISKARS CUT TO SELL AT NORDEA
*HUNTING CUT TO UNDERPERFORM VS OUTPERFORM AT MACQUARIE
*LUFTHANSA CUT TO REDUCE VS ADD AT ALPHAVALUE
*ROCHE CUT TO HOLD VS BUY AT HSBC
*TRACTEBEL CUT TO NEUTRAL AT JPMORGAN

>>> PT Change


>>> Initiation
*ABB RATED NEW SELL AT DEUTSCHE BANK
*ALSTOM RATED NEW SELL AT DEUTSCHE BANK, PT EU27
*LEGRAND RATED NEW HOLD AT DEUTSCHE BANK, PT EU48
*MOLECULAR PARTNERS RATED NEW OUTPERFORM AT CREDIT SUISSE
*SCHNEIDER ELECTRIC RATED NEW BUY AT DEUTSCHE BANK
*SIEMENS RATED NEW HOLD AT DEUTSCHE BANK, PT EU100
*SKANDINAVISK TOBAKSKOMPA RATED NEW BUY AT NORDEA
*SUEZ ENVIRONNEMENT RATED NEW OUTPERFORM AT MACQUARIE, PT EU19
*VEOLIA RATED NEW NEUTRAL AT MACQUARIE, PT EU22
*VONOVIA RATED NEW NEUTRAL AT UBS, PT EU32.50

>>> Call
>> Stock
*ELIOR REMOVED FROM EUROPEAN ANALYST FOCUS LIST AT JPMORGAN
*RENAULT ADDED TO HSBC EUROPE SUPER 10 PORTFOLIO; RANDSTAD EXITS
*SSP ADDED TO EUROPEAN ANALYST FOCUS LIST AT JPMORGAN
>> Country
*U.K. EQUITIES RAISED TO NEUTRAL AT HSBC

>>> TomTom should be divided and put up for sale, shareholder says - report (tra

TomTom should be divided and put up for sale, shareholder says 

TomTom, the listed Dutch navigation software and equipment company, should be divided up in different components that should each be sold to the highest bidder, minority shareholder TT International said in a letter dated 10 March to TomTom's management, Dutch newspaper Het Financieele Dagblad, reported citing the letter of which they obtained a copy.

TT International is a London-based asset manager that owns 4.3m TomTom-shares, or a 1.85% stake in the company, the item added.

In TT International's letter, the company claims that if TomTom is divided up it could be worth EUR 18 per share, the report noted. The current price per share is EUR 8.

TomTom is currently EUR 2.3bn undervalued on the stock exchange in they eyes of asset manager TT International, the item noted.

TT International's fund manager Vikram Kunar would not provide comments to Het Financieele Dagblad yesterday. TomTom responded by referring to its strategy which stresses the coherence between the different company divisions.

Het Financieele Dagblad

>>> AkzoNobel could sell chemicals division, buy Jotun, analysts say

AkzoNobel could sell chemicals division, buy Jotun, analysts say 

AkzoNobel, the Dutch paints and chemicals company, might eye an acquisition of Norwegian paint manufacturer Jotun, a report in Dutch-language De Telegraaf said. In addition, AkzoNobel could face pressure to sell its chemicals division, unnamed ABN Amro analysts said in the report, detailing Akzo's position in the wake of Sherwin Williams' acquisition of Valspar.

Jotun could be a very suitable candidate for a takeover, in order to counter Sherwin Williams' dominant market position in the paints industry, the item reported, without citing sources for this specific claim. AkzoNobel CEO Tom Buchner heaped praise on Norwegian Jotun (mother company: Orkla) two years ago, the report noted.

AkzoNobel might however come under pressure to divest a chemicals division, the item noted.

AkzoNobel's paper pulp division, a part of the chemical division, is under particular scrutiny for a possible sale, the item added. The division's profitability has been falling behind for years, the ABN Amro analysts say in the item. The same analysts claim the division could be worth up to EUR 5.3bn, which would be less than 6x its expected ebitda of this year, the item noted.

de Telegraaf

>>> Medivation tipped for acquisition by Sanofi or AstraZeneca - report

Medivation tipped for acquisition by Sanofi or AstraZeneca

Medivation (Nasdaq:MDVN), the San Francisco-based biopharmaceutical company, is believed to be a potential takeover target for European drugs groups, The Daily Mail reported.

France-based Sanofi (EPA:SAN), UK-headquartered AstraZeneca (LON:AZN) and Roche (SWX:RO) of Switzerland are tipped as prospective acquirers, the report said, citing unattributed market speculation.

Daily Mail

>>> Asian Update

Asian Market Update: Japan Manufacturing PMI back in contraction


***Economic Data***
- (JP) JAPAN MAR PRELIMINARY PMI MANUFACTURING: 49.1 V 50.5E (1st contraction since Apr 2015, lowest since Feb 2013)
- (AU) AUSTRALIA Q4 HOUSE PRICE INDEX Q/Q: 0.2% V 0.0%E; Y/Y: 8.7% V 8.5%E
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 116.0 v 116.4 prior
- (AU) Australia Jan Conference Board Leading index m/m: -0.4% v -0.2% prior
- (TW) Taiwan Feb Unemployment rate Y/Y: 3.9% v 3.9%e

***Index Snapshot (as of 04:30 GMT)***
- Nikkei225 +1.3%, S&P/ASX +0.1%, Kospi -0.1%, Shanghai Composite -0.8%, Hang Seng -0.4%, Jun S&P500 -0.1% at 2,040

***Commodities/Fixed Income***
- Apr gold +0.1% at $1,245/oz, May crude oil -0.2% at $41.45/brl, May copper -0.2% at $2.28/lb
- GLD: SPDR Gold Trust ETF daily holdings rise 2.7 tonnes to 821.7 tonnes; 5th straight increase; highest since Dec 2013
- SLV: iShares Silver Trust ETF daily holdings rise to 10,274 tonnes from 10,218 tonnes; highest since Apr 2015
- (CN) PBOC SETS YUAN MID POINT AT 6.4971 V 6.4824 PRIOR; 2nd straight weaker setting
- (CN) PBOC to inject CNY80B in 7-day reverse repos
- (JP) BOJ offers to buy ¥70B in JGBs with maturity less than 1-yr and ¥450B in 5-10yr JGBs

***Market Focal Points/FX***
- Japan March preliminary PMI fell to its lowest level since early 2013, returning to contraction for the first time in a year. Markit economist noted there was some deterioration in operating conditions this month, with contraction in output and new orders implying industrial output is also declining. Disappointing PMI from Japan comes amid ongoing dispute about fiscal policy and the need to postpone the next round of sales tax. Fin Min Aso reiterated that he does not believe fiscal action is needed at this time and that economic fundamentals are solid. Cabinet Sec Suga was less resolute than last week when he ruled out delay to sales tax hike, stating govt may in fact delay the hike if revenues fall. Econ Min Ishihara said it was too soon to evaluate the negative rate policy impact, calling for a 3-month period before judging its success.

- In China, PBoC weakened Yuan fix for the 2nd straight session, while Finance Ministry official denied rumors of a sideline deals at the recent G20, stating there is no secret pact between US and China for FX adjustment path. Earlier, a note from a Goldman analyst forecast capital outflows in Feb to slow to $36B from $88B in Jan and deemed near-term credit risks in China as manageable, though medium-term challenges remain.

- Down under, Australia Q4 house price index was slightly higher than expected. A report on IMF activities to US Congress was published this week, and Australian press noted that the RBA has been censured by US Treasury for talking down AUD and attempts to change direction of exchange rate back in Sept of 2015. S&P affirmed New Zealand credit rating with a Stable outlook, cheering the country's monetary and fiscal policy flexibility, economic resilience, and public policy stability against high external imbalances, high household and agriculture sector debt, dependence on commodity income, and risks to its financial system stability.

- USD majors traded in narrow ranges - USD/JPY capped at 112.20, AUD/USD in a 30pip range below $0.76, and NZD/USD in about a 25pip range above 0.6750.

***Equities***
US equities / ADRs:
- PBR: Reports Q4 net loss BRL36.9B v loss BRL26.6B y/y, EBITDA BRL17.1B v BRL20.7Be, Rev BRL85.1B v BRL85.9Be; -5.0% afterhours
- MFRM: Reports Q4 $0.53 adj v $0.56e, R$619M v $624Me; -6.3% afterhours
- CAMP: Guides Q4 $0.32 v $0.30e, R$71M v $76Me; Announces completion of Lojack acquisition; -8.9% afterhours

Notable movers by sector:
- Consumer discretionary: Intime Department Store Group Co 1833.HK -2.7% (FY15 result); Ajisen China Holdings 538.HK +10.2% (FY15 result)
- Financials: Ardent Leisure Group AAD.AU +11.8% (divestment); Greenland Hong Kong 337.HK -5.9% (FY15 result); Sino-Ocean Land 3377.HK -5.5% (FY15 result)
- Technology: Haier Electronics Group 1169.HK -0.5% (FY15 result); Sharp 6753.JP -3.6% (update on Hon Hai deal)
- Telecom: TPG Telecom TPM.AU +6.5% (H1 result)
- Healthcare: China Medical System Holdings 867.HK -2.4% (FY15)

>>> US After Hours Summary: MFRM -6%, NQ +5.5% following earnings


After Hours Summary: MFRM -6%, NQ +5.5% following earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: NQ +5.5%

Companies trading higher in after hours in reaction to news: IMMY +2.6% on light volume ( Marathon Asset Management discloses 6.4% passive stake )

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance:  MFRM -6.1%

Companies trading lower in after hours in reaction to news: CTRE -5% (announces ~7.5 mln share public offering), AGRO -4.5% (commences a public offering of 12 mln common shares to be sold by certain selling shareholders ), MVIS -3.4% (proposed public offering of common stock, undisclosed amount)