(BofA-ML) When Janet Met Mario

* Coming Soon: When Janet Met Mario
Strategically: BofAML base case = “deflationary expansion”; slow, jerky transition to
higher growth/higher rates, led by the US, China soft landing; AA = long US dollar, long
volatility, long real estate, long stocks/short bonds, UW EM, commodities; higher
conviction requires unambiguous Q3 trough in GDP & profits, XLF>$26 & ADXY>110.
Tactically: “sellers into strength” as our trading rules flip from “buy” to “neutral” & Fed
hike approaches…December could be the first time since May’94 (a year of bond
crashes, defaults & most intriguingly, a weak US$), that investors experience a Fed rate
hike & a European rate cut in the same month (see Chart 1).

* QE Jenga
The “tail risks” to “deflationary expansion” are high. Like a game of Jenga, a bull market
built by central banks can collapse if further BoJ/ECB QE and Fed hikes engender US
dollar spikes & US EPS & EM/commodity swoons, FX-wars & volatility rather than a fullblown
recovery. Gold & volatility are the natural hedges to the bearish scenario of
“Quantitative Failure.”

* The Ultimate Inequality
Alternatively, a world dominated by (ineffectual) QE, technological disruption &
inequality could cause excess 2016 valuations in “uber growth” (tech, CA real estate,
“unicorns”), a rally in “uber value” & a “pop” in “yield” & “shadow banking” as rates
belatedly rise to curb Wall Street excesses. As in 1998/99, we think a bold “über-barbell”
would outperform in this environment.

>>> Street Pre-Market Indication

CS
ABF -1-2% EPS 3% ahead of CS, Chairmans outlook statement negative
BMW +2-3% Sales inline, EBIT ahead, pretax better, margins strong
Com Hem -1-2% Q3 revs 1% light, EBITDA 1.5% light
Direct Line +1% Premiums 3% better, cost base 3-4% lower, reiterate FY
Dufry -2-3% EBITDA inline, Q3 LFL weaker, Net loss higher
GSK +0.5% FT reports that PFE looked seriously at GSK
Hugo Boss +1-2% Already warned, sees 4Q gross margin improvement
Hunting -5% Weak market conditions, continuing operations decline
Imperial Tob +1% EPS 212.5 VS 207, debt lower & pricing good
Just Eat +3-4% Q3 LFL order growth inline, raises FY guidance
Kloeckner -3-5% Q3 already known, Q4 guidance for EBITDA disappointing
Miners +1% Copper +0.40%, Brent UNCH, Iron Ore -1.00%, China +0.08%
Nexans +1% Reached an agreement to sell its Argentinian operations
Porsche -3-5% EPA alleged 3.0l diesel engine fitted with defeat devices
PostNL -10%+ CMD, 2016 guidance is very light
Pfeiffer Vac -1% Q3 sales slightly light and EBIT ahead, confirms forecasts
Prysmian +1% Announces that a US antitrust probe has now closed
Regus M/P Q3 sales 478.8m vs CS ests £487m, outlook positive
Sponda M/P Q3 sales light, revises 2015 prospects up slightly
Stan Char -4% Weak Q3, uninspiring strategy update, $5.1bn rights issue
TDC +1% 3Q EBITDA ahead, keeps 2015 outlook
Telenor -1% VIP making a provision of $900m, Telenor owns 33% of VIP
Tele Italia -1-2% Vivendi says not in talks with partners on Tele Italia bid
UBS Group -2% No's inline but low quality, CET1 at 14.3% cons. 14.6%
Volkswagen -3-5% EPA alleged 3.0l diesel engine fitted with defeat devices
Weir -1-2% Sees FY 2015 Earnings Broadly In Line With Expectations

ML
* KLEPIERRE - BNP selling 20.5m shs, BNP, CS and UBS.........................
* STAN CHART - Underwritten $5.2bn rights issue, please call for details.....
DUFRY - Q3 EBITDA a 2% beat on strong top line (8% ahead), 10.8% short....+3%
CAIRN - Spec India to consider out of court settlement on CGT claim.......+3%
DUERR - Q3 EBITDA a 10% beat driven by strong sales, raises rev guide 6%..+2%
JUST EAT - Q3 order growth 48% v 42% MLe, now sees sales 2-3% above cons..+2%
DANONE - We DOUBLE UPGRADE to OURPERFORM, PO to EUR 73 from 55............+2%
DSM - EBIT an 8% beat v cons, nutrition top line strong,good cost control.+2%
DIRECT LINE - Premiums 3% ahead of MLe, cost base 6% lower than est.....+1-2%
WEIR - IMS in line and stock v weak into event, detail in call at 8am...+1-2%
BMW - EBIT a 12% beat on strong margins in auto div but part one offs.....+1%
TDC - Revs 1.6% light but EBITDA ahead and no comment of div cut, reits FY+1%
GAMESA - Wins order for turnkey construction of 200 MW in India...........+1%
IMP TOBACCO - FY results 1% ahead of cons, volumes poor as expected.....+0.5%
GSK - FT reports GSK rebuffed Pfizer before PFE approached Allergan.......u/c
ICADE - Buys portfolio of 16 clinics for EUR 606m.........................u/c
FUCHS PETROLUB - Q3 EBIT a 5% miss driven by sales 3-4% light, reits FY...u/c
HUGO BOSS - All in line with pre-announcement, conf call at 2:30 UK time..u/c
KLOECKNER - Q3 numbers in line w pre-release, Q4 guide implies small d/gs.-1%
TELENOR - Vimpelcom to take $900m Q3 provision on investigations..........-1%
D. BOERSE - We DOWNGRADE to Neutral, PO to EUR 88 from 90.................-1%
ADP - Q3 sales 2% below ests, passenger traffic +8.2% in Q3...............-1%
STRAUMANN - We DOWNGRADE to Neutral, PO to CHF 300 from 320...............-1%
KERRY GROUP - Small miss on group org sales, guidance reiterated..........-1%
AB FOODS - Op profit 5% beat on sugar, guide implies small cons d/g on FX.-1%
INFINEON - Spec frontrunner to land FCS US as it is highest bidder........-1%
UBS - Targets pushed back a year on RWA inflation, small miss on capital-2-3%
VW - FT reports cheating scandal spreads to Porsches, VW denies...........-3%
HUNTING - Another very poor set of numbers, v weak into event.............-5%
POST NL - Guiding for op income 16% below ests, 25% cut to '16 ests......-15%

ShoreCap:
STAN.CHARTERED - Q3 loss $139m,£3.3bn rights issue at 465p,scraps final divi.MKT
GLAXO - rebuffed approach from Pfizer in recent weeks before Allergan talks..+1%
IMP'S - growth brand vol +7%,oper pft +2.4%,divi +10%,well placed............+2%
HUNTING - Q3 remained subdued,ytd oper.pft -85%,assumes FY profits -90%......-5%
REGUS - Q3 revs +17.3% £478.8m,cash generation strong,strong pipeline........+1%
AB FOODS - FY pbt 717m.Divi 25p.Currency pressures leads to op pft decline...-2%
WEIR GRP - Oil&Gas margins slightly lighter.FY earnings expectations in line.-2%
JARDINE LLOYD - Cuts views for group profits in 2015.........................-4%
PENDRAGON - Expects 2105 fy performance to be in line with views............UNCH
JUST EAT - Q3 LfL order growth 48%,Raises FY forecast........................+3%
K3 BUS.TECH - wins major contract from K-Mail Order GmbH.....................+3%
DIRECT LINE - premiums +1.3%,stronger growth in Motor than Home,inline......UNCH


Mainfirst:
*IFX-Said to be front-runner to buy Fairchild,lining up finance...........-1%
*UBS-NI 2.07b(1.73),WM PT 639m(690.9),IB PT 496m(330.1),tgts pushed out...-1.3%
*FUCHS-Sales 531.2m(550.5),Ebit 89.3m(93.8),PT 62.1m(64.1),confd guidance.-0.5%
*DUFRY-Rev 1.99b(1.84),Ebitda 271.3m(263.9),Nuance intergration on track..+2%
*STAN CHART-To raise £3.3bln via rights issue,STK -3.9% in HK.............-3%
*DSM-Ebitda 287m(283),Rev 1.945b(1.93),c/reduction details tmrw...........+1%
*DUERR-Sales 988.2m(894.88),Ebitda 101.8m(93.1),FY Sales higher...........+2%
*BMW-Ebit 2.35b(2.16),Sales 22.3b(22.3),PT 2.26b(2.12),reits FY...........+2.5%
*VONOVIA-Raises FY f/casts 590-600m(560-580),9m Rental Inc 1.02b..........+1.5%
*ADP-Sales 772m(789),sees FY traffic grth equal to or above 3%............-0.5%
*P/VAC-Sales 114.5m(115),Ebit 15.3m(15),NI 10.6m(11),FY Confirmed.........+1%
*KLOECKNER-Rev 1.59b(1.64),Ebitda 28m(27),Ebit 5m(1.8),FY Confirmed.......-0.25%
*TDC-Rev 5.9b(6.02),Ebitda Ex Items 2.54b(2.47),Ebit 1.22b(1.18)..........+1%
*VW-Denies new EPA allegations,new management has no incentive to lie.....-2.5%
*PORSCHE-Read across from VW EPA allegations - see bbg 4 comment..........-1%
*BOSS-Own stores comp in Q4 will rise or be flat,GM improvement,reits o/l.-1%

FT : Lossmaking StanChart in $5.1bn rights issue

Standard Chartered’s new boss Bill Winters has promised quick action after the troubled bank reported its first quarterly loss since the Asian financial crisis and announced a highly dilutive $5.1bn rights issue.
The emerging markets-focused bank undershot analysts’ consensus expectations of a $913m pre-tax profit and instead reported a $139m loss for the three months to the end of September. That compared with pre-tax profit of $1.5bn in the third quarter last year.

StanChart’s Hong Kong-listed shares were 2.5 per cent lower at HK$83 a share in mid-afternoon trade, having fallen more than 5 per cent to HK$79.9 soon after the announcement on Tuesday.
A 12 per cent year-on-year drop in revenues to $3.7bn was exacerbated by a doubling of impairment charges from the same period last year to $1.2bn, dragging the bank to its first quarterly loss since at least 1998.
The bank blamed the charges on “continued adverse trends in particular in India and commodities”.
StanChart’s UK-listed shares have halved in the past two years as investors feared it had lost its way just as the emerging markets its business is based upon are slowing.
“The business environment in our markets remains challenging and our recent performance is disappointing,” said Mr Winters, who joined as chief executive in May after Peter Sands, the bank’s long-time leader, stepped down amid shareholder dissatisfaction.
Tuesday’s update included details of a long-awaited strategic review including plans to tackle $100bn of risk-weighted assets that would either be restructured or reduced in the next three years.
Mr Winters described the plans as “aggressive and decisive”.
The strategy will include a shift to focusing on developing its wealth management and private banking businesses while scaling back its corporate and institutional side.
“It is not a fundamental shift but I think the impact will be fundamental,” Mr Winters said. “Our corporate and institutional business — and commercial to some extent — have been characterised by the most capital intensive approach one might take ... without being as focused on returns.”
Mr Winters said the bank had been too focused on revenue growth in the past and not worried enough about return equity as he revealed the most aggressive restructuring plan in the bank’s history.
The bank has beefed up its cost cutting programme from $1.8bn to $2.9bn over three years. It plans to make a gross reduction of 15,000 jobs in its workforce of 90,000 people, most of who are spread across Asia, the Middle East and Africa as well in as its London headquarters.
Revenues from corporate and institutional clients in the third quarter fell 18 per cent year-on-year to $2.1bn. The bank said its efforts to target only more profitable business and better manage existing assets led to “weak momentum”.
Roughly a third of revenues are retail-based, according to CLSA, while 57 per cent come from its corporate side.
The $100bn of risk-weighted assets under threat include non-strategic businesses that the bank wants to exit, as well assets now deemed too risky.
The rights issue will offer existing shareholders two shares for every seven held at 465p a share, a 34.8 per cent discount to Monday’s 713.6p close. The price represents a 29.4 per cent discount to the shares’ theoretical price following the dilution.
Temasek, Singapore’s state investment fund and the bank’s largest shareholder, plans to exercise its rights for its 15.8 per cent holding.

Standard Chartered said the rights issue would raise its core equity tier one ratio — a key measure of capital strength — to 13.1 per cent as measured by its June half-year books, from 11.5 per cent. The bank is targeting a ratio between 12 and 13 per cent.
JPMorgan Cazenove and Bank of America Merrill Lynch are underwriting the rights issue.

FT : Vivendi denies it plans to partner in bid for Telecom Italia

Vivendi has denied that it is in talks with potential partners about mounting a bid for Telecom Italia, saying that its investment in the Italian operator has not been made in concert with anyone else and ruling out the possibility of making an offer for the company.
Arnaud de Puyfontaine, chief executive of Vivendi, Telecom Italia’s biggest shareholder, said: “Since we increased our stake, there has been a lot of speculation of Vivendi playing on behalf of Orange . . . but it has never been on the agenda. There has not been any discussion between Vivendi and Orange.”

French media had reported that the Paris-based group had talked with other investors, including Orange and Egyptian telecoms billionaire Naguib Sawiris over Telecom Italia’s future.
The reports came days after Xavier Niel, the French telecoms tycoon, also entered the fray via options that could give him a stake of more than 15 per cent in Italy’s biggest mobile operator.
“The situation both for Niel and for Naguib Sawiris is the same answer: there has not been a discussion with them about Telecom Italia,” said Mr de Puyfontaine.
He did not rule out the possibility that Vivendi, which has spent more than €3bn in recent months ramping up its stake in Telecom Italia to more than 20 per cent, could increase its holding further to hit the 24.9 per cent threshold before an investor must make a public offer for the whole company.
“It would not be wise to dismiss any options,” he said. “Never say never.”
But he added: “It is not at all on the agenda. It would not be consistent with our position not to become owners of telecoms operations.”
The news comes as pressure mounts on Matteo Renzi, Italian prime minister, to comment on the arrival of the French investors in a company that has long been considered a strategic asset.
Maurizio Gasparri, Italian senator for the centre-right opposition, said: “It is useless to minimise the Telecom situation. The new foreign shareholders will have a decisive role and for this reason the situation needs to be brought before parliament.”
Italy’s state financing agency Cassa Depositi e Prestiti was also forced on Monday to issue a denial that it plans to meet Mr Niel or Vincent Bolloré, Vivendi’s chairman.
CDP, a €410bn state-agency backed by postal savings, said it had “no meetings planned with Xavier Niel or his representatives or Vivendi”.
The denial comes against a backdrop of talks between Metroweb, a CDP-owned network provider, and Telecom Italia about jointly investing in Italy’s underfunded ultrafast broadband network. Mr Renzi said in May that improving Italy’s broadband network was of “strategic” importance.

Analysts and some investors have privately questioned Vivendi’s strategy of seeing Telecom Italia as a channel for distributing content from Canal Plus, its pay-television business, and the music catalogue of its Universal Music Group.
But Mr de Puyfontaine was adamant that the operator was part of a long-term distribution strategy. “There are common initiatives between Telecom Italia and Vivendi around bringing content to customers. Having this stake is not getting back in the telecoms business,” he insisted.
Commenting on Mr Niel’s recent investment in options that if exercised would turn him into Telecom Italia’s second-biggest shareholder, Mr de Puyfontaine said: “From my perspective, it does not change our vision for the potential of Telecom Italia.”
He added: “Do we see it as a hindrance? Not at all. It just confirms that we were right about building a position in TI.”

>>> What to look at today - 3rd of November 2015

Dow+0.93% S&P+1.19% Nasdaq+1.45% Russell+2.09% VIX 14.15 (-6.10%)
US Market closed higher for the first trading day of November. China Manuf. PMI miss didn't help the mkt to perform in Asia but sentiment turned more bullish in europe and even better in the US. IBB +3.9%, Healthcare +2.1%, Energy +2.4% even if Crude oil traded lower @$46.12/bbl. financials (+1.5%) and industrials (+1.2%) also displayed relative strength, but technology (+0.9%), consumer discretionary (+0.5%), and consumer staples (+0.6%) lagged. Volume were in line with average with 845mil shares. US After Hours NLS +11.1%, ONDK +11%, LMNX +11%, QLYS -11.2%, FIT -9.1%, CAR -8.5% following earnings/guidance, ZSAN +10% on+ve Phase 1, ATVI to Buy KING for $18/share, +15.8% vs yest close. Tokyo markets were closed for holiday and China held steady, but the focus for the session was on Australia and the close call for today's RBA rate decision. ANZ Economist forecast another RRR cut before the end of the year as a possibility. Japan Center for Economic Research (JCER) also put out its estimated for Sept GDP falling into a contraction for the first time in 4 months, driven by a 0.5% drop in consumer spending.

Nikkei Closed today Hang Seng +1.08% Shanghai -0.23%

Eur$ 1.1026 JPY 120.66 CNY 6.3373 GBP 1.5428 ERUCHF 1.0876 RUB$ 63.79 WTI $46.17 (+0.04%)

S&P -0.08% EuroStoxx Dax SMI FTSE +0.40%

Macro :
- ECB’s Villeroy: Commitment to Active Monetary Policy Is Strong
- French Air Crash Investigator Sends Second Team to Egypt: AFP
- Bernstein Initiates With Positive View on European Equities

Keep an eye on :
- ABI BB : Molson Coors Said in Advanced Talks to Buy SAB’s JV Stake: FT
- ADP FP : ADP 3Q Sales Miss Est., FY Targets Reiterated
- AIR FP : Air France Met Friday With Biggest Pilots Union SNPL: AFP
- ATC NA : Altice Media acquires Strategies, Coiffure de Paris, and Cosmetique Mag magazines - Le Figaro
- AMAG AV : AMAG 3Q Net Drops 32% on Aluminium Prices; Outlook Adjusted
- BG/ LN : *SHELL BG TRANSACTION ON TRACK FOR COMPLETION IN EARLY ’16
- BMW GY : BMW 3Q Profit Beats Est.; FY Forecast Confirmed
- COFA FP : Coface 9-Month Net EU98.3M Vs Restated EU103m
- CBK GY : Commerzbank to Name Chromik Risk Chief: Handelsblatt
- CSGN VX : CS Said to Name Seth Head of EM for Inv. Banking, Cap. Mkts: FT
- DSMA NA : DSM 3Q Sales, Ebitda Slightly Beat Ests.; Confirms 2015 Outlook
- DUE GR : Duerr 3Q Sales, Operating Ebit Rise; Increases 2015 Forecasts
- DUFN SW : Dufry 3Q Rev., Ebitda Beat Ests.; Nuance Integration on Track
- FPE3 GY : Fuchs Petrolub 3Q Sales Miss Ests.; Reiterates 2015 Outlook
- GSK LN : Pfizer spurned by GSK before Allergan talks http://on.ft.com/1Rqr7NN
- BOSS GY : Hugo Boss Sees 4Q Gross Margin Improvement, Reiterates Forecast
- ICAD FP : Icade Sante Buys 16 Clinics for EU606m
- IFX GY : Infineon Said to Be Frontrunner to Land Fairchild Semi
- KCO GY : Kloeckner Misses 3Q Targets as Prices Fall, Demand Slows
- MMB FP : Lagardere Studios could raise EUR 100m via 30% stake sale - Les Echos
- OCY NO : Ocean Yield 3Q Net Income Misses Est.; Declares 15.75c/Share Div
- PFV GY : Pfeiffer Vacuum 3Q Sales Rise 17%, EPS Up 44%; Confirms Outlook
- PNL NA : PostNL Sees Gradually Improving Results From 2016-2020
- RNO FP : Nissan to Contribute EU524m to Renault’s 2H Net Income
- CFR VX : Cartier CEO Said to Be Off Work Due to Illness, Reuters Says
- UBSN VX : UBS 3Q Net Income Beats Estimates; CET1 Ratio 14.3%, UBS CEO Says Outlook Remains ‘Very, Very Challenging’: CNBC
- VIV FP : Vivendi Says Not in Talks With Partners on Telecom Italia Bid
- VOW3 GY : Volkswagen Put ‘Defeat Devices’ on 3L Engines, EPA Says
- VOW3 GY : Volkswagen Ordered to Meeting by California on New Violations
- VOW3 GY : VW Denies EPA Claim Alleging Manipulation Software in V6 Engines
- VNA GY : Vonovia 9M FFO Per Share Rises 14%, Co. Raises 2015 Forecast

>>> Europe : Brokers Upgrades & Downgrades - 4th of November 2015

>>> Up
*SEPLAT PETROLEUM RAISED TO BUY VS NEUTRAL AT CITI
*WILLIAM HILL RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS

>>> Down
*APPLUS CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*BARRATT CUT FROM HOLD AT TO SELL LIBERUM
*HOLMEN CUT TO ’HOLD AT NORDEA
*L’OREAL CUT TO HOLD VS BUY AT SOCGEN
*LUNDIN PETROLEUM CUT TO SELL VS NEUTRAL AT CITI
*MUNICH RE CUT TO NEUTRAL VS BUY AT ODDO
*PERSIMMON CUT FROM HOLD RO SELL AT LIBERUM
*PROSAFE CUT TO SELL VS HOLD AT PARETO
*TULLETT PREBON CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*TAYLOR WIMPEY CUT FROM HOLD TO SELL AT LIBERUM

>>> PT Change


>>> Initiation
*PADDY POWER RATED NEW OVERWEIGHT AT BARCLAYS, PT EU104
*SOPHOS GROUP RATED NEW BUY AT PEEL HUNT, PT 330P

>>> Call
>> Stock
*MTU AERO, TELE COLUMBUS ADDED TO BANKHAUS LAMPE’S ALPHA LIST
*BBVA REMOVED FROM FSB LIST OF SYSTEMICALLY IMPORTANT BANKS
*SENIOR REMOVED FROM CITI UK SMALL & MID-CAP KEY BUY LIST
>> Sector
*EUROPEAN INSURANCE NOW PREFERRED TO BANKS AT CREDIT SUISSE

--> UBS : Europe Outlook 2016/2017 - see attached

(UBS) European Economic Outlook 2016-17

* European recovery to continue, exposed to external risks
Today, we present our updated economic forecasts for 2015-16 and publish our 2017
projections for the first time. We expect the Eurozone recovery to continue, with real
GDP growth of 1.5% in 2015 (previously 1.4%) and 1.8% in 2016 (previously 1.9%),
followed by 1.8% in 2017. Nominal GDP growth should pick up more visibly, from
2.2% in 2015 to 2.9% in 2016 and 3.4% in 2017. We expect growth to be carried by
domestic demand, while the impact of foreign trade is likely to be slightly negative. The
key drivers of growth in 2016/17 should remain: (a) the ECB's easy monetary policy; (b)
low oil and commodity prices supporting household consumption; (c) fiscal policy
turning mildly growth-supportive; and (d) the recovery of credit conditions.

* Inflation to recover gradually, helped by additional ECB easing
We expect inflation to recover from 0.6% y/y by end-2015 to 1.5% by end-2016 and
1.7% by end-2017, still below the ECB's target of 'below, but close to 2%'. We expect
the ECB to decide, on 3 December, to extend its QE programme (€60bn per month) by
3-6 months beyond September 2016 and to cut the deposit rate by 10bp to -30bp. We
project the ECB balance sheet to reach €3.5trn, or 33% of GDP, by March 2017.
Despite the ECB's easy policy stance, we expect EUR/USD to reclaim lost ground, to
1.16 by end-2016 and 1.20 by end-2017, helped by the Eurozone recovery.

* 2016 downgrade for Germany, upgrades for Italy and Spain
We still expect 1.5% growth for Germany this year, but have cut our 2016 forecast to
1.9% from 2.1%, given increased external risks; yet, domestic demand should remain
solid. We turn even more positive on Italy as reforms seem to lift business confidence,
and upgrade our growth forecast to 0.8% from 0.6% for 2015 and to 1.5% from
1.4% for 2016. We also remain constructive on Spain.

* Downside risk from China, EM; upside potential from structural reforms, credit
A hard landing in China and more economic trouble in the EM world are currently the
biggest downside risks for the Eurozone, we think. Disruptive Fed tightening and
disturbances from domestic politics in Europe could also prove challenging. On the
positive side, a meaningful acceleration in structural reforms in the Eurozone and a
faster-than-expected recovery in credit could provide meaningful upside.

* UK: Pushing back the first BoE rate hike to May 2016
Outside of the Eurozone, the United Kingdom's solid growth continues, although the
pace has cooled a little. We forecast growth of 2.4% in 2015 and 2016, followed by
2.3% in 2017. While wage growth is picking up due to a tightening labour market,
external risks have led us to push back our call for the first BoE rate hike to May 2016.
There is a risk that the UK referendum on EU exit may weigh on growth. For
Switzerland, we forecast GDP growth of 1.0% for 2015, 1.4% for 2016 and 1.8% for
2017. Growth in Sweden should remain solid (3.0%/2.6% in 2016/2017), while the
outlook for Norway is more challenging, given lower oil prices. Monetary policy in the
Nordics and Switzerland is in the shadow of the ECB, and the Riksbank, Norges Bank
and SNB will need to maintain easy policy to keep their currencies in check.

>>> Lagardere Studios could raise EUR 100m via 30% stake sale

Lagardere Studios could raise EUR 100m via 30% stake sale

Listed French media and sports group Lagardere, advised by SG, is understood to be close to finalising the arrival of new investors for its TV production subsidiary Lagardere Studios, French weekly Le Point reported.

The report said that the investment could be made via a reserved capital increase, giving a 30% stake in exchange of a EUR 100m payment, valuing the business at around EUR 300m. Potential investors include investment funds, private individuals and French state-owned investor Bpifrance.

This development was also reported in daily Les Echos, which cited several sources as saying that the funds would be used to finance the expansion of the group in Europe and potential acquisitions of targets with annual revenues of up to EUR 40m.

Lagardere Studios generate annual revenues of between EUR 200m and EUR 250m, the report added.

Le Point, Les Echos

>>> US After Hours Summary: NLS +11.1%, ONDK +11%, LMNX +11%, QL

After Hours Summary: NLS +11.1%, ONDK +11%, LMNX +11%, QLYS -11.2%, FIT -9.1%, CAR -8.5% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: NLS +11.1%, ONDK +11%, LMNX +11%, SANM +9%, RNG +8.7%, NPTN +7.5%, RTEC +4.9%, FN +4.2%, ELNK +4.2%, TXRH +3.8%, ALL +3.5%, ALJ +2.3%, CDE +2.2%, LB +1.9%, SSNC +1.7%, ALDW +1.6%, MCEP +1%, CHGG +0.7%

Companies trading higher in after hours in reaction to news: BKD +15.3% (concluded executive search process; hired Labeed Diab as COO and Lucinda Baier as CFO), ZSAN +10.2% (reported positive results from the Phase 1 clinical trial of ZP-Triptan patch for migraine), CVM +4.9% (Park West Asset Management disclosed 5.7% passive stake in 13G filing), MWW +1.4% (CEO disclosed purchase of 25000 shares, worth total of $155.5K; transaction date 10/30), P +0.3% (Eminence Capital discloses 5.6% passive stake in 13G filing)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: QLYS -11.2%, FIT -9.1%, CAR -8.5%, DWRE -7.3%, UNXL -6.7%, CGNX -5.8%, GGP -4.1%, TNET -4.1%, CYH -3.2%, THC -3.1%, AIG -2.9%, AXON -2.8%, AMC -1.8%, ZIOP -1.3%, TDOC -1%, AEIS -0.9%, ENH -0.7%, MDU -0.7%, PXD -0.6%, AHL -0.4%, OTTR -0.4%, DNB -0.2%, CBT -0.1%, MIC -0.1%

Companies trading lower in after hours in reaction to news: ASC -7.4% (announced a 4 mln share secondary offering by selling stockholder, GA Holdings), HTZ -4.1% (lower following weak earnings results from peer Avis Budget (CAR)), SUI -2.3% (commenced a 3.25 mln share underwritten public offering of common stock), AREX -2.2% (to be removed from the S&P SmallCap 600)