(ZeroHedge) Paul Tudor Jones Warns This "Disastrous Market Mania" Will End "By R

"This gap between the 1% and the rest of America, and between the US and the rest of the world, cannot and will not persist,"warns renowned trader Paul Tudor Jones during his recent TED Talks speech, as he addressed the question - can capital be just? Hoping to expand the "narrow definitions of capitalism," that threaten the underpinnings of society, Tudor Jones exclaims, "we're in the middle of a disastrous market mania," adding "one of worst of my life."Perhaps most ominously, he concludes, historically this ends "by revolution, higher taxes or wars. None are on my bucket list."

{http://www.zerohedge.com/news/2015-03-19/paul-tudor-jones-warns-disastrous-market-mania-will-end-revolution-taxes-or-war}

>>> Biopharma takeover mania continues to grip world stockmarkets



Biopharma takeover mania continues to grip world stockmarkets. The pharmaceuticals sector enjoyed a record number of deals last year and there has been no let up in 2015. Shares of Massachusetts-based Ironwood Pharma jumped 5 per cent to $16.47 (1119p) in early trading yesterday amid intense speculation it has been approached by European suitors, including Shire, 35p better at 5635p, and rejected cash offers in the region of $30 a share.
Drug developer Ironwood is considered to be an attractive target as its Linaclotide treatment for irritable bowel syndrome is a potential blockbuster after being approved by the US Food & Drug Administration in December 2012. IBS affects up to one in five people in the UK and America.
Shire still has a big warchest despite forking out $5.2bn for NPS earlier this year. Its coffers were swelled by the £1bn-plus break-up fee coughed up by AbbVie after it walked away from its £32bn offer last October.

Still drawing strength from the Chancellor’s market-friendly Budget and Wall Street’s bullish overnight response to the Fed’s statement that it needs to see greater growth in the jobs sector before raising US interest rates, the Footsie climbed 17.12 points more to 6962.32 to within spitting distance of the all-time high of 6974.26 attained on March 2. The FTSE 250 rose 74.41 points to 17,438.15.
Wall Street lost 110 points in early trading on profit-taking after weekly initial jobless claims showed the number of Americans filing for new claims for unemployment benefits rose only modestly last week, indicating the labour market remains as steady as a rock.
Bullish comments by broker JPMorgan Cazenove ahead of its April2 fourth-quarter trading update, lifted Marks & Spencer 16p to 531.5p. The broker expects a strong improvement in general merchandise.
On the other side of the street, Superdry fashion company Supergroup jumped 45p to 918.5p. Broker Investec has advised clients to buy up to 1030p ahead of new boss Euan Sutherland’s statement on future growth strategy on March 26.
The Chancellor’s £1.3bn lifeline of support announced in the Budget helped oil stocks progress: Tullow Oil, about to wave cheerio to the Footsie, rose 6.8p to 309.6p, SOCO International rallied 12.2p more to 160.1p and Premier Oil rose 10.9p to 146.7p.

As expected, Auto Trader raced into the fast lane when conditional dealings on AIM got underway yesterday. Priced at 235p, shares of the operator of Britain’s leading website for buying and selling new and used cars, reached 273.75p before closing 21p up at 256p.
There was no stopping shares of recently floated AIM investment company Gate Ventures. Placed last week at 10p, they rocketed 50p or 67 per cent more to 123p in a thin market on talk of a Chinese deal. Interest increased on news Jun (Michael) Zhu had bought an 8.74 per cent stake in the company. Zhu is executive chairman of GNet Group – an ecommerce business based in China, which provides O2O, or online to offline and offline to online services. Zhu is to be invited to join the board as non-executive chairman, at which time, Geoff Morrow, will become executive deputy chairman.
TLA Worldwide held at 43p despite details of its £13.1m acquisition of Elite Sports Properties, a leading athlete and event management agency which manages high-profile Olympians, notably Sir Chris Hoy and Rebecca Adlington..
Set up by ex-Virgin Media team, including finance boss Eamonn O’Hare and backed by star fund manager Neil Woodford, Zegona Communications made a bullish start on AIM. Placed at 120p, the shares closed at 143.5p. The company plans to make acquisitions in the European telecoms sector.
Royal rat-catcher Rentokil International edged up 1.4p to 141p after completing its 50th acquisition in North America with the addition of Eradico Services in Michigan, together with Sagrip SA, which is focused on the main cities of Guatemala and El Salvador. The two companies together made annualised revenues of roughly £7.3m in the 12 months before the acquisition.
Greggs the baker shed 8p to 1012p after Berenberg advised clients it was past its sell-by date. Risks lie in the competitive nature of the market: the increasingly tough like-for-like comparisons, the limited number of net store additions in the coming years, and in the difficulty of growing margins in excess of historical levels.
Amur Minerals added 0.61p at 8.65p after the mining minnow reported that pit study on its Kun-Manie nickel-copper-sulphide project in Russia had unveiled a potential 70 per cent increase to the target inferred resources.
EKF Diagnostics, the Wales-based diabetes and molecular diagnostics company, jumped 2p to 22p after Ron Zwanziger, the founder and former boss of US diagnostics giant Alere Inc, had increased his stake in the company to 5.45 per cent.
Digital printing group Xaar rose 19p to 380.75p despite reporting lower sales and profits in 2014.
Investors took heart after the board reiterated its recent guidance for sales to stabilise at £90m in 2015 as it invests for a return to growth next year. Broker FinnCap has kept forecasts unchanged and notes the group’s next-generation P4 technology remained on track, with first commercial sales expected from the end of next year.

(Bild) Grexit


Grexit
Grexit, which is the departure of the Greeks from the euro. The fact is that Athens is running out of time. By the end of April, the Tsipras government should have brought new reforms on their way to an agreement with the euro area countries. Of which the EU wanted to make the payment of further aid (15 billion euros) dependent. Only Athens does not deliver.
On the contrary, just this week decided the Greeks 200 million euros new social spending (u a free electricity for low income earners..). Clear breach of the agreement with the troika (EU, ECB, IMF). For the Commission provides: more spending only further reforms.
In cases of dispute, the Troika representatives from Athens departed. Ice Age!
The economy shrinks in Greece, tax subside (since beginning of approx. EUR 2 billion less than expected). Until the end of April Athens has to repay 3.7 billion euros of debt. Deputy Prime Minister Dragasakis: "We run the risk to remain without money."
Since the beginning of the Greeks moved around. 20 billion euros from their bank accounts - fear before the crash!
In Berlin, is now openly talked about the euro from Athens. Even Finance Minister Schäuble would have it now arrive at a Grexit, they say. Union Group Vice Hans-Peter Friedrich (58, CSU) told BILD: "We come to a little over Grexit. But rather an end with horror than a horror without end. "
The Grexit - it becomes more likely!
Third aid package
Billions more commitments need the Greeks, when they want to stay in the euro.
But a third aid package is controversial: The EU urges reforms in return for new loans. Greece's government refuses.
Euro leaders, representatives of the ECB and the IMF are therefore increasingly dissatisfied with Greece's lack of reform efforts. Even European Commission President Juncker (60) supported by Greece, new government is long, sour, "I am not satisfied with the progress."
And: Euro-countries such as Spain, Portugal, Italy themselves are under pressure to explain to citizens why more money to flow to Athens. Spain had to pay 26 billion euros for Athens despite massive austerity programs in their own country. That's as much as for the entire unemployment in the year.
Also in the Bundestag resistance is growing. 128 Members of the Union gave at the last Greeks vote personal declarations. Tenor: serious concerns, no further concessions to Greece! CDU Europe expert Gunther Krichbaum (50) faces IMAGE clear: "Only when the Greek parliament approves a mandatory savings and Reform list, additional help would be conceivable at all."
The third aid package - now increasingly unlikely!
Conclusion
Finance Minister Schäuble made internally clear: blackmail of Athens is the end of the euro and not to do with it! If Tsipras government maintains its austerity and reform refusal leads to the Euro-off there is no way

>>> Pirelli says it has not received any formal communication about launch of m

Pirelli says it has not received any formal communication about launch of mandatory tender offer

Pirelli issued the following press release on 20 March:

At the request of Consob, with reference to rumours which have been circulating in the media in recent days – in particular those contained in the article published by Corriere della Sera On 19 March 2015 (“Pirelli, nuovi soci e governance – Allo studio un riassetto con opa”) – Pirelli states that as of today it has not received any formal communication about the launch of a mandatory tender offer.
Company Press Release

(BofA-ML) The Flow Show - No Fear of the FED - Massive $20bn inflows to equity f

* Asset Class Flows
- Equities: biggest weekly inflows YTD ($20.1bn) (note $23bn ETF inflows vs $3bn mutual fund outflows)
- Bonds: $6.5bn inflows (11 straight weeks)
- Precious metals: $1.0bn outflows (3 straight weeks)

* Equity Flows
- Europe: $5.4bn inflows (10 straight weeks) ($1.4bn into HEDJ ETF) – the crowded trade
- Japan: $0.6bn inflows (4 straight weeks)
- EM: $2.7bn outflows (3 straight weeks)
- US: $14.1bn inflows (first inflows in 5 weeks) (note divergence between $18bn
- ETF inflows and $4bn MF outflows)

* Fixed Income Flows
- Second straight week of outflows from EM debt funds ($0.4bn)
- 36 straight weeks of outflows from bank loan funds ($0.2bns)
- Modest $0.3bn inflows to HY bond funds
- 65 straight weeks of inflows to IG bond funds ($5.1bn)
- Chunky $1.2bn inflows to govt/tsy funds (largest in 6 weeks)
- 22 straight weeks of inflows to MBS funds ($0.3bn)
- $0.3bn inflows to TIPS funds (largest in 5 weeks)

(BFW) Solvay ‘Fundamentally’ Undervalued, 2015 Top Pick at Barclays

Solvay ‘Fundamentally’ Undervalued, 2015 Top Pick at Barclays
2015-03-20 07:51:14.149 GMT


By Chiara Remondini
(Bloomberg) -- Solvay PT raised to EU154 vs EU135 at
Barclays (overweight), says co. is both growth and
transformation story, according to note.
* Brokerage says quality of portfolio not reflected in shr
price, more focused co. may lead to higher valuatio
* P/E multiple investors willing to pay for Solvay has
been increasing, expects trend to continue
* Sees strong earnings momentum this yr: Silica, Specialty
Plastics, Soda Ash to probably be main earnings drivers
in 2015
* 2016 should be another yr of “double-digit” earnings
growth
* Barclays says co. making progress in optimizing
portfolio, “more to come”
* Personal care, high performance plastics potential areas
for M&A
* Personal care, high performance plastics potential areas
for M&A</li></ul>
* NOTE yday: Solvay, Ineos find buyer for plants blocking
merger in PVC

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

>>> Pirelli in advanced talks with China Chemical Corporation over stake sale

Pirelli in advanced talks with China Chemical Corporation over stake sale

Pirelli, the listed Italian tyre company, is in negotiations to sell a stake to China Chemical Corporation (CCC) Italian language daily Il Messaggero reported.

The negotiations between parties are at an advanced stage with some details on stake sizes, financial questions and governance still to be decided, the unsourced article said. CCC will take its stake in Pirelli via its subsidiary Aeolus Tyre. The report said Aeolus would almost certainly take a 51% stake in Pirelli.

The boards of CCC and Pirelli will meet on the weekend or on Monday 23 March at the latest to discuss the dossier, the report said. A banking consortium headed by Unicredit is likely to provide financing of EUR 3.6bn for the deal to go ahead, it added. Pirelli would also receive a EUR 350m loan. The report said a public offer itself would be undertaken by a specially constituted vehicle registered in Luxembourg.

An unsourced report in Il Corriere della Sera claimed that Lazard has drawn up the operation.

The the plan is to relist Pirelli in the next four years, but only its car tyre operations. The report said Pirelli's truck tyre operations would instead be spun off into a newco that would also contain the operations of Aeolus Tyre.

A report in the Italian language Carlo Festa blog cited unspecified rumours claiming that Rosneft, presently Pirelli's largest shareholder, is looking to exit because of the pressure of sanctions. Rosneft would continue to maintain a small stake in Pirelli, it added.

The report said a delegation from Camfin, the holding company that controls Pirelli, is presently in Moscow negotiating Rosneft's exit.

Source Il Messaggero, Il Corriere della Sera, Carlo Festa Blog