(MKR) Makor - Tech View Euro Stoxx 50 Index (3,635 last) - a move above 3,69...

Makor - Tech View Euro Stoxx 50 Index (3,635 last) - a move above 3,691-3,714 would suggest a low in place and a re-test of the
2015-07-23 07:04:31.308 GMT

Technical Research – Euro Stoxx Index (3,635)

•The Index filled the open gap from the July 15-16th yesterday and closed well
above the 3,600 support level.
•In order to argue for a higher low being in place would need to see a sustain
move above 3,691-3,714.
•Looking forward, the break above 3,651 negated the path of lower highs which
is bullish and also from an Elliot Wave perspective the recent setup favors a
minimum re-test of the 3,836 cycle high if not above.

Strategy: Step aside for now.

Support: 3,600 (breakout level), 3,536-61 & 3,433-74 (open gaps)

Resistance: 3,691-3,714 & 3,782-3,836

Full Report Attached

Contributed via: Bloomberg Publisher WEB Service

Provider ID: 4d4f9f0bd8814bdbb305641825778038


-0- Jul/23/2015 07:04 GMT

(Nomura) European Autos initiation :

Renault top pick, TP +25%; Faurecia -17%
Pent-up demand in Europe to drive positive
operating leverage; China volumes to recover in 2H

Initiating coverage of five stocks in the European autos sector
Although we initiate with a Bullish view on the sector, based on year-to-date stock performance we see selective opportunities for investors to capitalise on current valuations, and initiate coverage with the following ratings:
* Buy: Renault (EUR 117 TP; 25% upside potential)
* Reduce: Faurecia (EUR 31; 17% downside potential)
* Neutral: Continental (EUR 211), Valeo (EUR 126), Peugeot (EUR 17)


Renault is our top pick with 50%-plus potential upside (blue-sky scenario) 
Our analysis suggests that the core Renault business (ie, excluding any investment holdings), for which we expect EBIT to increase by 30%-plus in each of the next two years, is being undervalued by the market. Simply stripping out its owned portion of the listed investments (Nissan, Daimler and Avtovaz) implies that the core business trades at a 40% discount to its pre-crisis peak in 2007. We believe that this valuation gap will close as investors’ willingness to pay a higher multiple for a growing business with strong momentum (helped by the launch of new models in the next 12 months) increases. 

If we were to apply our house view on Nissan (Buy; JPY 1,900 TP), and use the target price set by our Japanese analyst, the increase in the value of Renault’s ~44% stake would add 25% to our target price

(BN) World-Beating Italian Stocks Seen Surging Another 40% at SocGen

World-Beating Italian Stocks Seen Surging Another 40% at SocGen
2015-07-22 22:24:03.53 GMT


By Adam Haigh
(Bloomberg) -- Italian equities’ world-beating rally is
just getting started.
That’s according to Societe Generale SA, which sees the
FTSE MIB Index capping its 25 percent jump this year with
another 40 percent gain by 2017.
Tax and labor reforms in Italy combined with European
Central Bank stimulus will boost corporate profits, while
receding concerns about the fate of the euro zone will tempt
global fund managers holding the most cash since 2008, says
Roland Kaloyan, a Paris-based strategist at the French bank.
“Most of the investors I’ve met in Asia are still looking
for an entry point into Europe,” said Kaloyan, the head of
European equity strategy at Societe Generale. He spent the past
week meeting with clients in Singapore, Tokyo and Sydney. “In
the coming weeks and months, more money will be coming into
European equities. Italy and France are our favorite markets.”
France’s CAC 40 Index has jumped 19 percent in 2015.
Investors willing to endure Italy’s wildest stock-price swings
in three years were rewarded with one of 2015’s largest rallies
in the world.
That’s also put Italian stocks among the most expensive.
The valuation on the FTSE MIB rose to 18 times estimated profit
this week, a level not seen since at least 2005 and that briefly
surpassed that of the Standard & Poor’s 500 Index.
The two biggest exchange-traded funds tracking European
shares saw more than $18 billion of inflows in 2015. Banca
Popolare di Milano Scarl, Italy’s oldest cooperative bank,
soared 85 percent this year for the largest gain in the FTSE
MIB.
Still, funds worldwide are waiting it out, according to a
Bank of America Corp. survey, which showed they’re holding on to
the most cash since the collapse of Lehman Brothers. Societe
Generale says that may change as worries about Greece fade.
“Greece was the hurdle,” said Kaloyan. “The deal we’ve
had gives support for European equities.”

For Related News and Information:
Europe Profit Upgrade Unchecked by Greece as Draghi Matters More
Stock Jump Not Enough to Draw Global Investors Stuck in Cash
Wounds Seen Slow to Heal for Europe Stocks as Italy Leads Swings
Developed Market View: DMMV <GO>
Graphing: GRAPH <GO>
Feature stories on stocks: TNI STK GREET <GO>
World Trends and Reversals: WTR <GO>
Equity screening: EQS <GO>
Top Stocks News: TOP STK <GO>

To contact the reporter on this story:
Adam Haigh in Sydney at +61-2-9777-8635 or
ahaigh1@bloomberg.net
To contact the editors responsible for this story:
Sarah McDonald at +61-2-9777-8684 or
smcdonald23@bloomberg.net
Trista Kelley, Cecile Vannucci

>>> Lanvin could be sold to Mayhoola Investments - reports (translated)

Lanvin could be sold to Mayhoola Investments - reports (translated)

Lanvin, the Taiwanese fashion house, could be sold to Mayhoola Investments, reported the Italian-language MF Fashion quoting unnamed sources. Carlo Festa blog also carried a similar report.

Lanvin had previously been flagged up for sale with several bidders being interested including Mayhoola for Investments SPC, Kering, and LVMH Moët Hennessy Louis Vuitton, as well as Chinese companies.

Mayhoola Investment might have closed the deal, MF Fashion said today. Lanvin has revenues of EUR 262m, as previously reported.


Source MF Fashion, Carlo Festa Blog

>>> What to look at today - 23rd of July 2015

Dow-0.38% S&P-0.24% Nasdaq-0.70% Russell+0.30% VIX 12.12 (-0.8%)
US Market closed lower again today with Tech leading the move, AAPL -4.3% on earning, MSFT -3.7%, industrials (-0.5%) retreated with Dow component Caterpillar (CAT 79.76, -2.46) dropping 3.0% ahead of its earnings report. Meanwhile, another Dow member—Boeing (BA 146.47, +1.47)—advanced 1.0% after beating estimates and guiding in-line with analyst expectations. energy sector (-0.7%) ended among the laggards with (HAL 41.54, -0.32) acquisition of BHI is facing an antitrust probe. On a related note, crude oil settled lower by 3.2% at $49.25/bbl. financial sector (+0.7%) rallied into the afternoon while the consumer discretionary space (+0.4%) was boosted by a 7.7% surge in Chipotle after the company reported a one-cent beat on below-consensus revenue, health care (+0.2%), consumer staples (+0.2%), and utilities (+0.5%) ending ahead of the broader market while the telecom services sector (-1.0%) lagged. Volume was ahead of average @ 820mil shares...US After Hours SNDK +13%, CRUS +10.2%, TXN +1.8%, CVA -6.4%, AXP -2%, QCOM -2% following earnings/guidance...CI +6.9% (WSJ reporting that co is close to being acquired by Anthem (ANTM) for ~$187 per share improved from $184)...Asian equity markets are mixed even as the sentiment on Wall St was more cautious for the 2nd straight day. Shanghai Composite is leading the gainers, helped by reports that China Securities Finance Corp denied reducing its holdings in listed companies. Earlier, MIIT was also upbeat that China industrial sector will improve in H2. Chinese Academy of Social Sciences (CASS) saw Q3 GDP at 7.0% at Q4 GDP 7.1% - in line with latest remarks that H2 would at least maintain the pace of H1 growth...Japan merchandise trade remained in deficit despite expectations of a slight surplus, but underlying components were more promising. Specifically, exports posted their biggest rise in 5 months of 9.5%, while exports decline was lower than expected at -2.9% v -4.3%e. Exports to Asia, US, and Europe all rose double digits.Halliburton's (BHI 58.25, -2.39) tumbling 3.9% amid reports Baker Hughes

Nikkei +0.33% Hang Seng +0.64% Shanghai +2.07%

Eur$ 1.0935 JPY 124.06 GBP 1.5619 EURCHF 1.0492 RUB $57.48 WTI $49.23 (+0.10%)

S&P+0.21% EuroStoxx+0.58% DAX+0.58% SMI+0.71%

Macro :
- Short Sellers Target European Mining, Oils as Commodities Crash
- World Bank Boosts 2015 Forecast for Basket of Crudes to $57/Bbl
- Greek Government Has Votes to Approve Bailout Bill, Tally Shows

Keep an eye on :
- ABBN VX : ABB 2Q Sales, Net Beat Estimates; Orders Fall on Oil, China
- AREVA FP : Areva Expects to Finalize Job Cuts in September: AFP
- ZEX GY : Bosch Plans More Investment in North America: Boersen Zeitung
- CSGN VX : Credit Suisse 2Q Net Income Beats Estimates, CET1 10.3%
- DAI GY : Daimler 2Q Earnings Beat Est., FY Group Outlook Confirmed
- DSY FP :  Dassault Systemes 2Q EPS Beats Ests, Lifts EPS 2015 Outlook, Raises Non-IFRS EPS, Sales Outlook
- DBK GY : Deutsche Bank May Exit From 6 Non-European Nations: Reuters
- DTE GY : Reportedly FCC to deny T-Mobile request to set aside more spectrum for small carriers in next auction
- GEC FP : Gecina 1H Recurring Net EU169m vs EU165.6m Y/y
- HEI GY : Heidelberg Top Bidder for Lafarge’s East India Units: Express
- ICA FP : Icade 1H Net Current Cash Flow EU1.95/Shr; Co. to Review Assets
- IHG LN : Intercontinental to Manage Grand Hotel in Bordeaux, Echos Says
- ITP FP : Interparfums Confirms Targets, Says 2H Will Be Better Than 1H
- IAM FP : Maroc Telecom 1H Net Income MAD2,827m Vs Mad3,073m Y/Y
- LOGN VX : Logitech 1Q Adj. EPS 16c, Est. 10c; On Course to Exit OEM
- NYR BB : Nyrstar 1H Adj. Ebitda Beats Ests.; Mines Impaired by EU418m
- PRS SM : Prisa 1H Net EU10.8m vs EU2.16b Loss Y/y
- PUB FP : Publicis 1H Rev. Matches Est.; Confirms 2H, CEO Seeks Good Level of Organic Growth This Year: Echos
- ROG VX : Roche 1H Core EPS Misses Ests., Sales Beat; Repeats 2015 Outlook
- SEB SS : SEB Lifts Targets, Says It’s Well Placed for External Growth
- SKAB SS : Skanska 2Q Operating Profit, Revenue Beat Est.
- SOW GY : Software AG 2Q Sales, Earnings Beat Ests.; Confirms 2015 Outlook
- STM FP : STMicro Sees 3Q Gross Margin Rising to 35%; 2Q Rev. Matches
- SYNN VX : Syngenta 1H Adj. EPS Beats Estimates; Confirms 2015 Outlook
- SYNN VX : Syngenta predicted to enter into talks with Monsanto as shareholders urge change - Deal Reporter
- UL FP : Unibail-Rodamco 1H Recurring EPS -2.7% Y/y; Raises 2015 Outlook
- WIN GY : Wincor Nixdorf 3Q Rev. Beats; Confirms FY15 Outlook

>>> Golan Telecom potential sale talks being held by Rothschild Investment - rep

Golan Telecom potential sale talks being held by Rothschild Investment

Michael Golan, the Israeli businessperson who controls the telecommunications company Golan Telecom, is considering selling it, Globes reported.

The article noted, without citing sources, that Rothschild Investment is holding talks on behalf of Golan with other telecom operators for a potential sale.

The article quoted unidentified sources as saying Golan may itself be seeking to signal the authorities in Israel that unless the request of the company to increase its shares in Cellcom is not relaxed, the company may seek a partner and cease to be an independent market player.

Globes

>>> Europe : Brokers Upgrades & Downgrades - 23rd of July 2015

>>> Up
*AURUBIS RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*AVEVA RAISED TO BUY VS NEUTRAL AT CITI
*DECEUNINCK RAISED TO BUY VS HOLD AT ING
*FORTUM RAISED TO BUY VS NEUTRAL AT GOLDMAN
*KEMIRA RAISED TO HOLD AT NORDEA
*MAN GROUP RAISED TO OUTPERFORM AT RBC CAPITAL
*SKY RAISED TO OUTPERFORM VS NEUTRAL AT MACQUARIE
*THE FOSCHINI GROUP LTD RAISED TO HOLD AT HSBC

>>> Down
*ACTELION CUT TO HOLD VS BUY AT BERENBERG
*BT GROUP CUT TO UNDERPERFORM AT MACQUARIE (EARLIER)
*DIXY GROUP CUT TO NEUTRAL VS BUY AT GOLDMAN
*ENEL CUT TO SELL VS NEUTRAL AT CITI
*FIRST QUANTUM CUT TO NEUTRAL VS CONVICTION BUY AT GOLDMAN
*GLENCORE CUT TO NEUTRAL VS CONVICTION BUY AT GOLDMAN
*HELVETIA CUT TO HOLD AT KEPLER CHEUVREUX
*TALKTALK CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE

>>> PT Change


>>> Initiation
*APPLEGREEN RATED NEW OUTPERFORM AT DAVY, PT EU4.96
*CONTINENTAL RATED NEW NEUTRAL AT NOMURA
*FAURECIA RATED NEW REDUCE AT NOMURA; PT EU31
*KAZ MINERALS REINITIATED SELL AT GOLDMAN, PT 137P
*PEUGEOT RATED NEW NEUTRAL AT NOMURA
*RENAULT RATED NEW BUY AT NOMURA; PT EU117, SET AS TOP PICK IN EUROPE AUTOS & AUTO PARTS AT NOMURA
*SPIE RATED NEW BUY AT SOCGEN; PT EU23
*SPIRE HEALTHCARE RATED NEW BUY AT BERENBERG, PT 420P
*TELE COLUMBUS RATED NEW HOLD AT BANKHAUS LAMPE, PT EU14.50
*VALEO RATED NEW NEUTRAL AT NOMURA

>>> Call
>> Sector
*EUROPE AUTOS & AUTO PARTS INITIATED WITH BULLISH VIEW AT NOMURA

(BFW) Syngenta 1H Adj. EPS Beats Estimates; Confirms 2015 Outlook

BFW 07/23 05:05 *SYNGENTA 1H ADJ. EPS $14.70; EST. $13.52
BN 07/23 05:05 *SYNGENTA 1H ADJ. EPS $14.70; EST. $13.52
Syngenta 1H Adj. EPS Beats Estimates; Confirms 2015 Outlook
2015-07-23 05:06:55.867 GMT


By Chiara Remondini
(Bloomberg) -- Syngenta 1H adj. EPS $14.70, est. $13.52.

* 1H sales rise 3% to $7.63b at constant FX vs est. $7.66b;
prices up 6%, volumes down 3%
* Says 2Q sales up 7% with growth in all regions
* 1H Ebitda $2b, est. $1.91b; says reported Ebitda 5% lower
due to FX
* CEO Mike Mack says in statement outlook for 2H largely
dependent on Latin America, where is confident on ability to
manage business in uncertain environment
* Confirms 2015 outlook
* NOTE: Outlook (repeated April 17): maintained full-yr
earnings target for sales broadly unchanged at constant FX;
Ebitda after impact of currencies to be around 2014 level;
expected to generate substantial FCF
* Preview
* Link to Statement

For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Chiara Remondini in Milan at +39-02-8064-4241 or
cremondini@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net