EFTA00386142.pdf

From: Ike Groff Subject: Early Tour 8.5.13 Date: Mon, 05 Aug 2013 09:51:51 +0000 Inline-Images: image001.jpg: image002.png Le'Description: Description: Good Morning ... European Markets up 20-50 bps ... NKY -1.44%, SHCOMP +1.04%, HSI +0.14°/0, ASX -0.11%, KOSPI -0.37%, TWSE +0.48% EUR 1.3286 (+0.07%) JPY 98.36 (+0.58%) EUR/JPY 130.70 (-0.49%) AUD 0.8908 (+0.04%) NZD 0.7786 (-0.67%) US 10yr 2.60% Japan 10yr 0.78% Germany 10yr 1.64% Portugal 10yr 6.53% Italy 10yr 4.24% Spain 10yr 4.45% Futures: Dow -2, Nasdaq +2, S&P -0 DXY $106.40 (-Mc) Crude $81.79 (-11c) Gold $1311.00 (+50c) Copper -0.38% Silver -0.29% Asia mixed overnight in quiet August volumes. China's non-manufacturing PMI accelerated for the first time since March (rising to 54.1 from 53.9 last month) helping the SHCOMP close +1.04% on the highs of the session. China & Russia have halted imports of some milk powders from New Zealand's Fonterra after they warned of a contaminated ingredient that may cause botulism (FSF NZ closed -3.65%) which has the NZD weaker by -0.60%. Japan underperformed with the NKY225 closing -1.44% on the lows as the JPY strengthened back below the 98.50 level causing exporters to weaken. European markets up a bit following the afternoon strength in the US on Friday. Volumes in Europe are tracking around 85% of 20d average and it is quiet in London to start the week with a thin eamings/macro calendar today. HSBC reported a slight miss which sparks some profit taking after its recent run although the rest of the sector generally acts ok. SPA's flat = 1704.30 last. "'ISM Non-Manufacturing Index @ 10amn* "nTSN reports pre-open / DNB, MAC, VNO earnings after close"" • 19 US embassies and consulates in the Middle East will remain shut thru Aug 10 after terror alert • Apple: Obama administration overturns the ban on sales of iPhone 4 & iPad2 (Samsung closed -0.93%) • George Clooney slams Dan Loeb over Sony (-carpet bagger" that "knows nothing about" film) (Telegraph) • HSBC reports small miss vs consensus mainly to due to Latam, profit taking post the release (trading -4.3%) • EADS: TCI Fund writes letter to EADS CEO urging them to sell Dassault Aviation stake (FT) (trading -0.34%) • Danone: China baby food scare (Dumex unit may have imported tainted Fonterra goods) (trading -0.71%) • Natixis planning to cut between 500-700 jobs says Journal du Dimanche (earnings tomorrow) (trading +2.0%) EFTA00386142 • PostNL O2 ebit better, revs touch light, sees FY addressed mail volume drop 9-11% = worse (trading -10.3%) • Vodafone's Italian unit has started litigation against Telecom Italia seeking damages > €1 billion • Veolia H1 adjusted operating cash flow misses, revenues look inline, high short interest (trading +1.4%) • RBS minority investors have indicated they will not support bank break-up (Telegraph) (trading -1.7%) • Balfour Beatty named preferred bidder on Florida contract valued at £330 million (trading -0.24%) • Ultra Electronics H1 revenues touch light, pre-tax profit looks better, H1 dividend 12.7p (trading +2.0%) Leading European Sectors: Basic Res +1.13%, Fin Services +1.09%, Trav/Les +0.97% Lagging European Sectors: Banks -0.42%, Chemicals +0.20%, Retail +0.29% BRK/A operating eps beats — CLF pact w union — DPS $31M tax benefit Secondaries (announced/priced): N/A IPO's (filed/priced): HMH Holdings (HMHC) files for $100M through Goldman and Morgan Stanley, CommScope (COMM) files $750M through JPMorgan, Deutsche and BofA US Key Research: ••• Barcap downgrades FOSL, Citi downgrades AMP, DB downgrades ALL, GS upgrades SHOO (buy) ••• Jefferies downgrades KRFT, Roth initiates CSIQ (buy) & upgrades MSTR (buy) • Piper downgrades QCOM, Raja downgrades EAT & upgrades TCBK, MS downgrades TEVA • Wells downgrades HSH, Citi downgrades AMP, CS downgrades SFY Europe Key Research: ••• GS upgrades DRX LN & reiterates conviction buy BNP FP, Berenberg downgrades CPI LN & AKZA NA • DB upgrades MS IM, CS downgrades SFER IM, GS reinstates BET LN (buy), SocGen downgrades RBS LN • UBS downgrades OPHR LN & POLY LN, SocGen downgrades RF FP, Citi upgrades TCG LN, Swedbank upgrades MEDAA SS • Kepler downgrades DIA IM, Titan Cement upgrades TITK GA, Liberum upgrades PSM GY (buy), KBC upgrades RCUS BB • Citi raises price target SKYD GY, Citi names DSM NA to most preferred list (replacing YAR NO), Sarasin upgrades VONN SW EFTA00386143 • BofA downgrades URKA LI, RBS downgrades RWE GY, Danske Bank upgrades PRS NO & downgrades METSB FH • DB upgrades O1BC GR, Equinet downgrades LXS GR & HHFA GY, Exane upgrades CNP FP & downgrades DLG LN • HSBC downgrades HHFA GR, JPM reinstates KIE LN (ow), Kepler initiates El FP (buy), Liberum upgrades RPS LN • Landesbank downgrades SIE GY & upgrades BOSS GY, MS downgrades TEVA IT, Natixis downgrades BZU IM Reporting Pre-Open: TSN, ALX, CRIS, CYD, HBC, ITRN, KOS, NTE, OSIR, ROC, SSP, UIHC, ZINC Reporting Post-Close: DNB, MAC, TEG, UNM, VNO, ANEN, APL, ASEI, AVD, BDE, BKH, BRS, BSFT, CHSP, CIB, CLDT, CRDC, CSU, CUTR, DCO, DRRX, EBS, EFC, ENH, ETM, FNF, FRP, GST, GTAT, HI, HIL, HOLX, HPP, HTCO, ININ, JMBA, KND, LDR, LGCY, MKTG, MPO, MR, MTSC, NLS, OTTR, PAA, PDII, PKY, PLOW, PNG, PRA, QLYS, REN, RNET, RPAI, RSE, SGY, SGO, SIGA, SKH, STAG, SYKE, TEG, THO, TLLP, TRAK, USU, VCRA, VOLC, WMGI, WSR, XCO Economic Data: ISM Non-Manufacturing Index @ 10am Fed Speakers: Fisher @ 11:45am (Portland, OR) Conferences: No major conferences Analyst/Investor Days: ANAC Non-Deal Roadshows: CL, CRL, CY, FDX, FFBC, IART, INCY, INTC, RDWR, RLI, TROW, TTWO, VIMC Shareholder Meetings: LPHI Equity/Mixed Shelfs: COBZ ($100M), MDC ($1.5B), KERX ($150M) Other Newspaper Articles & Stories Barron's cover: Positive on the traditional television (CMCSA, VIAB, FOXA, TWC, CHTR) Barron's Barron's cautious: Green Mountain Coffee Roasters (GMCR) Barron's Barron's positive: Franklin Resources (BEN) Barron's WSJ cautious: Post Holdings (POST) WSJ EFTA00386144 • Lloyds eyes dividend bonanza FT • Hassan Rohani sworn in as Iran's president FT • Setback for Ecclestone over Fl sale case FT • Wall St falls out of love with commodities trading FT • Labour to attack fall in UK living standards FT • Hedge funds copy Soros's regulatory sidestep FT • Academics reveal the secret to 14% returns FT • Goldman commits to money market funds FT • New guidance will stamp Carney's authority on Bank of England FT • Ex-banker poised for tough job as EU envoy ahead of in-out vote FT • Odds are against Morgan Tsvangirai to change Zimbabwe's course FT • A much-maligned engine of innovation FT • Oil markets: The danger of distortion FT • Investors should tread carefully on infrastructure FT • Alan Duncan attacks EU oil price probe FT • Twitter tackles abuse with new policies FT • Americans have it wrong: Washington ain't that bad FT • The dying art of stealing elections, Mugabe-style FT • Why Obama should pick Yellen to lead the Fed FT • Europe's reforms need more than a new rule book FT • Banks"living wills' start to take shape FT • Apple/Samsung: patent nonsense Lex • Oil patch: mixed fortunes Lex • Evonik Industries: chemical changes Lex • Veto of Apple Ruling Likely to Upend Big Patent Battles WSJ • Dish Network's Investors Hope for a Clearer Signal WSJ • For Twitter, Free Speech Is a High-Wire Act WSJ • Investors Are Warming to European Stocks WSJ • U.S. and Canada Vie for Big Gas Projects WSJ • Is Spain's Experiment About to Succeed? WSJ EFTA00386145 • Murky Data Muddy Debate on Chinese Consumers' Strength WSJ • Australia's Kevin Rudd Calls Election for Sept. 7 WSJ • Egypt Warns on Standoff Over Sit-Ins WSJ • China: Measures to 'Improve' One-Child Policy Are Under Review WSJ • Voters give confidence boost to economic recovery The Times • Which way will the Lib Dems swing in 2015? The Times • What is to be done about Mugabe? 'Nahthing' The Times • Pressure grows on banks to act over rejected PPI claims The Times • Hottest July for deals since Lehman fall The Times • Vodafone fires El bn shot at Italian rival The Times • Crisis casts a cloud over French tourism The Times • The 'profit' that is no profit at all The Times • 'The party is over': Spain threatens €50 border fee as Gibraltar row with UK escalates Independent • Rivals leaving Britain behind in 'global race' for recovery Independent • Watching and waiting to see what Governor Mark Carney's interest rate 'guidance' will mean for UK growth Independent • Hamish McRae: It is in Europe's interest to be nice to us — even if we do want a divorce Independent • Anthony Hilton: Bean-counters' retirement plans highlight problem facing bank boardrooms Independent • Gibraltar minister: Spain acting like North Korea Telegraph • Nicolas Sarkozy the most influential political figure in France, poll finds Telegraph • The Germans are walking tall in the eurozone, but just how rich are they? Telegraph • This war isn't over yet Telegraph • New regulation threatens the success of Britain's thriving insurance sector City AM • Why we urgently need to inject competition into our banking City AM Key Events This Week Tuesday: JOLTs Job Openings, Trade Balance, Obama housing speech in Phoenix, RBA rate decision, Needham Software & Services Conference (NYC), Earnings (ADM, CHTR, CTSH, CVS, D, DNR, EMR, EXPD, FE, FOSL, HAR, HCN, INCE, IFF, LINTA, TAP, THC, CHRW, DIS, FSLR, MRO, NUAN) EFTA00386146 Wednesday: Consumer Credit, MBA Mortgage Applications, Earnings (DUK, DVN, GOLD, MMC, RL, TWX, CTL, FTR, MDLZ, PRU, TSLA, Thursday: July retail sales, Jobless Claims, Obama meets Greek PM, China CPI/PPI, BOJ decision, ECB monthly report, GS Power and Utility Conference (NYC), Earnings (AES, BEAM, DF, SNI, WIN, CFN, NVDA, PCLN, UNXL) Friday: Wholesale Inventories, China IP/retail sales/FAI, Earnings (NRG, WWAV, ABFS) Key Events on the Horizon August 21 — Fed Minutes from July30/31 FOMC meeting August 22-24 — Jackson Hole Annual Economic Policy Symposium (Bernanke not attending) September 5 — BOEJECB rate decisions September 7 — Australian election September 18 - FOMC rate decision September 22 — German elections Ike Groff 1680 Washington Blvd 'Stamford, CT 069011 It EFTA00386147 ,Description: Description: This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. 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