DAIMLER (N, TP EUR62.0): On already lowered consensus expectations for the Truck division, Daimler announced that Truck profit is now expected to be down significantly YoY, compared to prior guidance of flat profit only just given at Q1 results. This implies in our view that profit could be more than 10% below 2015's, which would mean less than €2.47bn. In our view, Daimler's expectations for the NAFTA market may have been too optimistic originally looking for -10% decline in class 6-8. New outlook for a -15% decline still looks hopeful. While the profit warning did not cite Europe specifically, The situation in Europe also appears to be deteriorating.