EFTA00355869.pdf

From: a< Subject: Early Tour 12.22.14 Date: Mon, 22 Dec 2014 10:42:49 +0000 Inline-Images: image001.jpg ,.jDescription: Description: Good Morning ... European Markets up 10-80 bps (Russia $RTS +4.2%)... NKY +0.08%, SHCOMP +0.61%, HSI +1.32%, KOSPI +0.68%, TWSE +1.06%, ASX +1.94% EUR 1.2260 (+0.25%) JPY 119.84 (-0.29%) EURIJPY 146.92 (+0.53%) RUB +5.40% AUD +0.24% US 10yr 2.17% Futures: Dow +40, Nasdaq +10, S&P +4 DXY $89.51 (-9c) Crude $57.59 (+45c) Gold $1195.50 (-50c) Copper +0.64% Silver +0.31% Nat Gas -5.23% Asian markets higher overnight with news-flow and volumes subdued ahead of Christmas. Japan underperformed as the Nikkei slipped into holiday mode and retail players appeared to take profits with the TSE Mothers index finishing -1.8%. Oil names were in focus as Showa Shell (+27.7%) popped on news that the company may be acquired by Idemitsu (+2.5%) for up to 500bn yen ($4.2 bn) - a deal that could create Japan's second largest player in the domestic gasoline market. South Korea also underperformed a bit as foreigners remained net sellers for a 9th consecutive session despite inflows into dividends plays — KEPCO (+2.7%) following gov'ts plan to increase SOE payout to 25% in 2015. China saw further gains, with the SHCOMP hitting a fresh high intra-day on big volume. HK followed along as money continues to flow out of 'new" China into "old" China plays like financials and infrastructure. Japan is closed tomorrow, Philippines is closed on Tuesday and Australia, Hong Kong, New Zealand and Singapore all close early. European markets bid higher to start the holiday shortened week and volumes and news flow is light as expected. Russia $RTS +4.2% as WTI Crude ticks +0.70% to $57.53/bbl. In the US we will have the Chicago Fed before the open and Existing Home Sales a little later in the morning. SPA's +3 handles = 2070.90 last. ***Chicago Fed @ 8:30am, Existing Home Sales @ 10am*** • Soitec cuts 2015-16 targets as sale of San Diego Gas & Electric contract fails (trading -53%) • Areva said to have gotten order by lberdrola of EUR 620 million says El Pais (trading +0.78%) • Thales to name Henri Proglio as Chairman, Patrice Caine as CEO says AFP (trading -1.1%) • Kingfisher to sell controlling stake in B&Q China for £140 million to Wumei (trading +1.7%) • Fresenius being sued by Sanofi to block generic Jevtana prostate-cancer drug (trading +1.1%) • Bilfinger sells construction unit to Implenia, expects roughly EUR 230M in proceeds (trading +1.1°/0) • Almirall said it has not been approached by Actavis after bid speculation (Reuters) (trading -0.14%) • Ferrovial confirms talks end with Transfield they rejected improved A$1 million bid (trading +0.59%) EFTA00355869 • Delta Lloyd: Dutch Regulator has asked to dismiss its CFO by Jan 2016 at the latest (trading -4.5%) • Neste Oil guides FY profit €550M+ vs €400M+ on insurance compensation & tax credit (trading +1.9%) • Barclays cuts Asia Investment Bank client list by 30% to bolster profitability says FT (trading +0.78%) Leading European Sectors: Oil & Gas +1.44%, Chemicals +0.83%, Media +0.83% Lagging European Sectors: Trav/Les +0.02%, Basic Res +0.07%, Food/Bev +0.29% Secondaries (announced/priced): D, NPTN, IDN, NEWM IPO's (lock-up expired): Adeptus HEalth (ADPT) 4.5M shares (44.9% of outstanding), Amphastar Pharma (AMPH) 19.5M shares (44.9% of outstanding), Imprivata (IMPR) 17.8M shares (78.1% of outstanding), Mataerialise (MTLS) 33.0M shares (70.1% of outstanding) IPO's (filed/priced): Reverse Mortgage Investment Trust (RMIT) files $100M IPO through FBR, Asante Solutions (PUMP) files for $45M IPO through Leerink & Cowen, Yulong Eco-Materials Limited (1607741) files $10.7M IPO through Cuttone & Co and Axiom Capital US Key Research: ••• GS downgrades EGP, Evercore upgrades FRT (buy) & downgrades PEB, Jefferies initiates SCVL/BWS (hold) ••• JMP initiate HDP (op), RBC upgrades ARMK, Longbow downgrades WDC, Roth initiates WATT (buy) ••• Nomura, DB, JPM, GS initiate AXTA, Mizuho initiates COH/KORS (neut), PacCrest initiates DISCA (sp) & TWX (op) Europe Key Research: KBC reinitiates TESB BB (accumulate), Citi downgrades FLU AV, HSBC downgrades SSE LN, RBC upgrades HOME LN • Bofa upgrades SDR LN, Panmure downgrades CWD LN, Helvea downgrades ROG VX, Natixis downgrades SOI FP Reporting Pre-Open: BASI, JYNT Reporting Post-Close: SCS Economic Data: Chicago Fed National Activity Index @ 8:30am, Existing Home Sales @ 10am EFTA00355870 Treasury auction in 2yr notes @ 1pm ($27B) Conferences: No major conferences Analyst/Investor Days: N/A Non-Deal Roadshows: GLPW, NTCT, REMY Shareholder Meetings: TNGN, MWRX Equity/Mixed Shelfs: TXMD ($100M), DHRM ($45M), CBG Other Newspaper Articles & Stories Barron's cover: Opportunities from the slide in oil prices Barron's Barron's positive: Bed Bath & Beyond (BBBY) Barron's Wabash National (WNC) WSJ Southwestern Energy (SWN) Barron's • Killings of New York Officers Spark Backlash to Protests WSJ • Why Saudis Decided Not to Prop Up Oil WSJ • White House Weighs Options Against North Korea WSJ • China Probes Stock-Price Manipulation WSJ • New Hepatitis C Drug Gets Helping Hand WSJ • A Year of IPO Records WSJ • Lone Star State of Siege WSJ • White House Weighs Options Against North Korea WSJ • Not Quite Checkmate for the Bundesbank WSJ • As Fed Shines Light on Shadow Banking, Its Regulatory Limits Get Laid Bare WSJ • Tunisian Candidate Claims Victory Over Interim President WSJ • Oil Shakes Venezuelan Debt to Its Foundations WSJ • India's Nuclear Ambitions Rattle Tsunami-Hit Coast WSJ EFTA00355871 • An Autopsy for the Keynesians WSJ • 2014: The Year of Living Vulnerably WSJ • Rift Ripped Open Between Mayor and Police NYT • Pharmacy Deal Marks New Outlook for Hepatitis Drugs NYT • In China, a Rapid Jump to Mobile Advertising NYT • Hacking at Sony Over 'The Interview' Reveals Hollywood's Failings, Too NYT • Crunch Time for FedEx and UPS as Last-Minute Holiday Shipping Ramps Up NYT • Oil rout would have wrecked an independent Scotland's finances FT • Is the west clinically depressed? FT • Investment: Loser's game FT • In the next act of the eurozone's economic drama, keep a close eye on Spain FT • Scheduling time at work to 'think' is a brainless idea FT • Senior City workers expect bonuses to rise by a fifth FT • Rich Russians head for UK in record numbers FT • Private group to help exchequer chase £20bn debts FT • Saudi Arabia and UAE blame oil rout on countries outside Opec FT • House prices falling in a third of UK, study shows FT • Samaras in last-ditch bid to avert snap election amid bribe claims FT • Ticket to the White House set to cost at least $1bn FT • On Cuba, both right and left are right and wrong FT • Hortonworks: Back to the source Lex • Club Med: happy hour Lex • In Putin's Russia, risk takes you Lex • Tesco & Carrefour: no place like home Lex • Another industrial revolution is coming; it's circular Telegraph • QE addiction has made us too complacent Telegraph • Can President Putin explain how Osborne conspired to bring down the oil price? Telegraph • Don't be offended by a few home truths in the boardroom Telegraph • Why politics will dominate 2015: Losers and winners in this maddening new era CityAM • It's been a positive year for the City — let's hope 2015 will be the same CityAM • The critics are wrong: Our bold plans for new homes for London will benefit all CityAM EFTA00355872 • Countdown to Christmas: From Quindell and Gotham City to Uber and the LDTA: Five of the biggest business battles to watch out for in 2015 CityAM • ADHD drugs increasingly prescribed to treat hyperactivity in pre-schoolers Guardian • Theresa May warned Tory leadership chances at risk from advisers' infighting Guardian • Greece's radical left could kill off austerity in the EU Guardian • David Blanchflower: Heard that the UK's the fastest-growing economy? Don't you believe it Independent • Most pundits are wrong. The oil price fall is good news at last Independent • Sacking of Islamophobic television presenter provokes free-speech row in France Independent • Lithuanians anxious as euro looms Independent Key Events This Week Tuesday: Greece Presidential vote (round 2), O3 GDP, U. of Michigan Confidence Index, New Home Sales Nov, Personal Income & Spending, Earnings (WAG) Wednesday: Christmas Eve, MBA Mortgage Applications, BOJ Minutes Thursday: Christmas (Markets closed) Friday: Boxing Day (European markets closed), China industrial profits Nov Key Events on the Horizon Dec 29 — Greece Presidential vote (final round 3) Jan 7 — Consumer Electronics Show (CES) begins in Las Vegas Jan 8 - BOE rate decision Jan 22 — ECB rate decision Jan 28 - FOMC rate decision EFTA00355873 This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachment(s) is strictly prohibited. If you have received this e-mail in error please immediately notify the sender at or by replying to this e-mail and delete the e-mail and any attachment(s) from your system. Nothing herein shall be construed as a financial promotion to any person or persons, or a solicitation or recommendation to buy or sell any security or other investment or to engage in any trading strategy. Information presented is from sources believed to be reliable, but is not guaranteed to be accurate or complete. This information should not be taken as an offer nor as a solicitation of an offer to buy or sell securities or other financial instruments. Email transmission cannot be guaranteed to be secure, timely or error free. may review and store both incoming and outgoing messages. Use by other than the intended recipients is prohibited. EFTA00355874