>>> What to looka at this Week End - 25th & 26th of January 2015

Dow-0,79% S&P-0,55% Nasdaq+0,16% Russell-0,14%
US Market Close Lower on Friday but still positive on the week (+1,6%), UPS weighted on the market (-9,9%, closed below its 100dMA), Coeure comments on ECB need to do more QE if needed helped mkt tp rebound from lows, WTI crude was able to make an intraday appearance in the green, but ended lower by 1.8% at $45.56/bbl. Utilities & Technologt were only sector trading higher...SBUX +6,5%...MCD -1,5%...Volume were below average at 765mil shares...VIX @ 16,66 +1,58%.

Eur$ 1,1150 S&P -0,61%

Macro :
- Syriza Places First in Greek Election, Exit Poll Shows
- ECB’s QE Is ‘Quite Positive’ for Greece, Finance Minister Says
- Merkel Seeks G-7 Support for Eradicating Extreme Poverty by 2030
- Draghi Sees Reasons in Favor of Real Economic Union: WiWo
- Swiss Franc Could Extend Gains Versus Euro, UBS CEO Tells SamS
- Merkel Freezes All Weapons Exports to Saudi Arabia: Bild

Keep an eye on :
- AIR FP : Airbus Has Product-Quality Problem, Von Der Leyen Tells Spiegel
- AF FP : Air France Said to Drop Routes Including Kuala Lumpur, JDD Says
- ABI BB : Anheuser-Busch to Buy Elysian Brewing Co.; Terms Not Disclosed
- AERL LN : IAG Makes Third Approach for Aer Lingus, Sky Reports
- ADEN VX : Adecco CEO Says Clients ‘Very Worried’ About Stronger Franc: SZ
- ALO FP : Alstom Wins EU100m Contract from Egypt’s Railway Co.
- ALT NA : Altice could divest Cabovisao and Oni to clear EU competition hurdles over EUR 7.4bn PT acquisition
- AENA IPO : Aena IPO Price Range EU43-EU55 P/Shr for EU2.3B Max. Offering
- BALSN VX : Basilea CEO Sees Blockbuster Potential for Antifungal Drug
- BP/ LN : BP chief says no plans to sell Rosneft stake
- DBK GY : Deutsche Bank Says Claim of Jain Clash ‘Categorically False’
- DEB LN : Sports Direct rules out Debenhams takeover; takes option over 16.6%
- EPRX TI : Borsa Istanbul in talks over stake sale - FT
- FRE GY : CEO: Intend to raise dividend after achieving financial targets in 2014,No appetite for further large acquisitions at the moment; Says " radar remains active but nothing big is imminent".- Profitability growth is not trending lower.
- MRW LN : Wm Morrison Chairman Sees ‘Full Health’ in 3-5 Yrs: Sunday Times
- NESN VX : Nestle CEO Says Nespresso Faces ‘Quite a Lot of Competition’
- NOVN VX : FDA Approves Novartis Meningococcal Serogroup B Vaccine
- SAND SS : Sandvik CEO Positive on U.S. Market Outlook: Dagens Industri
- SAP GY : CFO: Cloud software may deliver higher profit margins than traditional softwar e over time, Says: "Such contracts become profitable over time. In the longterm, they can definitely become more profitable than our classic licence sales."
- SCYR SM : Sacyr Says Creditors Agree to Refinance Repsol Loan
- SIE GY : Siemens Plans to Cut Costs Related to Quality, FAZ Reports
- SIE GY : Siemens’ Kaeser to Face AGM Critics Over Dresser-Rand: WiWo
- SOLB BB : Solvay CEO Confident in Achieving 10% Earnings Growth: Investir
- SYNN VX : Syngenta CEO Says Overall Growth Rate to Be Muted in 2015: CNBC
- TIT IM : Oi to consider all options for telecoms consolidation in Brazil 
- VOD LN : Hutchison to Push for Competition Review in U.K., Telegraph Says
- WDF IM : KKR May Be Interested in World Duty Free, Sole Reports

(BFW) Syriza Gets 35.2% With 20.8% of Vote Counted: Interior Ministry

Eur$ 1.1152
BFW 01/25 19:13 *SYRIZA GETS 35.2% WITH 20.8% OF VOTE COUNTED: INTERIOR MINISTRY
Syriza Gets 35.2% With 20.8% of Vote Counted: Interior Ministry
2015-01-25 19:18:07.526 GMT


By Eleni Chrepa
(Bloomberg) -- Greece’s Syriza gets 35.2% with 20.8% of the
vote counted, according to data posted on Interior Ministry’s
website.
* New Democracy gets 29.1%, followed by Golden Dawn with 6.3%
* To Potami, or River, 4th with 5.7%
* Communist Party of Greece has 5.3%
* Pasok party has 5.2%, Independent Greeks 4.6%
* Movement of Democratic Socialists of former PM George
Papandreou has 2.5%
* NOTE: A party needs to get at least 3% share of the vote in
order to elect lawmakers in next Greek parliament; winner
needs at least 151 seats to form majority govt
* NOTE: Polls closed at 7pm local time
* NOTE: Syriza Rides Anti-Austerity Wave to Landslide Victory
in Greece Link


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(BFW) Outgoing Greek Minister Says Syriza Has Won Election

--> EUR$ indicated @ 1,1170
BN 01/25 18:21 *GREEK MINISTER KYRIAKOS MITSOTAKIS COMMENTS ON MEGA TV
BN 01/25 18:21 *OUTGOING GREEK MINISTER SAYS SYRIZA HAS WON ELECTION
Outgoing Greek Minister Says Syriza Has Won Election
2015-01-25 18:25:51.956 GMT


By Paul Tugwell and Eleni Chrepa
(Bloomberg) -- “There is no doubt that Syriza has won the
election” and New Democracy has suffered a “major defeat,”
Administrative Reform Minister Kyriakos Mitsotakis says in
comments broadcast live on private Mega TV.
* Syriza Defeats Samaras to Win Greek Vote, Exit Poll Shows
Link


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FT : Borsa Istanbul in talks over stake sale

Borsa Istanbul in talks over stake sale

A bull sculpture stands at the entrance to the Borsa Istanbul, also known as the Istanbul stock exchange, in Istanbul, Turkey, on Monday, Jan. 13, 2014©Bloomberg
A bull sculpture stands at the entrance to the Borsa Istanbul
Borsa Istanbul is talking to local and overseas financial institutions about taking a stake in the Turkish exchange ahead of its planned initial public offering.
The exchange wants to secure a group of anchor investors by selling a chunk of its 36 per cent shareholding in coming months before proceeding with a listing.

Its flotation and development will be closely watched by investors as the fast-growing emerging Turkish economy finalises an overhaul of its markets. Regulations and trading infrastructure are being brought into line with international norms, aiming to make Turkey a financial hub for the region.
Ibrahim Turhan, chief executive of Borsa Istanbul, said the listing was likely to be scheduled for “early next year”.
“What we have in our mind is to finalise the second part of the strategic plan with financial institutions by the end of February,” he said on the sidelines of an investor conference in London last week. “We will take our time for the IPO. It should be at least 12 months after the share sale.”
The sale of its stake is one of a series of options for Borsa Istanbul. Turkey has set a year-end target for the exchange to be floated, although there is an option to extend the deadline by a year.
The government wants to sell most of its 49 per cent stake, while Borsa Istanbul has to return any remaining stake to Ankara by the end of the year. If the talks with financial institutions fail, Borsa Istanbul may hand back the shareholding and proceed with the flotation before December.
A listing would be the final stage of a radical reshaping of Turkey’s markets. New capital markets laws introduced in 2012 have mandated more transparency and central clearing of over-the-counter derivatives, akin to incoming European standards.
Borsa Istanbul is also a relatively new entity, a single exchange created by combining the Istanbul Stock Exchange, the Istanbul Gold Exchange and the Derivatives Exchange of Turkey. It has also upgraded its technology with systems provided by Nasdaq, the US exchange operator.
Mr Turhan was speaking on a visit to London to sign a deal with the London Stock Exchange Group to allow trading of its blue-chip index on the London market. Futures and options contracts based on Turkey’s blue-chip BIST 30 Index will be cleared by LCH.Clearnet, the LSE’s clearing house.
The exchanges are also planning to launch a partnership for trading index contracts later this year.
With the deal, LSE also aims give a boost to its derivatives business, which traded nearly 11.5m index futures and options contracts last year. About 170,000 BIST 30 index futures contracts are traded per day on Borsa Istanbul.
It’s great for us as the derivatives market has huge potential,” said Mr Turhan. “Derivatives are the fastest-growing part of the industry. I’m sure the local market will also come in very high volumes.”

(BFW) Syriza Places First in Greek Election, Exit Poll Shows

BN 01/25 17:00 *SYRIZA TO GET 35.5%-39.5% OF VOTE, 146-158 SEATS: EXIT POLL
BN 01/25 17:00 *NEW DEMOCRACY TO GET 23%-27% OF VOTE, 65-75 SEATS: POLL
BN 01/25 16:59 *SYRIZA TO GET 35.5%-39.5% OF VOTE: EXIT POLL
BN 01/25 16:59 *ANTI-BAILOUT SYRIZA PARTY SET TO WIN GREEK ELECTION: EXIT POLLS
BN 01/25 16:59 *ANT1 TV RELEASES EXIT POLL AFTER GREEK VOTING CLOSES
BFW 01/25 16:59 *SYRIZA PLACES FIRST IN GREEK ELECTION, EXIT POLL SHOWS
Syriza Places First in Greek Election, Exit Poll Shows
2015-01-25 17:04:10.148 GMT


By Marcus Bensasson and Christos Ziotis
(Bloomberg) -- Greece’s Syriza party is set to win
country’s parliamentary elections with 35.5% to 39.5% of the
vote vs 23% to 27% for Antonis Samaras’s New Democracy, exit
poll for ANT1 TV shows.
* Led by Alexis Tsipras, Syriza is projected to get between
146 and 158 seats in Greece’s 300-seat chamber, according to
exit poll, possibly enough for an outright majority
* Nationalist, anti-immigrant, Golden Dawn party gets 6.4%-8%
* To Potami, or River, also gets 6.4% to 8%
* Communist Party gets 4.7% to 5.7%
* Socialist Pasok party to get 4.2% to 5.2%
* Independent Greeks party gets 3.5% to 4.5%
* Movement of Democratic Socialists, founded by former PM
George Papandreou, to get 2.2% to 3.2%
* NOTE: A party needs to get at least 3% share of the vote in
order to elect lawmakers in next Greek parliament; winner
needs at least 151 seats to form govt
* NOTE: Polls closed at 7pm local time; interior ministry to
release first official result projection 9:30pm


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(BFW) KKR May Be Interested in World Duty Free, Sole Reports

KKR May Be Interested in World Duty Free, Sole Reports
2015-01-25 14:54:54.958 GMT


By Stefania Spezzati
(Bloomberg) -- KKR is probably looking at World Duty Free,
Il Sole 24 Ore reports, without saying where it got the
information.
* No mandate to adviser; negotiations on deal not started yet;
Benetton family could reduce stake in WDF under 30%: Sole
* NOTE: WDF weighs partnerships that could alter control,
Corriere reported Nov. 24


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Claudia Carpenter

>>> Afren bondholders hire Blackstone advisers

Afren bondholders hire Blackstone advisers
Afren creditors holding bonds worth USD 860m have engaged a team of restructuring experts from Blackstone, The Sunday Times reported. The unsourced report said the advisers were appointed on Friday 23 January to help the bondholders examine their options.

Afren, a UK-listed oil-exploration company, is expected to receive a takeover offer from its Nigerian competitor Seplat within days, the report said. It added that in the event no deal emerges, two potential chief executive candidates have been lined up: Roc Oil’s Alan Linn and Jon Ferrier of Maersk.

Afren’s share price has fallen almost 90% in the past six months amid corporate scandal, a USD 1.2bn debt burden and the plummeting price of oil, the report pointed out.

Morgan Stanley is advising Afren, while its lenders have hired PwC ahead of a USD 50m bank repayment which is due this Friday but which Afren has requested be extended, the report said.

Sunday Times

>>> Aer Lingus recommends EUR 2.50-per-share IAG offer to shareholders - report

Aer Lingus recommends EUR 2.50-per-share IAG offer to shareholders 

Aer Lingus has recommended the Anglo-Spanish airline operator International Consolidated Airline Group (IAG)’s latest EUR 2.50-per-share offer to investors in the Irish carrier, The Sunday Times reported. The unsourced report said IAG’s third bid in recent weeks persuaded the board of Aer Lingus to start formal discussions, leading to the recommendation of the EUR-1.3bn deal.

The situation is thought likely to be announced tomorrow, Monday 26 January, the report said.

The biggest obstacle to a deal may be securing the support of the Irish government, which owns a 25% stake in Aer Lingus, the item stated. It said IAG, which owns British Airways, may try and smooth any government concerns with promises to preserve Aer Lingus routes between Dublin and London Heathrow, while redirecting some Irish BA flights out of Heathrow to more profitable long-haul journeys.

A 29.8% stake in Aer Lingus is owned by rival Irish airline Ryanair, which has previously attempted to acquire Aer Lingus three times. Ryanair chief executive Michael O’Leary was quoted in a separate Sunday Times report signalling that a new offer has not been ruled out. IAG has not offered to acquire Ryanair’s holding this time and rejected an offer to buy it a couple of years ago, he told the newspaper.

Sunday Times