(BFW) K+S/Potash Deal Can Still Happen, Chances Are Lower: Berenberg



K+S/Potash Deal Can Still Happen, Chances Are Lower: Berenberg
2015-08-28 06:49:52.816 GMT


By Chiara Remondini
(Bloomberg) -- For deal to succeed, it needs radically
different approach from Potash Corp. as its shareholders are not
supportive of cash deal, Berenberg says in note dated yday.

* Berenberg now sees reduced probability of 50% that deal with
K+S will happen vs 80% before
* Brokerage says K+S requires price of EU45 to engage, sees
all-share offer as more likely option “to get deal done,”
with double listing in Germany, Canada
* Double listing may calm some political opposition, as K+S
would keep strong German footprint
* Berenberg says all-shr deal may be structured with existing
K+S holders having 32% of capital, broadly in line with
Ebitda contribution, assuming combined entity trading at 8x
Ebitda
* Expects prices in potash industry to continue to gradually
decline, cites 5% capacity CAGR in 2015-20 with demand down
by 10% y/y in 2015, deterioration of several currencies of
key potash importers (China, India, Brazil) vs USD
* Pressure on pricing should increase suppliers’ ambitions
to consolidate market shares
* NOTE Aug. 13: K+S CFO Said Price Is Main Objection to Potash
Corp Bid; Co. Will Review Any New Potash Corp Proposal
“With Utmost Care”


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To contact the reporter on this story:
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cremondini@bloomberg.net
To contact the editor responsible for this story:
Gaurav Panchal at +44-20-3525-0511 or
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(BFW) Maurel CEO Sees Possible Tie Ups With Other Oil Companies

BN 08/28 06:42 *MAUREL CEO SAYS ALL OIL COMPANIES ARE CONSIDERING TIE UPS NOW
BN 08/28 06:33 *MAUREL DOESN'T HAVE MAJOR DEBT REPAYMENTS BEFORE END 2018: CEO
BN 08/28 06:31 *MAUREL CEO SAYS MPI MERGER WILL MAKE A STRONGER COMPANY
BN 08/28 06:30 *MAUREL CEO SPEAKS ON CONFERENCE CALL ABOUT MERGER WITH MPI
BN 08/28 06:29 *MAUREL CEO EXPECTS SECTOR CONSOLIDATION AMID LOW CRUDE PRICES
BN 08/28 06:29 *MAUREL CEO SEES POSSIBLE TIE UPS WITH OTHER OIL COMPANIES
Maurel CEO Sees Possible Tie Ups With Other Oil Companies
2015-08-28 06:48:09.244 GMT


By Tara Patel
(Bloomberg) -- Maurel CEO Jean-Francois Henin said
consolidation among independent oil companies can be expected
after the drop in crude prices.

* “Everyone feels weak,” Henin says on conference call
* Maurel has had discussions on possible tie ups for many
years: CEO
* See: Maurel & Prom to Absorb MPI, See Substantial Synergies,
Savings Link

Link to Company News:{MAU FP <Equity> CN <GO>}

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tpatel2@bloomberg.net

(BofA-ML) The Flow Show - The Total Risk Surrender...MUST READ!!!!

Main Points :
* Investor Capitulation: daily flows show massive $19bn redemptions from equity funds on Tuesday (8/25) = 2nd largest since 2007 (when daily EPFR data became available
* Record Equity Outflows: weekly flows show $29.5bn outflows from equity funds (largest outflows on record – data since 2002)
* Flight-to-Cash: $22bn inflows (8w inflows of $121bn = largest since Dec’13)
* Credit exodus: $4.2bn outflows from EM debt funds; $4.9bn outflows from HY bond funds; $3.8bn outflows from IG bond funds (largest combined outflows since Jun’13
“taper tantrum” – Chart 3)
* Bull & Bear Index: falls to extreme “fear” territory of 0.5 (scale of 0-10)…most bearish since Jan’12
* Global Breadth Rule: another contrarian “buy” signal triggered on 8/24; a net 91% of markets are once again trading below both their 200dma and 50dma. Denmark, Ireland, Hungary & Israel are the only holdouts. (Chart 5)
* EM Flow Trading Rule: $10.5bn outflows this week…largest since Jan’08; 4w outflows =
huge $22bn = 2.5% of total AUM = v v close to 1st contrarian “buy” signal for EM
equities since Jun'13 (Chart 6 - further $5-6bn outflow trigger “buy” signal)
* Global Flow Trading Rule: $35bn of combined outflows from equity & HY bond funds this week enough to nudge rule back down to “buy” territory (Chart 7)

>>> Asset Class Flows (Table 1)
* Equities: $29.5bn outflows (largest on record in absolute terms) ($6bn ETF outflows and $24bn mutual fund outflows)
* Bonds: $11.7bn outflows (largest since Jun’13)
* Money-markets: $22bn inflows (8w inflows of $121bn = largest since Dec’13)
* Precious Metals: $1.1bn inflows (largest since Jan’15)

>>> Equity Flows (Table 2)
* EM: $10.5bn outflows (largest outflows since Jan’08!)
* US: $12.3bn outflows (largest in 16 weeks)
* Europe: $3.6bn outflows (largest outflows since Oct’14) (first outflows in 15 weeks)
* Japan: bucks trend with $3.3bn inflows (inflows in 25 out of past 27 weeks)
--> By sector: $2.5bn outflows from healthcare (largest since Oct’14); $1.2bn out of consumer (largest since Jul’14); $1.4bn out of tech (largest since Feb’15)


>>> Fixed Income Flows (Chart 4)
* $4.9bn outflows from HY bond funds (largest outflows in 2015)
* $4.2bn outflows from EM debt funds (largest since Jun’13 “taper tantrum”)
* $3.8bn outflows from IG bond funds (largest since Jun’13 “taper tantrum”)
* $0.8bn outflows from bank loans (4 straight weeks) (largest outflows since Jan’15)
* $1.7bn inflows to govt/tsy funds (8 straight weeks)

>>> Hilsenrath at Jackson Hole - see link

Hilsenrath at Jackson Hole {http://acrossthecurve.com/?p=22526}


JACKSON HOLE, Wyo.—After months of forewarning by Federal Reserve officials that they are preparing to raise short-term interest rates, some international officials attending the Fed’s annual retreat here this week have a message: Get on with it already.

Fed policy makers are wavering on whether to move rates up in September. Volatile stock prices, falling commodities, a strong dollar and signs of a deepening economic slowdown in China have created doubts at the U.S. central bank about the outlook for global growth.

But international officials have been saying for several months they will be prepared when the Fed moves rates higher, a message that is being echoed as central bankers, academics, journalists and others converge now in Jackson Hole for the Federal Reserve Bank of Kansas City’s annual symposium.

“If you delay something that you were planning to do, then you leave the impression that your compass is different than what you led markets to believe,” Jacob Frenkel, chairman of J.P. Morgan Chase International and former head of the Bank of Israel, said in an interview Thursday. Market drama is increased by delay, he added.

Fed officials have said they plan to raise their benchmark short-term interest rate from near zero this year, but haven’t agreed on when to start. The Fed’s Sept. 16-17 policy meeting was shaping up as a close call for a decision to move, and then market turmoil caused some officials to waver. New York Fed President William Dudley said Wednesday that a rate increase in September had become “less compelling.”

Some observers say they will be relieved when the Fed finally acts.

“It’s better for the U.S. to make a decision,” Bambang Brodjonegoro, Indonesia’s finance minister, said Wednesday in an interview in Jakarta. “What makes the financial markets volatile is the uncertainty.”

Raising rates would signal that the Fed is confident about the U.S. economy, Bank of Japan Governor Haruhiko Kuroda said late Wednesday in New York, ahead of the Fed gathering. “That is not only good for the U.S. economy, but also for the world economy, including the Japanese economy,” he said.

The Fed lowered short-term rates to near zero in December 2008 and has held them there since to bolster the economy through the financial crisis, recession and uneven recovery. Recent economic reports suggest the U.S. economy is now on a firm footing, even though the outlook has become more uncertain because of developments in financial markets and overseas.

A rate increase by the central bank of the world’s largest economy would reverberate around the world and could accelerate some trends already worrying the Fed, such as the rise of the dollar. A stronger dollar puts downward pressure on U.S. exports and holds down imported inflation at a time when the Fed is trying to push inflation up from below 2%.

A Fed move also would shift the outlook for emerging markets, raising a risk of currency depreciation and capital outflows that could destabilize their economies.

It could create problems for countries and companies overseas that have turned to international debt markets to fund growth in recent years. The Institute for International Finance, in a June report, identified China, Turkey, Brazil, Russia and Indonesia as countries with high levels of corporate debt and other countries, including Mexico, with sizable U.S. dollar exposures. A stronger dollar could make those debts harder to repay.

Some central bankers would welcome a U.S. rate increase because it could confer benefits on their economies.

When interest rates rise in one country but not another, the currency tends to rise in the country where rates rise because the country with higher rates offers higher returns on bank deposits and fixed-income investments.

U.S. counterparts will experience both advantages and disadvantages if their currencies behave according to textbooks and their currencies weaken against the dollar if the Fed raises rates. The advantage is their weaker currency supports their exports. The disadvantage is it becomes more expensive to borrow in dollars and causes some upward pressure on inflation.

A number of countries, hurting because of slowing global growth, are rooting for the export advantage and to relieve downward pressure on domestic inflation. New Zealand is one example.

New Zealand central bank Governor Graeme Wheeler, who has expressed a desire to see his country’s currency depreciate, said in a speech in late July that “we are likely to see the Federal Reserve and the Bank of England begin the process of normalizing their interest rates, and this may assist the [New Zealand] currency lower.”

Some observers say the Fed’s repeated forewarnings have sunk in with investors and financial institutions by now, diminishing the risk of a shock when the U.S. central bank does act.

“I can’t imagine there would be that many people who would wake up that morning and say, ‘Wow I didn’t see this coming,” said Timothy Adams, president of the Institute for International Finance, a Washington-based group representing banks with global footprints, central banks and other financial institutions.

WSJ : Cleveland Fed’s Mester Says U.S. Economy Can Support Rate Increase

Cleveland Fed’s Mester Says U.S. Economy Can Support Rate Increase - J. Hilsenrath

Mester won’t commit on September rate decision until policy meeting

JACKSON HOLE, Wyo.—Recent market turmoil has gotten the attention of Loretta Mester, president of the Federal Reserve Bank of Cleveland, but it hasn’t altered her view that the U.S. economy is ready for a modest increase in interest rates, she said in an interview with The Wall Street Journal.
The Fed is preparing for a Sept. 16-17 policy meeting and considering whether to raise short-term interest rates from near zero. Ms. Mester’s comments suggested she could support an increase despite uncertainties at the Fed about whether the U.S. economy will be stung by turbulence in financial markets and overseas economies, though she isn’t prepared to commit.
“I want to take the time I have between now and the September meeting to evaluate all the economic information that’s come in, including recent volatility in markets and the reasons behind that,” Ms. Mester said. “But it hasn’t so far changed my basic outlook that the U.S. economy is solid and it could support an increase in interest rates.”
She was speaking on the sidelines of the Kansas City Fed’s annual economic symposium here. In June, she said the economy could support an initial rate increase of a quarter percentage point. She is effectively sticking to that view, while acknowledging risks to the outlook.
Fed Chairwoman Janet Yellen will confront a range of disparate views at the September meeting, making it tough to predict how it will turn out. In a news conference earlier this week, New York Fed President William Dudley, who is among Ms. Yellen’s closest advisers, said a September rate increase had become less compelling. Since then the stock market rallied and the Commerce Department released a report showing economic output expanded at a solid 3.7% annual rate in the second quarter.
Ms. Mester said there is now more downside risk in her forecast for economic growth because of market volatility and uncertainties about the growth outlook in China. Moreover, falling oil prices and a rising U.S. dollar mean it will take longer for inflation to rise toward the Fed’s 2% inflation objective, she said. She had seen a return to 2% inflation by late 2016, but now says it will take longer to get there.
But she added that recent economic data—including reports on economic output, durable-goods orders, household spending and consumer confidence—suggested the economy has “pretty solid momentum.”
“There is probably more downside risk to my forecast now given the volatility, but my baseline forecast probably hasn’t moved enough to change my view on policy,” she said.
Ms. Mester’s longer run view on rates and growth, however, could be shifting.
She had projected in the past that economic output would grow at a 2.5% annual pace in the long-run and that the Fed’s target interest rate, the federal funds rate, would reach 3.75%. She said she is considering shaving the growth forecast, in light of persistently slow productivity growth. She said she might also shave her long-run projection for the federal funds rate to 3.5%.

>>> What to look at today - 28th of August 2015

Dow+2.27% S&P+2.44% Nasdaq+2.45% Russell+1.87% VIX 26.10 -13.92%
US Market Closed Higher for a 2nd day in a row. Chinese marker moves helped by PBoC helped the sentiment. Energy surged 5.0% while crude oil settled on its high, spiking 10.3% to $42.53/bbl., which represented the largest gain since 2009. Karket stayed very volatile during the all session...like it was all this week...at their Monday lows hit soon after the open, the Dow, Nasdaq, and S&P 500 were down 6.6%, 8.8%, and 5.3%, respectively. At their highs today, they were up 8.4%, 12.3%, and 6.6% from those lows, respectively. Keep in mind that so much volatilty on market won't have a Zero impact of Investor psychology for the next weeks/months...the level of uncertainty in the market has never been so high...volume were again above average at 1.2bil...US After Hours SWHC +6.2%, SPLK +4.8%, VMEM -25.9%, BEBE -9.1%, ZOES -5.7%, ADSK -5.1% following earnings/guidance...FCX +18% on Icahn news...UAL +6.3% to replace HSP in SP500...US rally has also boosted sentiment in the Far East, with more decent gains across the local markets. Shanghai Composite is leading the charge with a 2% rise after yesterday's impressive close of over 5% despite speculation that the govt was behind the late-session push. US equity futures are more subdued, falling about 10pts below 1,980. China's top financials posted results overnight and the sentiment here is also mixed. BoCom is up slightly, while ICBC and AgBank are both down. A financial press report summed up the results, noting that non-performing loans rose for all three, and the bad debt write-offs are accelerating. China Industrial Profits figures were also troubling with a faster decline in both Y/Y and YTD measures. In FX, China finally fixed Yuan firmer, as the midpoint saw the biggest upside jump in 5 months. A large set of economic data from Japan has given little reason to doubt overnight comments by BOJ Gov Kuroda that the central bank is far from contemplating more easing.

Nikkei +2.89% Hang Seng +0.64% Shanghai +2.17%

Eur$ 1.1256 CNY 6.3935 JPY 121.08 EURCHF 1.0847 GBP 1.5434 RUB $65.76 WTI $43.22 (+1.55%)

S&P -0.40% EuroStoxx+0.06% Dax-0.09% SMI+0.04%


Macro :
- EM Outflows Reached 2008 Lehman Turmoil Levels on Aug. 24: IFF
- ECB’s Draghi Supports Idea of European Finance Ministry: FAZ
- China’s July Industrial Companies’ Profit Falls 2.9% Y/y
- Swiss GDP Expands 0.2% Q/q in 2Q; Est. Contracts 0.1% Q/q


Keep an eye on :
- CLN VX : Clariant Says North America Is Important Growth Market (Earlier)
- BOL IM : Bollore 1H Net Group Share Rises, Rev. Little Changed
- BWO NO : Bw Offshore 2Q Ebitda Rises From 1Q, Dividend 1c/share
- ELI BB : Elia 1H Net Drops 1.6% to EU93m Without German Provision Release
- FER Im : Ferragamo 1H Profit Beats Est., Expects Growth in 2015
- RMS FP : Hermes 1H Operating Profit Slightly Better Than Ests at EU748M
- HAV FP : Havas 1H Rev. EU1.03b vs Est. EU1.01b; Says On Track for Year
- MAU FP : Maurel & Prom to Absorb MPI, See Substantial Synergies, Savings --> -6.95% below yest close (2.345)
- MEDAA SS : Swedish Drugmaker Meda Said to Explore Sale of U.S. Operations
- ML FP : Michelin Plans Engineering Reorganization, Les Echos Says
- QIA GY : Qiagen CEO Sees Genome Analysis Costs Sinking: Handelsblatt
- REC BB : Recticel Raises Profit Forecast for 2015; Sees FY Sales Growth
- SDRL NO : Seadrill Says It Wants to Be in Driver’s Seat for Consolidation
- FP FP : Crude Prices to Stay Low for ‘Some Time,’ Total CEO Says
- UBSN VX : UBS to Pay $1.7m in Case on U.S. Sanctions Violations: Treasury

>>> Europe : Brokers Upgrades & downgrades - 28th of August 2015

>>> Up
*ACCOR RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE (note attached)
*AKER SOLUTIONS RAISED TO NEUTRAL VS SELL AT UBS
*ALBIOMA CA RAISED TO BUY AT HSBC
*ASML RAISED TO BUY VS HOLD AT BERENBERG
*BERNER KANTONALBANK RAISED TO NEUTRAL AT CREDIT SUISSE
*DANONE RAISED TO BUY AT HAMBURGER SPARKASSE
*DMGT RAISED TO BUY FROM NEUTRAL AT CITI
*DOF RAISED TO HOLD AT NORDEA
*DUNELM RAISED TO BUY VS NEUTRAL AT UBS
*FOLLI FOLLIE RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*IHG RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*PROSIEBENSAT.1 RAISED TO NEUTRAL VS SELL AT CITI
*PUBLICIS RAISED TO BUY FROM NEUTRAL AT CITI
*SCHIBSTED RAISED TO NEUTRAL VS SELL AT CITI
*SIEMENS RAISED TO BUY VS HOLD AT HSBC
*SKF RAISED TO HOLD AT HSBC
*TENARIS RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*URALKALI RAISED TO NEUTRAL VS SELL AT GOLDMAN

>>> Down
*BANQUE CANTONAL VAUDOISE CUT TO UNDERPERFORM AT CREDIT SUISSE
*DEBENHAMS CUT TO SELL VS NEUTRAL AT UBS
*DELCLIMA CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*GO-AHEAD CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*KLOECKNER CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISE
*NEXT CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*VIVENDI CUT TO SELL VS NEUTRAL AT CITI

>>> PT Change



>>> Initiation
*B&M RATED NEW BUY AT UBS, PT 400P
*NEXANS RATED NEW BUY AT HSBC, PT EU41
*NOVO NORDISK RATED NEW MARKET PERFORM AT LEERINK, PT $56
*PRYSMIAN RATED NEW HOLD AT HSBC, PT EU20

>>> Call
>> Sector
*BARCLAYS RAISES EUROPEAN BANKS TO OVERWEIGHT FROM MARKET WEIGHT
>> Index
*EURO STOXX 50 YR-END 2015 TARGET CUT TO 3,600 AT CREDIT SUISSE (note attached)
*EURO STOXX 50 MID-2016 TARGET CUT TO 3,800 AT CREDIT SUISSE
*S&P 500 YEAR-END 2015 TARGET CUT TO 2,100 AT CREDIT SUISSE
*S&P 500 MID-2016 TARGET CUT TO 2,200 AT CREDIT SUISSE
--> Comment from CS:We reduce our year-end 2015 and mid-2016 targets for the S&P 500 to 2,100 and 2,200 (and to
3,600 and 3,800 for Euro Stoxx 50), but remain constructive on equities due to: a) summer sell-offs tend to reverse, b) too much of a slowdown in growth is being priced in, c) the normal pre-conditions for an equity bear market are not in place, d) valuation is supportive, e) excess liquidity is consistent with a re-rating of global equities, f) tactical indicators are supportive. The bad news...we have revised down our EPS forecasts for 2015 and 2016 to 7% below cons in Europe for 2015 and 4% below cons in the US for 2016.

>>> Asian Update

Asian Mid-session Update: China Industrial profits slow further; Japan headline CPI falls to 2-year lows

***Economic Data***
- (CN) CHINA JULY INDUSTRIAL PROFITS Y/Y: -2.9% V -0.3% PRIOR; YTD: -1.0% V -0.7% PRIOR
- (JP) JAPAN AUG TOKYO CPI Y/Y: 0.1% (2-year low) V 0.1%E; CPI EX FRESH FOOD Y/Y: -0.1% V -0.2%E; CPI Ex Food, Energy Y/Y: 0.4% (5-month high) v 0.3%e
- (JP) JAPAN JULY NATIONAL CPI Y/Y: 0.2% (2-year low) V 0.2%E; CPI EX FRESH FOOD Y/Y: 0.0% (2-year low) V -0.2%E
- (JP) JAPAN JULY JOBLESS RATE: 3.3% V 3.4%E; Job-To-Applicant Ratio: 1.21 (highest since Feb 1992) v 1.19e
- (JP) JAPAN JULY RETAIL SALES M/M: 1.2% V 0.6%%E; RETAIL TRADE Y/Y: 1.6% V 1.1%E (4th straight rise)
- (JP) JAPAN JULY OVERALL HOUSEHOLD SPENDING Y/Y: -0.2% V +0.5%E; 2nd straight decline

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +2.8%, S&P/ASX +0.6%, Kospi +1.5%, Shanghai Composite +2.6%, Hang Seng +0.9%, Sept S&P500 -0.5% at 1,979

***Commodities/Fixed Income***
- Dec gold +0.6% at $1,129/oz, Oct crude oil +0.8% at $42.92/brl, Dec copper flat at $2.33/lb
- USD/CNY: (CN) PBoC sets yuan mid point at 6.3986 v 6.4085 prior setting; Largest increase in Yuan fix since March
- (JP) BOJ offers to buy ¥400B in 5-10yr JGBs, ¥800B in T-bills, and ¥140B in floating rate JGBs
- (AU) Australia MoF (AOFM) sells A$800M in 2.75% 2019 Bonds; avg yield: 1.93%; bid-to-cover: 3.96x
- (NZ) RBNZ bought net NZ$191M in July v NZ$8M in June; 4-year high

***Market Focal Points/FX***
- The biggest 2-day rally in US stocks has also boosted sentiment in the Far East, with more decent gains across the local markets. Shanghai Composite is leading the charge with a 2% rise after yesterday's impressive close of over 5% despite speculation that the govt was behind the late-session push. US equity futures are more subdued, falling about 10pts below 1,980.

- China's top financials posted results overnight and the sentiment here is also mixed. BoCom is up slightly, while ICBC and AgBank are both down. A financial press report summed up the results, noting that non-performing loans rose for all three, and the bad debt write-offs are accelerating. China Industrial Profits figures were also troubling with a faster decline in both Y/Y and YTD measures. In FX, China finally fixed Yuan firmer, as the midpoint saw the biggest upside jump in 5 months.

- A large set of economic data from Japan has given little reason to doubt overnight comments by BOJ Gov Kuroda that the central bank is far from contemplating more easing. Unemployment rate slipped a decimal on strong labor demand, with job-to-applicant rate at its highest since 1992. Household spending slowed for the 2nd straight month but only by a marginal -0.2% vs -2.0% in the prior month. Even more importantly, CPI figures slowed to 2-year lows on the headline basis, but national Core CPI avoided a contraction anticipated by analysts. Fin Min Aso remarked that consumer spending and CPI would remain in an upward trend, and that the govt is not planning extra spending measures.

- Volatility in FX majors was somewhat contained. EUR/USD and USD/JPY pairs traded in 40pip ranges above $1.1230 and ¥120.90 respectively. NZD/USD rose over 40pips and hit session highs above $0.65 after S&P affirmed New Zealand AA+ sovereign rating with a Stable outlook. Also of note in New Zealand, July net RBNZ purchases of NZD were at a 4-year of high NZ$191M, though the central bank said this was merely routine portfolio rebalancing. Likewise, AUD/USD rose over 40pips above $0.72 before the full retreat in the afternoon hours. Australia retailers Woolworths and Harvey Norman saw slight gains after posting their FY15 results.

***Equities***
US equities / ADRs:
Notable afterhours (17:00):
- FCX: Icahn discloses 8.46% stake; may seek board representation - 13D filing; +17.1% afterhours
- NVTA: Biotech investor Baker Brothers discloses 20.6% stake - 13D filing; +14.4% afterhours
- ATVI: ATVI and UAL to enter S&P500 index; +6.7% afterhours
- SWHC: Reports Q1 $0.26 v $0.22e, R$147.8M v $144Me; +6.2% afterhours
- SPLK: Reports Q2 $0.03 v $0.02e, R$148.3M v $140Me; +5.7% afterhours
- ULTA: Reports Q2 $1.15 v $1.11e, R$877M v $870Me; +3.6% afterhours
- ARO: Reports Q2 -$0.55 (excl items) v -$0.56e, R$327M v $326Me; -2.0% afterhours
- ADSK: Reports Q2 $0.19 v $0.17e, R$609.5M v $613Me; -6.0% afterhours

Notable movers by sector:
- Consumer discretionary: Kweichow Moutai Co 600519.CN -3.6% (H1 result); Air China 753.HK -2.5% (H1 result); SAIC Motor Corp 600104.CN -0.1% (H1 result); Woolworths WOW.AU +1.8% (FY15 result); Harvey Norman HVN.AU +0.3% (FY15 result)
- Consumer staples: Yantai Changyu Pioneer Wine Co 000869.CN +6.4% (H1 result)
- Financials: Industrial and Commercial Bank of China (ICBC) 601398.CN -1.2% (H1 result); Agricultural Bank of China (ABC) 601288.CN -0.7% (H1 result); Bank of Communications 601328.CN +1.2% (H1 result); Bank of Ningbo Co 002142.CN +1.4% (H1 result); Legend Holdings Corporation 3396.HK +1.5% (H1 result); Cinda Asset Management 1359.HK +5.6% (H1 result)
- Industrials: China Shipbuilding Industry Company 601989.CN +8.6% (H1 result); BBMG Corp 2009.HK +2.6% (H1 result); Shanghai Mechanical and Electrical Industry 600835.CN +5.2% (H1 result); Mazda Motor Corp 7261.JP +4.7% (July Japan production)
- Technology: Sharp Corp 6753.JP +6.0% (speculation to sell LCD unit)
- Materials: Aluminum Corporation of China 601600.CN +3.8% (H1 result)
- Energy: PetroChina Co 601857.CN +1.5% (H1 result); China Oilfield Services 2883.HK +5.7% (H1 result); Sinopec Shanghai Petrochemical 600688.CN +9.9% (H1 result)
- Healthcare: Kangmei Pharmaceutical Co 600518.CN +1.3% (H1 result)
- Utilities: Beijing Enterprises Water Group 371.HK +6.7% (H1 result); Shenergy Co 600642.CN +3.3% (H1 result)

>>> US After Hours Summary: SWHC +6.2%, SPLK +4.8%, ULTA +4.0%,

After Hours Summary: SWHC +6.2%, SPLK +4.8%, ULTA +4.0%, VMEM -25.9%, BEBE -9.1%, ZOES -5.7%, ADSK -5.1% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: SWHC +6.2%, SPLK +4.8%, ULTA +4.0%, XRT +0.1%

Companies trading higher in after hours in reaction to news: FCX +18.5% (Carl Icahn disclosed 8.46% active stake in 13D; intends to have discussions with management), NVTA +11.2% (Baker Bros filed 13D, switching classification from a passive investor to active investor; maintained 20.6% stake), ATVI +7.0% to replace PLL in the S&P 500), UAL +6.3% (to replace HSP in the S&P 500), AMGN +0.3% (confirmed FDA approval of Repatha (evolocumab) Injection for the treatment of high cholesterol)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: VMEM -25.9%, BEBE -9.1%, ZOES -5.7%, ADSK -5.1%, CLCT -3.3%, OVTI -2.3%, VEEV -2.0%, ARO -0.8%, GME -0.1%