>>> ALO -7% ; EU May Say GE/Alstom Harms Competition Tomorrow: Reuters

EU May Say GE/Alstom Harms Competition Tomorrow: Reuters


EU antitrust regulators are set to warn General Electric on Friday that its proposed bid for Alstom's power unit will harm competition unless GE can convince them otherwise, two people familiar with the matter said on Thursday.

GE is now seeking to counter the European Commission's concerns with some concessions in a bid to stave off the statement of objections, the people said. However, it did not appear to have much success.

"A statement of objections could come on Friday," one of the people said.

Such a document sets out the EU regulator's views why a deal is seen as anti-competitive and is a prelude to a veto unless companies come up with strong arguments or significant concessions.

>>> DJ Autoliv: Torricelli brake reduces stopping distance by up to 40%

DJ Autoliv: Torricelli brake reduces stopping distance by up to 40%
- Autoliv showcases future safety solution for urban environments (Stockholm, Sweden, June 11, 2015) - - - Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), is showcasing a totally new vacuum braking system - the Torricelli brake - developed for significantly reducing stopping
distance for Autonomous Emergency Braking (AEB). Autoliv states the innovation could revolutionize traffic safety in urban environments.

Tests have proven the so-called Torricelli brake - a vacuum induced
plate below a vehicle which sucks down into the track during emergency braking situation - decreases braking distances with 40 % in speeds up
to 70 kph.

The technology, developed at Autoliv's research plant in Vårgårda, Sweden., is named after 17th century Italian physicist Evangelista Torricelli, known for clinically accounting the vacuum and for inventing the barometer.

Many car accidents are caused by late braking with insufficient force. A driver may brake too late for several reasons: He or she is distracted
or inattentive; visibility is poor or a pedestrian crosses the street without paying attention. Therefore, several car manufacturers today offer Autonomous Emergency Braking (AEB) systems. Autoliv's
revolutionary Torricelli Brake will radically enhance the efficiency of AEB systems by dramatically reducing the braking distances.

Technically, the Torricelli brake is connected to the automatic breaking system, which in turn is rigged to detect hazards ahead. The patented solution uses a 0.3 m2 vacuum plate below the vehicle that activates in merely 0.1 sec and produces a downforce of 15 000 N - independently from the tire-to-track friction.

This reduces stopping distances with up to 40% on wet and dry asphalt,
as well as ice surfaces.

Autoliv has put a maximum speed limit for activating the system at 70 kph, due to the effectiveness and force of the system. This in turn
means that the Torricelli brake will mainly be applicable in urban environments, where for instance inattentive children and cyclists could be avoided.

"Even if there are several steps ahead before the Torricelli brake can be put into full-scale production, this is undoubtedly an example of how future innovations can revolutionize traffic safety and save more lives, in particular in urban environments," says Ola Boström, head of Autoliv Research.

>>> ALCATEL-LUCENT : Combes, DG d'Alcatel, va rejoindre l'état-major d'Altice-pr

ALCATEL-LUCENT : Combes, DG d'Alcatel, va rejoindre l'état-major d'Altice-presse

PARIS, 11 juin (Reuters) - Le directeur général d'Alcatel-Lucent, Michel Combes, quittera le 15 juillet prochain l'équipementier télécoms et rejoindra en septembre l'état-major d'Altice à Genève, lit-on jeudi dans Challenges.
Michel Combes sera notamment chargé du développement en Europe d'Altice, la holding de Patrick Drahi, propriétaire du groupe Numericable-SFR, ajoute le magazine.
Le départ du directeur général d'Alcatel-Lucent était prévu de longue date une fois achevé le projet de rachat du groupe par le finlandais Nokia.
Personne n'était joignable dans l'immédiat chez Altice pour commenter ces informations.

>>> Europe : Brokers Upgrades & Downgrades - 11th of June 2015

>>> Up
*BALOISE RAISED TO NEUTRAL VS SELL AT GOLDMAN
*BANCO POPOLARE RAISED TO BUY VS HOLD AT HSBC
*DANONE RAISED TO HOLD VS SELL AT BERENBERG
*LVMH RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*MAJESTIC WINE RAISED TO BUY VS HOLD AT LIBERUM
*POP. MILANO RAISED TO HOLD VS REDUCE AT HSBC
*ROYAL MAIL RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*SAINSBURY RAISED TO BUY VS HOLD AT CANTOR
*SAIPEM RAISED TO BUY VS SELL AT CITI
*SWEDBANK RAISED TO HOLD AT NORDEA
*UBI RAISED TO HOLD VS REDUCE AT HSBC

>>> Down
*AIR FRANCE-KLM CUT TO UNDERPERFORM AT RBC CAPITAL
*AMS CUT TO HOLD VS BUY AT HSBC
*GERRY WEBER CUT TO HOLD VS BUY AT BANKHAUS LAMPE

>>> PT Change


>>> Initiation
*JCDECAUX RATED NEW OUTPERFORM AT BERNSTEIN, PT EU45

>>> Call

>>> Asian Update

Asian Mid-session Update: RBNZ, BOK announce fresh easing, while strong Australia jobs data diminish outlook for more RBA action


***Economic Data***
- (CN) CHINA MAY INDUSTRIAL PRODUCTION Y/Y: 6.1% V 6.0%E; INDUSTRIAL PRODUCTION YTD Y/Y: 6.2% V 6.2%E
- (CN) CHINA MAY YTD FIXED URBAN ASSETS Y/Y: 11.4% V 11.9%E
- (CN) CHINA MAY RETAIL SALES Y/Y: 10.1% V 10.1%E; RETAIL SALES YTD Y/Y:10.4% V 10.4%E
- (NZ) NEW ZEALAND CENTRAL BANK (RBNZ) CUTS OFFICIAL CASH RATE BY 25BPS TO 3.25% VS EXPECTED HOLD AT 3.50%
- (KR) SOUTH KOREA CENTRAL BANK (BOK) CUTS 7-DAY REPO RATE BY 25BPS TO 1.50%, AS EXPECTED; RECORD LOW
- (AU) AUSTRALIA MAY EMPLOYMENT CHANGE: +42K V +15KE; UNEMPLOYMENT RATE: 6.0% (1-year low) V 6.2%E
- (AU) AUSTRALIA JUN CONSUMER INFLATION EXPECTATION: 3.0% V 3.6% PRIOR; 14-month low
- (NZ) New Zealand REINZ May House Sales Y/Y: 21.6% v 27.6% prior
- (JP) JAPAN Q2 BUSINESS SURVEY INDEX (BSI) LARGE ALL INDUSTRY Q/Q: -1.2 V +1.9 PRIOR; BSI LARGE MANUFACTURING Q/Q: -6.0 (1-year low) V +2.4 PRIOR; Raises FY15/16 capex y/y: +5.9% v -3.9% prior forecast
- (UK) UK MAY RICS HOUSE PRICE BALANCE: 34% V 36%E; 10-month high

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +1.4%, S&P/ASX +1.3%, Kospi +0.5%, Shanghai Composite flat, Hang Seng +1.0%, Jun S&P500 -0.1% at 2,104

***Commodities/Fixed Income***
- Aug gold -0.1% at $1,185/oz, Jul crude oil -0.5% at $61.10/brl, Jul copper flat at $2.75/lb
- (MX) PEMEX discovers new oil in shallow waters of Gulf of Mexico; May add up to 200K bpd in output - financial press
- GLD: SPDR Gold Trust ETF daily holdings decline 1.5 tonnes to 704.2 tonnes; lowest since 2008
- (CN) PBoC won't conduct open market operations (OMO) in today's session (16th consecutive halt); Net zero position this week (7th consecutive week of neutral position)
- USD/CNY: PBoC sets yuan mid point at 6.1150 v 6.1173 prior setting (strongest Yuan setting since May 22nd)
- JGB: (JP) Japan's MoF sells ¥1.09T in 1.3% (1.2% prior) 20-year JGBs; Avg yield: 1.293% v 1.221% prior; bid-to-cover: 2.56x (lowest since May 2013) v 2.91x prior
- (JP) Japan investors sold net ¥385.2B in foreign bonds V sold ¥348.4B in prior week; Foreign investors bought net ¥255.3B in Japan stocks v bought ¥574B in prior week

***Market Focal Points/FX***
- Regional indices are generally higher with the exception of Shanghai, which is trading near flat amid continued reservations related to MSCI deferring inclusion into its EM index. Among the most notable developments in China, govt announced a pilot scheme to expand consumer credit service from 16 cities to nationwide to encourage consumption, while NDRC approved new infrastructure projects with combined investment value of CNY127B. China MOF also put out mixed May fiscal data, as spending slowed to just 2.6% y/y from 33% in April and revenue growth slowed to 5% from 8.2%. Late in the day, China released more May economic data, with industrial output slightly better than expected, retail sales in line, and fixed investment a bit below consensus.

- Australia jobs numbers were much stronger than expected, with unemployment falling to a 1-year low of 6% and employment change at 42K, even though 2/3rd of that figure was in the part time sector. Westpac, JPMorgan, CBA, and NAB forecasters are in the camp of RBA remaining on hold for the rest of the year, with jobless rate appearing to have topped despite the risks of renewed increase. Fixed income markets also reportedly shifted probability of another 2015 rate cut from about 55% to 40%.

- Reserve Bank of New Zealand surprised traders with a 25bps rate cut to 3.25% - its first in 4 years and also the first policy adjustment after 6 consecutive holds. RBNZ also lowered its 90-day bill rate projections by 60bps to 3.1% from 3.7%, while Gov Wheeler signalled more easing announcing that markets have already priced in 2 cuts. Wheeler also said further significant downward adjustment in exchange rate is justified. Later in the day, REINZ housing data showed y/y rise in median prices at 7% and those of Auckland a whopping 20% y/y, sparking criticism that RBNZ is fanning the flame of property inflation.

- BOK also cut rates to record low of 1.50%, though this had been anticipated by majority of analysts. There was one dissenter who preferred for rates to remain unchanged. BOK cited risks associated with MERS outbreak impacting consumption and exports, while also reiterating inflation would remain low for the time being. BOK Gov Lee added the central bank's growth projections made in April may be cut further.

- World Bank cut its 2015 GDP target to 2.8% from 3%, developing GDP to 4.4% from 4.8%, and US to 2.7% from 3.2%, urging the Fed to hold off on the liftoff until 2016.

- Among FX majors, trading in AUD, NZD, and JPY were all volatile on the latest developments. NZD/USD hit multi-year low, falling as much as 200pips from pre-RBNZ levels to $0.70 - lowest level since late 2010. AUD/USD spiked up about 70pips on jobs data to 0.7080. USD/JPY was up about 30pips late in the day at the highs near 123.30 after a govt source said yesterday's comments by BOJ Gov Kuroda that JPY may not weaken further do not necessarily reflect the views of the Abe administration.

***Equities***
US equities / ADRs:
- BOX: Reports Q1 -$0.28 v -$0.31e, R$65.6M v $63.6Me; +10.0% afterhours
- MW: Reports Q1 $0.54 (adj) v $0.52e, R$885M v $862Me; Remains confident in FY15 and FY17 guidance; +8.5% afterhours
- KKD: Reports Q1 $0.24 v $0.21e, R$132.5M v $136Me; +5.2% afterhours
- NKE: To become Exclusive Oncourt Uniform and Apparel Provider of the NBA, WNBA and NBA D-League; +0.7% afterhours

Notable movers by sector:
- Consumer discretionary: Suning Appliance 002024.CN +7.9% (govt to promote consumer credit); Samsung C&T Corp 002380.KR -2.5% (to sell shares); Panasonic Corporation 6752.JP +2.5% (to partner with NTT); Youngor Group Co Ltd 600177.CN +4.0% (agreement with Citic Group); Pang Da Automobile Trade 601258.CN +10.0% (partnership with Foton Motor)
- Financials: Renhe Commercial Holdings 1387.HK +4.1% (acquisition); Wanda Commercial Properties 3699.HK +1.5% (May result); Zhejiang China Commodities City Group 600415.CN +4.3% (govt to promote cross-border e-commerce); Token Corp. 1766.JP +7.3% (FY14/15 result)
- Industrials: Fujian Xiamen Xiangyu Co Ltd 600057.CN +10.0% (govt to promote cross-border e-commerce);Hyundai Heavy 009540.KR -0.8% (to sell convertible bonds, awarded contract)
- Technology: Zhejiang NetSun Co 002095.CN +4.4% (govt to promote cross-border e-commerce); LG Display 034220.KR -0.2% (speculation to supply panel for Apple Watch)
- Materials: BC Iron BCI.AU +7.0% (repay loan ahead of schedule); China Rare Earth Holdings 769.HK -9.7% (share placement)
-Healthcare: Ramsay Health Care RHC.AU +2.7% (reaffirms guidance)

>>> CLLS - Jefferies making positive comments; Reiterates Buy rating, price targ

Jefferies making positive comments; Reiterates Buy rating, price target raised to $53 from $46 #
- Company expects to submit their CTA for UCART19 for a PI trial in ALL/CLL in the UK in '15 (trial to begin in Q4). CLLS will file its IND for a PI trial in US in '16. 
- Firm believes CLLS offers a unique approach to developing CAR-T therapy by using gene-editing techniques which may allow for "off-the-shelf" CAR-T.

NY Post : Universal not conspiring to kill music streaming: Schneiderman

New York on Tuesday closed a major piece of a previously undisclosed investigation into an alleged conspiracy to kill off free music streaming.
Attorney General Eric Schneiderman shut down his inquiry into Universal Music Group after the world’s No. 1 music label said it had no agreement with either of the other major record labels to cut off any free, ad-supported music-streaming service.
Universal also “does not currently have any agreements with Apple … to impede the availability of third-party free or ad-supported music-streaming services,” it told the AG.
Word that Schneiderman was standing down in his probe of UMG came in an unusual manner — in a letter from the label’s lawyers to the AG posted on the lawman’s Web site Tuesday afternoon.
The end of the probe is a setback for Spotify, the world’s No. 1 free music-streaming service — which lobbied hard to kick-start the review. A similar probe of UMG by Connecticut was also closed.
The AGs’ investigation of Sony Music and Warner Music, the No. 2 and No. 3 music companies, respectively, continues, a spokesman for the New York AG confirmed. Neither is negotiating deals with Spotify — as UMG is.
US and European regulators are also looking into any possible conspiracy to choke off ad-supported — so-called “freemium” — services that are disliked by the labels because they pay a much lower royalty rate than paid streaming services.
Concerns were raised by Spotify and others after Beats Music founder Jimmy Iovine left UMG to join Apple to spearhead its music service — just months after selling Beats to Apple for $3 billion.
Shortly after Iovine’s departure a year ago, UMG, under CEO Lucian Grainge, spoke out against the freemium model, leading some to suggest both Apple and UMG were in cahoots to reduce Spotify’s chances of success.
Iovine on Monday joined Apple CEO Tim Cook on stage to announce Apple Music, an all-encompassing $10-a-month service with a companion radio offering — both of which could dent Spotify and Pandora.
Pandora’s stock fell 6.7 percent in the two trading days since Apple’s streaming venture was unveiled.
UMG and Sony dislike the freemium model since it hasn’t grown as fast as they’d like — while pushing a drastic decline in iTunes’ download business.
Spotify, with 60 million users — including 15 million paid — paid $300 million in the first quarter on music royalty payments, bringing its total to $3 billion since 2008, its CEO said in a recent Billboard article.
Spotify believes freemium subscribers eventually transition to the paid service.
“UMG shares the [AGs’] commitment to a competitive market for music streaming, and we’re pleased that, after providing information demonstrating that conduct, the [AGs] have no present intention to make further inquiries of us in this regard,” the UMG letter read.
“This letter is part of an ongoing investigation of the music-streaming business, an industry in which competition has recently led to new and different ways for consumers to listen to music,” Matt Mittenthal, a spokesman for the New York AG, said.