>>> DAX - Quick Chart - 50d MA appear to be a strong Resistance...

>>> DAX - Quick Chart - 50d MA appear to be a strong Resistance...and there is still a gap open slightly lower 11052/11035...

I will play a correction to play this gap and will review then, Start of weak volume, I am not sure we'll see agressive buyers ahead of Long awaited Sept. Issue (not the Vogue one) but the FED one...(Anna Wintour vs Janet Yellen!!!!)

(Exane) Abengoa - Funding needs highly challenging in our view

Funding needs highly challenging in our view - Cut ot Underperform

Abengoa announced last Friday that its FY15 corporate capex budget would rise by a significant
EUR1.3bn (to EUR1.7bn). This is as the group did not manage to secure equity funds from its
partner EIG for its largest construction project in Brazil and also due to the macro woes there. This
raises concerns over the feasibility of Abengoa’s funding model and its ability to generate value for
its existing shareholders. We downgrade to Underperform and cut our TP to EUR1.5.

Capex overshoot and unfavourable deal with EIG
Abengoa’s announcement of a EUR1.3bn corporate capex overshoot last Friday far overshadowed
the rather impressive EUR1.3bn order intake reported in its key Engineering & Construction (E&C)
segment. As a result, 2015 will be the twelfth straight year in which Abengoa has not managed to
generate positive FCF (we estimate corporate FCF of -EUR1.3bn). In addition to the considerable
leeway EIG has to walk away from specific projects such as the Brazilian project, we also note that
Abengoa’s corridor for value creation under its APW-1 agreement with EIG is very limited.

What can Abengoa do next?
Shorter term Abengoa needs to quickly tap its remaining organic liquidity levers. We expect to see:
1) further divestments to Abengoa Yield (management expects EUR0.4bn of additional asset sales
in H2 15); 2) further paring of its c.42% economic interest in Abengoa Yield (worth about EUR1bn);
and 3) the formation of a new “Warehouse” facility (management now expects APW-2 by year-end
vs. in 2016 previously). This may bring temporary relief but to create equity value medium to longer
term, we believe Abengoa needs a longer-lasting solution, such as an issuance of fresh equity.


Downgrading to Underperform, cutting TP to EUR1.5
Abengoa’s much-trumpeted efforts to become an asset-light operation have proved unsuccessful in
the two years since its launch. We downgrade to Underperform (from Neutral) to reflect our
concerns over the group’s growing funding requirements and its value creation potential under its
agreement with EIG. We lower our TP at EUR1.5 (from EUR4), valuing the core E&C segment at
3x EV/EBITDA, in the middle of the range we think the equity market may now apply.

(BFW) Goldman Says Risk of Gold Falling Below $1,000/Oz

BN 08/03 07:08 *GOLDMAN SAYS RISK OF GOLD FALLING BELOW $1,000/OZ
Goldman Says Risk of Gold Falling Below $1,000/Oz
2015-08-03 07:14:13.122 GMT


By Claudia Carpenter
(Bloomberg) -- Commodities team has 12-mo. target of $1,050
oz., Yulia Chekunaeva, a Goldman analyst, says in report.

* Upgrade Koza Gold to buy
* Acacia, Harmony, Gold Fields down to sell

Link to Company News:{ACA LN <Equity> CN <GO>}
Link to Company News:{HAR SJ <Equity> CN <GO>}
Link to Company News:{GFI SJ <Equity> CN <GO>}
Link to Company News:{KOZAL TI <Equity> CN <GO>}

For Related News and Information:
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First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Claudia Carpenter at +971-4-364-1029 or
ccarpenter2@bloomberg.net

(MKR) Makor - Tech View Euro Stoxx 50 Index (3,600 last) - sustain move abov...

Makor - Tech View Euro Stoxx 50 Index (3,600 last) - sustain move above 3,600 targets 3,691-3,714, buy dips to 3,554
2015-08-03 06:45:35.35 GMT

Technical Research – Euro Stoxx Index (3,600)

•The Index has been consolidating for 2 consecutive days above the 55dma which
stands at 3,554 and it seems to be only a matter of time before we move higher
into another attempt to breakout above the horizontal resistance level at
3,691-3,714.
•Support for today is the 55dma at 3,554 and resistance is 3,600, a sustain
break above 3,600 would argue for a move towards 3,691-3,714 and a break above
the later opens 3,836 which is the 2015 cycle high.
•On the monthly scale, the index posted a bullish outside month which it-self
argues for a move higher as long as above July low which is 3,291
•Note, On July 16th the Index broke back above 3,651 & negated the path of
lower highs which was established on the chart since the correction lower the
3,836 cycle high made on April 13th, this is a bullish development. Also, from
an Elliot Wave perspective the recent setup favors one more leg higher (a wave
5) which should minimum target a re-test of the 3,836 cycle high if not above
it.

Strategy: Long from 3,565, target 3,690 with a stop loss on a close below 3,513

Support: 3,554 (55dma), 3,513 (last week low), 3,484 & 3,433-74 (open gap)

Resistance: 3,600, 3,691-3,714 & 3,836

Please find PDF Attached

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Provider ID: 5c524f5f167c40cb8db642ac683d0649


-0- Aug/03/2015 06:45 GMT

(BFW) Altice Buys 1.3m More Shares in Numericable-SFR

ONE 08/03 06:00 Altice SA: Altice Group acquires shares in Numericable-SFR
BN 08/03 06:00 *ALTICE GROUP BUYS SHRS IN NUMERICABLE-SFR
Altice Buys 1.3m More Shares in Numericable-SFR
2015-08-03 06:05:22.390 GMT


By Kasper Viita
(Bloomberg) -- Altice says it added 1.3m Numericable-SFR
shares on July 31 for EU49.75/shr for total price of EU64.6m.

* NOTE: Altice is Numericable’s majority owner

Link to Statement:Link

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

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>>> Europe : BRokers Upgrades & Downgrades - 3rd of August 2015

>>> Up
*ARKEMA RAISED TO BUY VS REDUCE AT KEPLER CHEUVREUX
*ATLAS COPCO RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*BG GROUP RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*DRILLISCH RAISED TO BUY VS NEUTRAL AT GOLDMAN
*INFINEON RAISED TO NEUTRAL VS UNDERPERFORM AT BOFA
*MEDIOLANUM RAISED TO BUY VS NEUTRAL AT CITI
*MISR CHEMICALS RAISED TO BUY AT NAEEM
*NIEUWE STEEN INVESTMENTS RAISED TO BUY V HOLD AT ING
*SHELL RAISED TO BUY VS NEUTRAL AT UBS
*TALKTALK RAISED TO HOLD VS SELL AT BERENBERG

>>> Down
*ACACIA MINING CUT TO SELL AT GOLDMAN
*BARCLAYS CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*DOMINO’S PIZZA CUT TO HOLD VS BUY AT BERENBERG
*EFG INTERNATIONAL CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Change


>>> Initiation
*ANDRITZ RATED NEW HOLD AT JEFFERIES
*MCBRIDE RATED NEW BUY AT LIBERUM, PT 145P
*DEUTSCHE LUFTHANSA REINSTATED AT UNDERPERFORM RATING AND €10.60 TP (Note attached)

>>> Call

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

Dow-0.32% S&P-0.22% Nasdaq-0.01% Russell+0.54% VIX 12.12 (Flat)
US MArket closed lower, July closed higher by 2%. Employment cost Index was lower, lack of strong wage growth backed setiment of delayed of first rate hike. Sell off occured during the end of the day. Energy sector tumbled 2.6%, widening its July decline to 7.8% after Dow components Chevron (CVX 88.48, -4.55) and ExxonMobil (XOM 79.21, -3.80) reported disappointing results. The two names posted respective losses of 4.9% and 4.6% while crude oil slid 2.9% to $47.12/bbl. For the month, the energy component plunged more than 21.0%, returning to its January low. Volume were above average with more 915mil. shares. Asian markets are tracking the selloff in US markets on Friday to the downside, though the soft economic data in the month-turning PMI-filled session are also weighing on sentiment. China markets are seeing particularly steep losses, entering midday break with down nearly 2.5%. Over the weekend the official manufacturing PMI hit 5-month lows, with notable deterioration in Output, Backlog, and Input Prices components. Official non-manufacturing PMI rose a decimal to a 5-month high, however the SME-centril Caixin out on Monday was also a disappointment at a 2-year low. Over the weekend, PBoC research director warned that China economy would remain under pressure in H2, while regulators announced an inquiry for some of the China-owned brokers' trading records in Hong Kong and Singapore to seek out the culprits behind "malicious" short selling. Japan PMI remained in expansion, albeit slightly lower than the preliminary levels...With Greek bourses set to reopen, there was more backlash against German hardliners pushing Athens to the brink of euro exit. France Fin Min Sapin said Germany was wrong to propose a Grexit, and even Bundesbank member Buch said the discussion of Grexit was "tiring". Separate report in Greek press indicating the govt will seek €24B in the first tranche of the bailout aid as part of the €86B program, as negotiations are expected to conclude later this month.

Nikkei -0.18% Hang Seng -1.04% Shanghai -2.77%

Eur$ 1.0985 JPY 124.04 GBP 1.5626 EURCHF 1.0602 RUB $61.73 WTI $46.76 (-0.76%)

S&P -0.11% EuroStoxx-0.22% Dax-0.22% SMI


Macro :
- Caixin China July Manufacturing PMI 47.8; Est. 48.3
- Varoufakis Says Fear Can't Be Foundation for New Europe: Pais
- Italy’s Poletti Sees More Stable Job Contracts: Repubblica
- Fed’s Bullard: ‘We Are in Good Shape’ to Raise Rates in Sept:WSJ --> Link : http://on.wsj.com/1LWDHU0
- Greece may seek up to 24 billion euros in first new aid tranche: paper - Reuters --> Link : http://reut.rs/1fTAGYs
- Did We Just Hit The Threshold For Short Covering In Gold?--> Link : http://bit.ly/1KHkTJM
- Altmaier Says Merkel Re-Election Plan Report ‘Speculation’: Bild
- A banking scandal is set to bankrupt Europe’s poorest country- The Economist

Keep an eye on :
- AIR FP : Iran to Buy as Many as 90 Planes to Start Fleet Renewal: IRNA
- AREVA FP : Areva Needs Chinese Nuclear Investment, Chairman Tells JDD
- BMW GY : BMW ‘Frequently in Talks’ With IT Cos Including Apple: FAS
- BMW GY : BMW Considers New Electric Car Between i3, i8 Models: FAS
- BMW GY : BMW to Present Supervisory Board New Models, Handelsblatt Says
- BNP FP : BNP’s Bonnafe Sees ‘Timid’ Rise in Credit Demand: Les Echos
- CNA LN : Centrica CEO Signals Pull Back From Exploration Business: FT
- DAI GY : Mercedes to Halt Truck Production in Brazil for 20 Days: Estado
- DAI GY : Daimler Workers in Germany Seek New Labor Deal in 2015: DPA
- DB1 GY : Deutsche Boerse Plans ‘Small’ Stock Sale to Fund 360T Deal: FAS
- DGO LN : ENOC Increases Offer for Dragon Oil to 800 Pence a Share
- DGO LN : ENOC Wins Over Dragon Oil Minority Owners After Boosting Offer
- EI FP : Essilor Studying Potential Acquisitions, CEO Tells Investor
- EIT IM : Ei Towers CEO Looking at Mid-Sized European Acquisitions: Sole
- FCA IM : Chrysler Recalls 284,153 Dodge Chargers on Oversensitive Air Bag
- FPE3 GY : Fuchs Petrolub Buying SFR Lubricants to Expand in Scandinavia
- HEIA NA : Heineken 1H Cons. Oper. Profit Ex-Items EU1.55b. Est. EU1.53b ,Keeps Forecast, Sees Growth Weighted to 2H
- HSBA LN : HSBC Said to Increase Provisions for Misconduct Probes: Sky
- HSBA LN : HSBC Sells Brazilian Business to Bradesco for $5.2b Cash
- IHG LN : InterContinental Weighing Bids for Fairmont, Movenpick: Times
- ISP IM : Intesa CEO Says Italy Out of Record-Long Recession: Corriere
- KCO GY : Kloeckner Pentaplast Considers Stock Listing, FAZ Says
- MC FP : LVMH Plans More Hong Kong Stores on Lower Rents: Ming Pao
- NOK1V FH : Nokia to Sell HERE to German Carmakers for EU2.8b
- PNL NA : PostNL 2Q Underlying Operating Income EU82m; Est. EU72.4m
- REP SM : Repsol Hires Goldman Sachs, BBVA to Sell Assets: Confidencial
- RR/ LN : Rolls-Royce Activist ValueAct Said Lured by Air-Engine Services
- RR/ LN : Rolls-Royce urged to accelerate cost cuts - FT --> Link : http://on.ft.com/1M5beNv
- RSA LN : RSA Will Seek Minimum 600p/Shr Bid From Zurich: S. Telegrap
- SHP LN : Shire to Buy Foresight Biotherapeutics for $300m: WSJ
- SUN SW : Sulzer Says Renova’s Exceeding 33 1/3% Triggers Mandatory Offer, offer @ CHF99.20
- UBER IPO : Uber Valued at More Than $50 Billion --> Link : http://on.wsj.com/1N08EWf
- VOW3 GY : Volkswagen Names Google, Apple New Competitors: Handelsblatt
- VIE FP : Veolia 1H Adj. Operating Cash Flow Beats; Confirms 2015 Targets
- WCH GY : Wacker Chemie 2Q Ebitda EU329m, Est 332.3m; 2015 Goals Confirmed
- ZC FP : Zodiac Aerospace Says Restart of Damaged Plant on Schedule
- ZURN VX : Zurich Said in Talks to Raise More Than $4b for RSA Bid

>>> Nokia's HERE to be sold to consortium of AUDI, BMW and Daimler at EUR 2.8 bn


Nokia's HERE to be sold to consortium of AUDI, BMW and Daimler at EUR 2.8 bn enterprise value
S
Nokia [[HEL:NOK1V] ] completes next stage of transformation with agreement to sell HERE to automotive industry consortium at an enterprise value of EUR 2.8 billion

Espoo, Finland - Nokia today announced an agreement to sell its HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG [ETR:NSU], BMW Group FRA:NSU [FRA:BMW] and Daimler AG (the "Consortium") [FRA:DAI].

The transaction values HERE at an enterprise value of EUR 2.8 billion with a normalized level of working capital and is expected to close in the first quarter of 2016, subject to customary closing conditions and regulatory approvals. Upon closing, Nokia estimates that it will receive net proceeds of slightly above EUR 2.5 billion, as the purchaser would be compensated for certain defined liabilities of HERE currently expected to be slightly below EUR 300 million as part of the transaction. Nokia expects to book a gain on the sale and a related release of cumulative foreign exchange translation differences totaling approximately EUR 1 billion as a result of the transaction.

In April 2015, Nokia announced a review of strategic options for HERE in light of its proposed combination with Alcatel-Lucent. The announcement of this sale to the Consortium concludes that strategic review process.

Rajeev Suri, President and Chief Executive Officer of Nokia, said: "With this step we complete the latest stage of Nokia's transformation. We integrated the former Nokia Siemens Networks, divested our Devices & Services business, and have now reached agreement on a transaction for HERE that we believe is the best path forward for our shareholders, as well as the customers and employees of HERE. Going forward, we will focus on our planned combination with Alcatel-Lucent. Once that is complete, Nokia will be a renewed company, with a world-leading network technology and services business, as well as the licensing and innovation engine of Nokia Technologies."

HERE is developing a location cloud that harnesses the power of data generated by vehicles, devices and infrastructure to deliver real-time, predictive and personalized location services. In the automotive industry, where it serves most of the world's leading automakers, its focus is on developing precise and accurate mapping as well as services that will enable an entirely new class of driver experiences, including highly automated driving. The company also serves the world's leading enterprises and Internet players, including Microsoft, Samsung and SAP, and offers highly rated apps to consumers using Android, iOS and Windows Phone.

"I believe today's announcement is a very good outcome for HERE, its customers and employees. The new ownership structure of HERE will allow us to accelerate our strategy, further scale our business and fulfill our intent to become the leading location cloud company across industries," said HERE President Sean Fernback.

HERE has been a separate operating and reportable segment for financial reporting purposes for Nokia with a non-IFRS operating profit of EUR 46 million on net sales of EUR 552 million for the first half of 2015, and a non-IFRS operating profit of EUR 31 million on net sales of EUR 971 million for the full year 2014. In reported terms, HERE generated an operating profit of EUR 28 million for the first half of 2015, and an operating loss of EUR 1 241 million for the full year 2014, with the latter including a EUR 1 209 million charge for the impairment of goodwill. At the end of June 2015, HERE had 6 454 employees. Nokia plans to report HERE as a discontinued operation from the third quarter of 2015 onwards. HERE will continue to operate as a business of Nokia until the closing of the transaction.

Upon closing of the HERE transaction, Nokia will consist of two businesses: Nokia Networks and Nokia Technologies. Nokia Networks will continue to be a leading provider of broadband infrastructure software and services. Nokia Technologies will continue to provide advanced technology development and licensing. Nokia's proposed combination with Alcatel-Lucent [EPA:ALU] is expected to close in the first half of 2016, subject to customary closing conditions and regulatory approvals, and will create an innovation leader in next generation technology and services for an IP connected world.

Nokia suspended its capital structure optimization program in conjunction with the announcement of the proposed combination with Alcatel-Lucent. As previously stated, Nokia intends to evaluate the resumption of a capital structure optimization program after the closing of the proposed Alcatel-Lucent transaction.