EFTA00355983.pdf

From: Subject: Early Tour 12.23.14 Date: Tue, 23 Dec 2014 10:57:22 +0000 Inline-Images: image001.jpg L,,pescription: Description: Good Morning ... European Markets up 0-50 bps ($RTS +1.7%, Portugal +1.00%, Greece -2.4%) ... NKY (closed), SHCOMP -3.03%, HSI -0.39%, KOSPI -0.21%, TWSE +0.03%, ASX -1.12% EUR 1.2229 (-0.01%) JPY 120.11 (-0.05%) EUR/JPY 146.88 (+0.04%) RUB +1.99% AUD -0.07% US 10yr 2.156% Futures: Dow +14, Nasdaq +1, +1 DXY $89.72 (-Sc) Crude $56.05 (+78c) Gold $1178.80 (-$1.00) Copper -0.10% Silver +0.27% Nat Gas +1.62% Asian markets mixed overnight on light volume ahead of Christmas and with Japan closed for the Emperor's birthday. China A-shares saw a volatile session with the SHCOMP rallying from -3% to up +30bps to then sell-off in the afternoon back to the lows. Insurance names however, remained strong as press reports that the group will book profits of RMB300b on stock investments in O4. HK followed the move lower in China, but fared a bit better as moves in autos (+1.7%), airlines (+80bps) and brokers (+75bps) helped to stem declines. Dalian Wanda IPO was in focus, breaking below the offer price of HK$48 to close at HK$46.80 (-2.5%). Steel makers (-2.4%) got hit on reports of a cut in the steel exports tax rebate in China. Miners (-3.4%) also weighed on Australia as iron-ore prices hit Jun09 lows. Taiwan managed to close in the green for a 4th straight day — led by gains in non-tech sectors like rubber (+1.9%), plastics (+1.1%) and textiles (+50bps). HK, NZ and Australia all have early closes tomorrow and Japan re-opens. European markets mixed but generally higher on the last full day of trading ahead of the Christmas holiday (markets that are open tomorrow are % day and all of Europe will be closed on Thursday and Friday). Russia $RTS +1.7% and the RUB is stronger after Putin spoke by phone with Poroshenko, Merkel and Hollande last evening and they agreed to hold the next round of peace talks tomorrow and Thursday. Saudi oil minister vows that they will not cut production even if oil goes to $20/bbl in an interview to the Middle East Economic Survey (FT). WTI Crude clawing back some of yesterday's move and currently +1.0% to $55.81/bbl. In Greece, we had the 2nd round of Presidential voting in a live vote about 30min ago and the final vote was 168 Yes and 131 No = shy of the 200 needed as expected (3rd round on Dec 29 where only 180 are need to confirm the nominee). Big macro day in the US with a lot of data pulled forward to today because of the holiday. SPA's — flat = 2072.60 last. ***Durable Goods Orders & GDP @ 8:30am, FHFA House Price Index @ 9am*** ***Michigan Confidence, Richmond Fed, New Home Sales, Personal Income @ 10am*** • Family Dollar special shareholder vote on the proposed merger • Gemalto to issue up to 5% capital over five years to fund l-t incentive plans (trading +0.58%) • Nutreco: Cargill says it is no longer pursuing acquisition of Nutreco (NUO NA -4.9%) • SocGen: Russia's woes could force SocGen to push back profit targets there (WSJ) EFTA00355983 • Oerlikon sells Advanced Tech Segment to Evatec AG (price undisclosed) (trading +3.3%) • Thomtons trading statement: now sees FY earnings below last financial year (trading -22%) • APR Energy says adjusted ebitda to be 500-600 bps below previous guidance (trading -14%) • North Korea lost what little access it has to Internet on Monday in digital blackout (WSJ) Leading European Sectors: Construction +0.86%, Retail +0.38%, Insurance +0.35% Lagging European Sectors: Telco -0.42%, Real Estate -0.33%, Basic Res -0.23% European Markets open tomorrow (112 day): UK, France, Spain, Netherlands, Belgium, Ireland, Portugal European Markets closed tomorrow: Germany, Italy, Switzerland, Denmark, Norway, Sweden, Finland, Austria, Greece, Poland, Czech CHK $1b stock buyback — SCS weaker sales — OSIR marketing pact Secondaries (announced/priced): ALDR IPO's (lock-up expired): gasLog Partners (GLOP) 2.9M shares (19.3% of outstanding), GoPro (GPRO) 15.3M shares (12.0% of outstanding), ServiceMaster (SERV) 91.8M shares (69.0% of outstanding), TCP International (TCPI) 20.6M shares (71.5% of outstanding) IPO's (filed/priced): Infraredx (REDX) files $55M IPO through RBC, Canaccord, and BMO US Key Research: • Ascendiant initiates JCI (buy), Barcap initiates AXTA (ew) & reinstates FLT (ow), CS initiates FUN (op), Wells initiates SONS (op) • Drexel initiates CRM (hold), JMP initiates ITCI (mp), Topeka initiates CCC (buy), Webush assumes PTCT (op) ••• Baird downgrades ACHN, Piper upgrades CRY, Stifel upgrades DEI, JMP initiates ITCI (op) ,Drexel Hamilton initiates CRM (hold) Europe Key Research: • Banca Akros upgrades CVAL IM, Barcap initiates IEH LN (ew), Bryan Gamier downgrades SOI FP, Handlesbanken cuts DNB NO/RCL • Exane cuts SOI FP/SCMN SW & upgrades AFR LN, GS initiates VM LN (neut), Investec downgrades GKN LN EFTA00355984 Reporting Pre-Open: WAG, ARKR, ZA Reporting Post-Close: CAMP, CALM Economic Data: Durable & Capital Goods Orders / GDP @ 8:30am, FHFA House Price Index @ 9am, U. of Michigan Confidence @ 9:55am, Richmond Fed / New Home Sales / Personal Income & Spending @ 10am Treasury auction in 5yr notes @ 1pm ($35B), API weekly oil inventories @ 4:30pm Conferences: No major conferences Analyst/Investor Days: N/A Non-Deal Roadshows: N/A Shareholder Meetings: CEL, MARK Equity/Mixed Shelfs: ARCX ($500M), HE, ESPR ($200M), PEI ($16) Other Newspaper Articles & Stories WSJ positive: Rio Tinto (RIO AU) WSJ • NYC Mayor, Police Unions Postpone Debate WSJ • Buyers Don't Keep Home Fires Burning WSJ • Floundering Mattel Tries to Make Things Fun Again WSJ • Dish Boss Racks Up TV Brawls WSJ • Startup Founders Leverage Hot Market for Early Paydays WSJ • Natural-Gas Prices Drop on Mild Weather WSJ • Goldman Sachs Sells Aluminum Business WSJ EFTA00355985 • Ranking the Top 20 Finance Chiefs WSJ • The Future of Cars Looks Very Different WSJ • Alibaba's Global Site Stumbles WSJ • Oil Price Drop, Nuclear Deal Delay Unsettle Iran's Economy WSJ • Thomas Kwok Sentenced to Five Years in Prison Following Corruption Conviction WSJ • China's Dark Shadow Looms Over Oil's Future WSJ • Quantitative Easing Won't Lift Europe's Economy WSJ • North Korea Loses Its Link to the Internet NYT • Natural Gas Glut Isn't Deterring Southwestern Energy NYT • Entry Point of JPMorgan Data Breach Is Identified NYT • De Blasio Fights to Find Balance After Officers' Killings NYT • In Struggle for Identity, Iraqis Rally Around Many Flags NYT • Opec leader vows not to cut oil output even if price hits $20 FT • From inside Putin's parallel universe, the crisis looks bright FT • Piketty's (unintended) advice for investors FT • Cameron has surrendered to his party's vote-repelling right wing FT • The Pope's message to Vatican clerics, reinterpreted for CEOs FT • Nicaragua breaks ground on $50bn canal FT • Trader in fraud inquiry disappears FT • Russia faces full-blown crisis, says Kudrin FT • Polls point to most unpredictable UK general election in decades FT • France shows courage in diagnosing its economic ills FT • Caught on the wrong side of the `vol' trade FT • North Korea intemet cut in possible revenge attack FT • China and Africa: two-way trade Lex • Nigerian banks: losing steam Lex • Nigerian consumer goods: luxury prices Lex • Nigerian capital controls: eye of the needle Lex • James Moore: Theresa Mays migrant student plans to 'send 'em all back' is economic insanity Independent • Customers complain to banks every 10 seconds Independent • Labour's cuts really would be less deep than the Conservatives' Independent EFTA00355986 • Bank of England says confidence in banking system is still shaky amid recent scandals and cyber threats Independent • Want to raise more money, Chancellor? Then cut taxes Telegraph • Five greatest threats to your investments in 2015 - and how to avoid them Telegraph • Double blow to UK as growth revised down and current account deficit soars — business live Guardian • 2015: the beginning of the end for climate sceptics Guardian • Calls for a UK exit from the EU are at best perverse, and at worst unpatriotic Guardian • Are Christmas presents a waste of money? Don't listen to the Scrooge economists CityAM Key Events This Week 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 EFTA00355987 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. 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