TheChek News Flow

>>> RTRS - HEIDELBERGCEMENT HEIG.DE CEO SAYS 2015 OUTLOOK HAS BECOME MORE AMB

RTRS - HEIDELBERGCEMENT HEIG.DE CEO SAYS 2015 OUTLOOK HAS BECOME MORE AMBITIOUS DUE TO WEAKER GLOBAL GROWTH

>>> Street Pre-Market Indications

ML:
JUST RETIREMENT - new business sales of £360m (+41%), above £279m cons.+5-10%

VESTAS - Q3 rev a 2% beat, margins solid and raises guidance above cons...+5%

MEDAA - sales a 3% beat and a 9% beat at EPS, guidance narrowed.........+3-5%

HOCHSCHILD - We UPGRADE to BUY, PO 95p....................................+4%

SUPERGROUP - LFL +15.5% in Q2 vs. our est. +12%, Outlook confident......+3-4%

ADIDAS - Q3 EBIT 13% ahead of cons on strong top line, ups FY rev guide...+3%

LANCASHIRE - combined ratio of 70.2% in 3Q vs cons 78.8%, higher spec div.+3%

SOC GEN - Bottom line 4% beat on stron French retail, provisions 11% beat.+3%

SHAWBROOK - decent Q3 with FY gross lending to be ahead of target.......+2-3%

FRAPORT - Q3 results slightly ahead and guidance raise partially expected.+2%

O2D - Rev in line, EBITDA a 3% beat and capex 4% below, inc guidance......+2%

LEGRAND - adj EBIT in line, org growth +1.5% v +1% est, solid delivery....+2%

PHILIPS - Spec PE interested in lighting biz, mentions c. 0.5x sales....+1-2%

UBISOFT - Q2 sales small beat, reits guidance, no new news on VIV stake.+1-2%

SCHRODERS - Q3 PBT a 3% beat, driven by stronger revs...................+1-2%

NATIXIS - Pre-tax beat but cap mkts & wholesale weak, Asset Mgmt strong...+1%

LANXESS - EBITDA a 4% beat v cons, raises FY guidance in line with cons...+1%

RSA - TNAV grew 4% to 294p is a positive read, premiums solid.............+1%

VEOLIA - Net income a 7% beat but operationally in line at EBITDA.........+1%

GENERALI - Operating results in line, EC ratio 7% ahead +ve for dividend+0.5%

ASTRAZENECA - Revs and core profit in line, Nexium better than est......+0.5%

GSK - As expected pipeline respiratory product Nucala gets US approval....u/c

EDF - Nothing incrementally new in press release for us, in line..........u/c

ZURICH - In line on lower losses in HoldCo, u/performed SXIP 25% YTD......u/c

ALSTOM - Announces 91.5m sh buyback, price set at EU 35 per share.........u/c

CRODA - Group organic growth at 2.3%, vs our 2.5%, solid mix..............u/c

HOWDEN JOINERY - Says well positioned to achieve FY expectations..........u/c

TENARIS - Q3 small beat but weaker Q4 outlook on vols & price overshadows.u/c

RENTOKIL - 1.4% organic growth (similar to Q2), cons unlikely to move.....u/c

SWISSCOM - 9m rev and EBITDA broadly in line, reiterates FY targets.....-0.5%

HEIDELBERG - Q3 in line, guidance trimmed on lower cement vols in Q3......-1%

MEDIA - -ve read from US sector performance post TWX......................-1%

K.WILSON - Quarterly div maintained, occupancy still high at 98%..........-1%

KION - Q3 rev 1% ahead as is EBIT, reiterates previous forecasts..........-1%

RANDGOLD - Numbers ok, one off cost a small -ve and gold lower overnight..-1%

D.TEL - Revs a 1.5% miss but EBITDA ahead, Germany weakness the focus.....-1%

EASYJET - Solid volume growth and load factors but no upgrade to guide..-1-2%

WOLSELEY - We DOWNGRADE to Neutral, PO to 4,000p from 4,500...............-2%

CRH - We DOUBLE DOWNGRADE to UNDERPERFORM, PO to 1,500p from 2,200p.......-2%

ENGIE - 9m EBITDA a 1% miss, guides to low end on commods/FX,8% cons d/gs.-2%

CRED AG - Weak, 6% rev miss on CIB and asset mgmt, provisions 18% higher..-2%

MUNICH RE - Q3 net a 22% miss, op result 40% miss on investment results.-2-3%

THOMAS COOK - Tour operators stop ALL flights to Sharm el-Sheikh........-2-3%

MORRISONS - LFL sales -2.6% v -2.1% cons, will disappoint...............-2-3%

COBHAM - headwinds in SATCOM business, expect 3% FY cons downgrades.......-3%

B. VERITAS - Talks down FY organic growth on O&G, leads to 2-3% cons d/gs.-4%

OUTOKUMPU - Big miss at underlying EBIT on mkt weakness & low deliveries..-4%

BRENNTAG - Q3 EBITDA 4-5% light, cuts FY outlook on macro, c5% below cons.-5%

SPIRENT - FY to be in line but warning on 2016 on wireless device mkt.....-5%

TAG - Revising down full year FFO expectations by 7-8%....................-5%

ADECCO - Outlook implies a c 9% downgrade to consensus 2016 EBIT..........-7%

AMEC - Big miss, 50% div cut, we cut ests 20% and downgrade to Neutral-15-20%

Commerzbank:

ADS +1.8% Strong Q3, no 2016 outlook

BNR –10.2% Cuts guidance by 5%, plans buying 2 US lubricant distributors

BYW6 -0.6% Q3 EBIT at €36.6mn, sees FY revs at leat at last years level

COP –6.8% Cuts guidance for 2015

DEZ –3.5% Just about break-even on 2015 EBIT

DBK +0.2% Will pay USD258m to US regul for transact in US blacklist countries

DRW3 unch Finals Q3 after PW, no change to prelims

DUE -0.5% HOMAG guidance increase

DTE –0.3% Broadly in-line, good KPIs

FIE +0.5% Q3 results 1% ahead of cons, strong growth in Switzerland

FRA +1.4% Q3 a slight beat with EBITDA at €303m, guidance increased

FNTN +0.7% Reassuring Q3 KPIs, support re-rating story

HAW –0.3% Net rises, FY forecast unchanged

HEI +0.6% Q3 mixed - EBITDA in line/weaker sales and sales guidance

KGX -1.5% Orders 3% above cons thx to 9% organic growth, sound OpCF

LXS –0.7% Q3 results above cons, full year outlook raised

MUV2 -2.8% Below estimates, investment result disappoints

O1BC +0.5% Key message drop of rev growth to 16% vs. 26% in Q2

O2D +2.3% Q3 broadly in line, driving the expected guidance upgrade

RHM +2.2% Q3 in line, guidance slightly raised, in line with Cons now

SFQ +1.6% Good margin and cash generation, slowing top-line growth

TEG –3.3% Revises FFO 2015 guidance downwards to €74m-75m

CS:
Adecco -5%+ EBITA inline, margin target and 2016 guidance disappointing

Adidas +4-5% Net income 3% beat, Op profit 12% beat, revs 5.5% beat

Amec -1% Dividend cut, further cost cutting

AstraZeneca +1-2% Headline beat, core profit better

Autoliv +2-3% Takata falls 25% after Honda dropped the airbag maker

Brenntag -10% Q3 miss, EBITDA 5% light, guidance cut

Compugroup -7% Q3 revs and EBITDA light, lowers outlook

Cobham -1% Trading update slightly light, EPS at lower end

Coca-Cola +2% Strong volume growth

Croda -3% Sales 2% light, org growth light, maintained outlook

Credit Ag -2% PBT 7% beloa cons

Dairy Crest UNCH Full year expectations for continuing business, unchanged

Deuts Tel UNCH Q3 numbers inline, keeps guidance

Deutz -1-2% EBITDA inline, sales 4% light, outlook slightly light

Engie M/P No's inline but guiding towards lower end of 2015 range

Euronext +3-4% Q36 EBITDA better, new CEO positive

Fielmann M/P No's slightly ahead, confirms FY forecasts
Fraport +2% Raising guidance, passenger traffic 3-4% vs prev 2-3%

Generali UNCH Headline miss but solvency better

GSK +1% Nucala approved by US FDA for severe asthma

Hays -1-2% Negative read from Adecco numbers

Heidelberg +2-3% Rev's inline, Raises synergy target on ITALCEMENTI

Howden UNCH Good sales performance, positioned to acheive FY

Kion UNCH 3Q rev.EU1.24b (cons EU1.23b), Reiterates guidance

Kendrion -2-3% Q3 EBITDA at EU11.9m, now sees FY revs at bottom end

Korian M/P 9mth sales up 21%, Germany/Belgium positive

Kuoni +1-2% No's slightly better, GTS division re-structuring saving

Lancashire -1% Q3 gross written premiums down, announces special dividend

Lanxess +1-2% Headlines inline, raised EBITDA guidance

Legrand -1% Small miss on Q3 sales and EBIT but guidance ok

Maersk -1% Cuts surcharges in China by up to 50%

Morrison -2% LFL -2.6% vs cons -2.1%. Confirms underlying pbt guidance

Meda +2% Sales sek4.89bln vs cons 4.73bln, EBITDA ahead

Miners -1% Copper -0.25%, Brent -0.10%, Iron Ore -0.30%, China +2.51%
Munich Re -2% Op profit 579m v cons. 966m, investment income weaker

Natixis +2% No's inline, reassuring commod exposure message

NOS +3% Revs, net and EBITDA better

O2D +4-5% No's beat estimates, company raises Outlook

Ontex -1-2% Q3 revs €415.9m vs cons 418.5, acquisition of Grupo Mabe

OMV +3-5% Clean CCS ebit 495mln vs bberg cons 350.1mln, net better

Outokumpu -3-5% EBIT miss, outlook reads negatively

Philips +2-3% CVC/KKR and Bain said to mull $6b Philips lighting bid

Randstad -2-3% Negative read from Adecco numbers

Randgold -3% EBITDA 128m CSe 140, Cons 147. Production miss in Q3

Rentokil M/P Org growth slightly light, maintain FY guidance

Rheinmetall +2% Revs 1.19bln vs cons 1.16bln, net income and EBIT better

Schroders -1% PBT 3% beat, net outflows higher

Shanks -1% No's inline, reaffirm guidance, stock has been strong

Societe Gen +2% Q3 net €905m cons €840m, French retail very strong

Supergroup -2% No's better, confident on FY, stock has been strong

Swisscom +1-2% Q3 revs CHF 2.89b cons CHF 2.91b, Cuts FY EBITDA (expected)
Tates +1-2% No's inline, confirm FY guidance

Tenaris -1-2% 3Q net sales $1.56b vs est. $1.67b

Thom Cook -2-3% Negative impact from events in Egypt

Valiant +1% No's better for the qtr, positive commentary on FY

Veritas -4% Organic growth weaker, outlook weaker

Veolia UNCH No's inline, Cost cutting looks inline, confirms FY

Zurich +1-2% No's inline, combined ratio 108.9% v cons 108.6%.

Barcap EU:

Fraport+2% Keeps revs,Raises FY Pass 2-3now 3-4,EBITDA,EBIT to above top end

Adecco -5% Q3 rev 5.67vs5.74bn.cuts EBITA mgn to 5.2% org gth & similar for '16

Kion +1% Q3 revs e1.24bn.FCF slightly below '14. Reit FY nos

Brenntag -5% Q3 EBITDA 204 vs 214m.Cuts FY guid 790-810vs830-850m Buys 2 US cos

Roche CMD today update on late stage pipeline in London.

Heidelbergercement +1% incr Italcementi synergies from e175 to e300m

Veolia +1% Q3 I/l confirms FY EBIT, EBITDA & rev gth .

Legrand +2% org gth range narrowed to-1/+1from-3+2%,Op mgn >19 from 18.8-20.1%

Lanxess +2% Q3 EBITDA 235vs230m.Raise Fy EBITDA 840-880 now 860-900m

Generali+2% OP 1.06vs1.18bn,NI 420vs555m Life weak 625 vs 737m citing volatilit

Santander/BBVA taking a 15% haircut on FCC debt - Confidencial.

Adidas+3% Q3 OSG13vs8.5%.Revs 5% ahead.Incr guid from msd to hsd & GM by 50bp

Swisscom-2% Q3 net 274vs289m.FY EBITA>4bn was 4.2bn.Seems a little unsure on FY

Zurich u/c 6% BOP beat, Capital remains strong.tgt 96.5-97.5 for GI biz

TEF Deut +5% Q3 sale I/L OIBDA 454vs425m.Raise FY OIBDA >10% to 15-20%

SocGen+2% PBT12% ahead but beat at Corp centre low quality.French/Intl retail+v
Credit Ag-3% PBT-9% revs-6% cost +2% offset by lower LLP.CET110.3% ok

Munich Re -2% OP-3% on mkt volatility.P&C strong.Keeps guid of Pft>e3bn

Poor German factory orders -1.7% vs 1% falls for the 3rd month in a row.

D Tel-2% Q3 revs 17.1vs17.3bn.Mgn I/L 30.2% KPI look strong Germany

Barcap UK:

Astra +1% Nexuim better, Crestor in line, small raise guidance

Rentokil -0.5% - all looks in line small weakeness France Holland

Morrison -4% 3Q lfl -2.6% vs cons -2.1. All KPI deteriorate +5% yest.

RSA +1% - TNAV up 1% to 294p. Written premiums look strong

Schroder +1% - AUM and flows slightly light..

Shawbrook +0.5% - Strong growth in origination & loans

Lancashire +2% - pricingnot great but focus will be on the spec div 95c..

Randgold -2% - output guidance unch'd..gold poor generally post Yellen.

Spirent -1% - Update full yr broadly in line. $15m to be taken in q4

Cobham -1% - Slightly lower than reduced consensus. After Meggit in price.

Shanks unch - all looks in line
Croda -2% - growth slowing

(BFW) *CGG: LOOKING AT POTENTIAL CAPITAL INCREASE

>>> What to look at today - 5th of November 2015

Dow-0.28% S&P -0.35% Nasdaq -0.05% Russell -0.10% VIX 15.51 ( +6.67%)

US Market Closed lower. US Open higher but quickly turn negative. Yellen Hearing Q&A was very Dec Meeting oriented, she reiterated that Rate hike could happen in Dec if eco data shows improvement. crude oil fell 3.4%, ending the pit session at $46.32/bbl, Energy -1% after being up 5% on the last 2 days. Kors+8.3%, Tech still trading better. volume continue to be ahead of average with 900mil shares. US After Hours IO +34.6%, PCOM +21%, CDXS +18.4%, FB +3.6%, XENT -26.5%, GUID -21.5%, LCI -14.5% following earnings/guidance...Shanghai Composite is building on yesterday's massive 4.3% jump - the biggest since mid-Sept - with another outsized 3% gains, taking the index to its highest levels since late August. Today, investors are also cheering cross-straits meeting with Taiwan leaders potentially opening the door to more mainland investments higher up the value chain. BOJ members agreed the current easing has exerted intended effects, and that inflation continues to improve as expectations are rising on a whole. USD/JPY was also in a 20pip range below 121.60, while EUR/USD consolidated a stab below 1.0850 in late US hours - the lowest level in about 3 months. Late in the US hours, Fed's Dudley agreed with Chair Yellen that the December meeting is 'live' for possible rate lift off, but also preferred to see more wage inflation. Fed vice chair Fischer was seemingly less dovish, noting there wasn't much evidence than inflation is too low. Japan Tobacco +7.5% on 9month Results, Asahi+4.8% on 9months results, Toshiba -4% on specualtion on H1 Result, Takata -25% on more automakers discontinued using its products (-35% on the last on the last 3 days)

Nikkei +1% Hang Seng +0.05% Shanghai +2.39%

Eur$ 1.0859 CNY 6.3431 JPY 121.49 CHF$ 0.9946 GBP 1.5382 RUB$ 63.2374 WTI $46.39 (+0.15%)

S&P +0.10% EuroStoxx +0.17% Dax+0.15% SMI+0.18%

Macro :

- U.K. Concerned Sinai Crash May Be Due to Explosive Device

- Brexit Could Reduce U.K.-Irish Trade Flows by 20%, ESRI Says

- Germany Sept. Factory Orders Fall 1.7% M/m; Est. +1% M/m !!!!

Keep an eye on :

- ADEN VX : Adecco Cuts 2015 Ebita Margin Target on Growth Not Accelerating

- ADS GY : Adidas 3Q Profit Betas Ests., Raises 2015 Outlook, W. Europe, China Sales to Drive 2015 Sales

- AKSO NO : Aker Solutions 3Q Net Misses Est. After Impairments, Costs

- ALO FP : Alstom Plans to Buy Back EU3.2b of Shares

- ALO FP : Alstom 1H Orders, Net Income Slump; Confirms 2015 Forecast

- BAYN GY : Bayer Birth Control Device Would Lose FDA Approval Under Bill

- BBVA SM : Bank of Spain Says Low Profitability a Concern for Spanish Banks

- BNR GY : Brenntag 3Q Operating Ebitda Misses Ests.; Cuts 2015 Outlook

- BVI FP : Bureau Veritas Says FY Organic Growth to be Little Less On Year

- CGG FP : CGG 3Q Ebitda $122m Misses Est. $135m; to Reduce to 5 Vessels

- ACA FP : Credit Agricole 3Q Net Income Rises 15%, Helped by Eurazeo

- DTE GY : Deutsche Telekom 3Q Earnings In Line With Ests.; Keeps Outlook

- EDF FP : EDF Sees 2015 Nuclear Output at Upper End of 410-415 TWh Target

- ENGI FP : Engie 9-Month Ebitda Falls; Says FY Net at Lower End of Range

- ENGI FP : Engie Prioritizes More Renewables, Could Sell Coal Assets: CEO

- EURN BB : Euronav Chairman Selling 9m Shrs, 5.7% Stake, in Bookbuilding

- ENX FP : Euronext Says ‘Unprecedented’ 3Q for Trading Volumes, Listing

- FIE GY : Fielmann 3Q Sales Beat Ests., Pretax In Line, Confirms Outlook

- FNTN GY : Freenet 3Q Revenue EU790.1 Mln , Est. EU763.0 Mln

- G IM : Generali 3Q Op. Profit, Net Miss; Sees Good Contribution in 4Q

- GSK LN : Glaxo’s Nucala Approved by U.S. FDA for Severe Asthma

- HEI GY : HeidelbergCement Increases Italcementi Synergy Target

- KGX GY : Kion 3Q Sales, Ebit Rise; Confirms 2015 Forecast

- LXS GY : Lanxess 3Q Ebitda Ex-Items Beat Ests.; Raises 2015 Guidance

- LR FP : Legrand Narrows 2015 Target for Organic Change in Sales

- MONT BB : Montea 3Q Adj. EPS EU0.58 vs EU0.43 Y/y; Raises FY Forecast

- MUV2 GY : Munich Re Net Income Misses; Sees EU175m Expenditure on Tianjin

- KN FP : Natixis 3Q Net EU291m Vs EU293m

- NDA SS : Nordea CEO von Koskull Says Dividend Levels Now ‘More at Risk’

- NOVOB DC : Novo Says Saxenda W/ Diet, Exercise Showed Sustained Weight Loss

- PHIA NA : CVC, KKR and Bain Said to Mull $6 Billion Philips Lighting Bids

- RHI AV : RHI 3Q Rev., Ebit Miss Ests.; Says Margin Target ‘Challenging’

- RHM GY : Rheinmetall 3Q Profit Beats Est., Slightly Increases Margin View

- ROG VX : Roche to Give Update on Late-Stage Pipeline at Investor Event

- SAN SM : Santander, BBVA to Accept New FCC Debt Haircut: Confidencial

- SGL GY : SGL Carbon Posts 9M Ebit Profit, Net Loss Widens; Keeps Targets

- GLE FP : SocGen 3Q Net Income Beats; CET1 Ratio 10.5%

- O2D GY : Telefonica Deutschland 3Q Adj. Oibda Beats Ests.; Raises Outlook

- TEN IM : Tenaris Posts 3Q Net Attributable Loss; Rev. Trails Est.

- UBI FP : Ubisoft Sees 3Q Sales of About EU600M, Down 26% From Yr-Earlier

- VIE FP : Veolia Environnement 3Q Rev. +1.7% LFL; Confirms 2015 Targets

- VOW3 GY : Volkswagen Says 50,000 Vehicles Affected by CO2 Emissions Flaws

- ZURN VX : Zurich Insurance 3Q Net Income Beats Estimate; Volumes Decline

>>> Europe : Brokers Upgrades & Downgrades - 5th of November 201

>>> Up

*AEROFLOT RAISED TO BUY AT HSBC

*BEIERSDORF RAISED TO HOLD AT HSBC

*CAMPARI RAISED TO BUY VS NEUTRAL AT CITI

*ENGIE RAISED TO BUY VS NEUTRAL AT UBS (Full Note attached)

*PROXIMUS RAISED TO NEUTRAL VS SELL AT GOLDMAN

*RWE RAISED TO BUY AT SANTANDER

>>> Down

*A2A CUT TO NEUTRAL VS BUY AT GOLDMAN

*ATOS CUT TO NEUTRAL VS BUY AT CITI

*BUREAU VERITAS CUT TO UNDERWEIGHT VS EQUAL WEIGHT AT BARCLAYS

*CENTRICA CUT TO NEUTRAL VS BUY AT GOLDMAN

*EDF CUT TO NEUTRAL VS BUY AT GOLDMAN

*ENEL CUT TO SELL VS NEUTRAL AT GOLDMAN

*ENEL GREEN POWER CUT TO NEUTRAL VS BUY AT GOLDMAN

*GAS NATURAL CUT TO NEUTRAL VS BUY AT GOLDMAN

*IBERDROLA CUT TO NEUTRAL VS BUY AT GOLDMAN

*PREMIER OIL CUT TO REDUCE AT GMP SECURITIES

*PUBLIC POWER CUT TO SELL VS NEUTRAL AT GOLDMAN

*UNITED UTILITIES CUT TO UNDERWEIGHT AT MORGAN STANLEY

*VERBUND CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Change

>>> Initiation

>>> Call

>> Stock

*ENAGAS ADDED TO CONVICTION BUY LIST AT GOLDMAN

*SSE ADDED TO CONVICTION SELL LIST AT GOLDMAN

Download engi_ubs_05112015.pdf

(UBS) Engie - Upgrade to Buy: strategy-shift would imply >25% tot. return

* Early signs suggest major strategy-shift: upside case +c25% total return

Recent developments – such as the likely disposal of US merchant assets and lower upstream capex –

seem to hint of a profound transformation, which might lead Engie to rotate up to 30% of the portfolio

(c€21-30bn). Exiting global merchant generation and upstream would allow the company to redeploy

capital in contracted generation and networks. This would bring three main advantages: (1) Complexity

and business-risk would significantly drop, thanks to a larger exposure to predictable earnings. (2)

Growth would improve as most activities would show mid-term c2.5% annual EBITDA growth (UBSe).

(3) Dividend coverage would improve: Engie could keep its €1 DPS and, by the end of the decade,

distribute more than 30% of its market cap.

* Restructuring likely to shift focus away from PE, onto SOP: execution is crucial

Divestments (which may partly happen via spinoffs or IPOs) may crystallize value; this could push

investors away from near term PE valuations – biased, as generation EPS are depressed – onto sum of the

parts; as a result the stock is likely to re-rate. Although this may simply remain a scenario analysis, it

appears supported by early signals. For our upgrade to work, over the coming 6m Engie would have to

show more tangible moves.

* Downside risk from here is limited even if nothing were to happen, in our view

Ongoing negative earnings revisions and the threat of a dividend cut would cap the shares, if we were to

assume management inaction. Yet, downside risk is limited as the stock may be "fundamentally

protected" by our base-case SOP valuation of €18.3ps, which values global merchant assets well below

pure-plays. By contrast, assuming mid-cycle PE valuations on 2017 EPS, the stock could face downside

risk to €14.2ps. Also, we estimate that the stock already prices in 20-25% DPS cut.

* Valuation: restructuring could remove "complexity discount". Upgrade to Buy

Such major rotation might suggest a SOP-based valuation approach, which we estimate at €18.3ps

before any restructuring. A successful completion of such scheme could up our SOP to €19.5ps, or 20%

above current levels (+26% tot. return). All of this, whilst paying >6% dividend yield. We upgrade to

>>> MIND GERMAN REITS ON TAX CHANGE

The below clearly a very big negative for DWNI GY transaction

Based on the following press release from Clearstream. The German Tax authority is set to claim back taxes on the cash component paid to GAFAH shareholders. The transaction closed on March 1st 2015, so the tax authority is asking investors to pay 26.4% tax on the cash consideration they received.

The tax will apply for every transaction where the consideration will be cash and stocks:

The terms were as follow: EUR 8.7514 + 0.3571 VNA GY

After tax the terms are: EUR 6.4 + 0.3571 VNA GY

This is clearly a very big negative for DWNI GY transaction as it will impact the cash component is a similar fashion. The cash component pretax was 7.56 and is now 5.56 after tax. I would expect DWNI to trade down toward the EUR 22 level, or lower as investor are likely to wipe out any potential takeover premium from the sector in Germany.

AGFAH: Cleastream about to claim back the 26.4% tax on the cash component
http://www.clearstream.com/clearstream-en/products-and-services/asset-services/tax-and-certification/d15041/78298

In addition to our customer communication D15032 from the 28 September 2015 in relation to the income tax treatment of the acquisitions who wants Western primer and the GAGFAH S.A. Clearstream Banking1 customers inform, that the Federal Ministry of Finance (BMF) in Berlin issued a first assessment on the banking associations.

After this, the BMF, intends to assume in both cases that the cash component to the one gem. § 20 para 4a set 2 i.V.m. § 20 para 1 No. is materially liable to tax 1 income tax Act (EStG) and also when a withdrawal to limited tax creditor subject to the withholding tax deduction.

The countries have the opportunity to comment on the proposal of the BMF 12 November 2015. If there is no differing opinion of countries to assess the BMF, the BMF will finally answer the request of the banking industry in the above mentioned sense.

>>> US equities / ADRs:

US equities / ADRs:

- AWAY: Reports Q3 $0.24 v $0.21e, R$130.7M v $130Me; enters agreement to be acquired by Expedia in cash and stock equity value $3.9B; +21.7% afterhours

- SCSS: Reports Q3 $0.62 v $0.41e, R$374M v $356Me; +12.9% afterhours

- HABT: Reports Q3 $0.06 v $0.05e, R$58.6M v $57.5Me; +8.0% afterhours

- FLT: Reports Q3 $1.67 v $1.62e, R$419.8M v $429Me; +8.3% afterhours

- GDDY: Reports Q3 -$0.04 v -$0.09e, R$411M v $408Me; +7.6% afterhours

- FB: Reports Q3 $0.57 v $0.52e, R$4.50B v $4.39Be; +3.8% afterhours

- CTL: Reports Q3 $0.70 v $0.69e, R$4.6B v $4.55Be; reviewing strategic alternatives for global data centers; +1.6% afterhours

- PRU: Reports Q3 $2.40 v $2.43e, R$11.1B v $11.1Be; -0.1% afterhours

- RIG: Reports Q3 $0.88 v $0.67e, R$1.61B v $1.59Be; Announces $40M share repurchase program (3.5% of market cap); -0.5% afterhours

- HOLX: Reports Q4 $0.43 v $0.42e, R$703M v $692Me; -3.1% afterhours

- MRO: Reports Q3 -$0.20 v -$0.42e, R$1.32B v $1.40Be; -3.3% afterhours

- QCOM: Reports Q4 $0.91 v $0.86e, R$5.46B v $5.21Be; -5.3% afterhours

- WFM: Reports Q4 $0.30 (adj) v $0.35e, R$3.44B v $3.48Be; -6.2% afterhours

- CF: Reports Q3 $0.39 v $0.74e, R$927M v $924Me; -9.2% afterhours

- LCI: Reports Q1 $0.99 v $0.89e, R$106.4M v $104Me; -14.4% afterhours

- FEYE: Reports Q3 -$0.37 v -$0.45e, R$165.6M v $167Me; -14.2% afterhours

- GUID: Reports Q3 -$0.03 v -$0.05e, R$26.8M v $28.0Me; -21.5% afterhours

>>> Nasa : The Sun in HD 4K : https://youtu.be/6tmbeLTHC_0

>>> Asian Update

Asian Mid-session Update: Shanghai Composite extending impressive gains; Gov Stevens maintains RBA stands ready to ease

***Economic Data***

- (ID) INDONESIA Q3 GDP Q/Q: 3.2% V 3.3%E; Y/Y: 4.7% V 4.8%E (matches slowest annual pace since 2009)

- (PH) PHILIPPINES OCT CPI M/M: 0.1% V 0.2%E; Y/Y: 0.4% V 0.4%E

- (TW) Taiwan Oct CPI Y/Y: 0.3% v 0.2%e; WPI Y/Y: -8.5% v -8.2%e

***Index Snapshot (as of 02:30 GMT)***

- Nikkei225 +1.1%, S&P/ASX -1.2%, Kospi -0.3%, Shanghai Composite +2.7%, Hang Seng +0.2%, Dec S&P500 flat at 2,095

***Commodities/Fixed Income***

- Dec gold +0.4% at $1,110/oz, Dec crude oil +0.4% at $46.50/brl, Dec copper flat at $2.32/lb

- GLD: SPDR Gold Trust ETF daily holdings fall 6.2 tonnes to 680.1 tonnes; lowest since Sept 23rd

- (CN) Platts: China oil demand grew 2% y/y in Sept

- JGB: (JP) Japan MoF sells ¥2.18T in 10-yr 0.4% JGBs; Avg yield: 0.318% v 0.336% prior; bid to cover: 2.80 v 3.03x prior

- (CN) PBoC to inject CNY10B in 7-day reverse repos (36th consecutive injection); Maintains neutral position this week v drained CNY25B prior

***Market Focal Points/FX***

- Shanghai Composite is building on yesterday's massive 4.3% jump - the biggest since mid-Sept - with another outsized 3% gains, taking the index to its highest levels since late August. Yesterday, the strength in China (particularly Hong Kong) were attributed to Shenzhen-HK connect being open before the end of the year, even though later reports indicated those comments had been made over 5 months ago. Today, investors are also cheering cross-straits meeting with Taiwan leaders potentially opening the door to more mainland investments higher up the value chain. Investors are also shrugging Q3 NPLs hitting record highs of 1.59%, along with mixed comments from MIIT acknowledging challenging conditions in China industrial sector while also estimating 2015 industrial production growth to be over 6% y/y.

- BOJ's early Oct meeting minutes help explain the policy hold at the more resent decision last week. Many BOJ members agreed the current easing has exerted intended effects, and that inflation continues to improve as expectations are rising on a whole. On the corporate front, Takata shares continue to plummet from its defective airbags scandal, as more mainstream automakers joined Honda in discontinued use of its products. Shares of Honda were softer as well after reporting H1 results overnight that missed consensus.

- RBA Gov Stevens followed up the central bank's "dovish hold" this week with similarly-tilted commentary. Stevens maintained that any new policy move would likely still be an easing, and that the RBA is not constrained by rising inflation. Moreover, he noted uncertainty over growth path in China and the extent of recovery in Australia property markets.

- AUD/USD hit session lows after the Stevens comments below 0.7130, down over 20pips, before seeing a modest bounce. USD/JPY was also in a 20pip range below 121.60, while EUR/USD consolidated a stab below 1.0850 in late US hours - the lowest level in about 3 months. Late in the US hours, Fed's Dudley agreed with Chair Yellen that the December meeting is 'live' for possible rate lift off, but also preferred to see more wage inflation. Fed vice chair Fischer was seemingly less dovish, noting there wasn't much evidence than inflation is too low.

***Equities***