Epstein Secrets

ets open stronger on the highs and are choppy with early rallies sold currently +25bps/+150bps as the EU cuts Euro area GDP and inflation forecasts. Draghi spoke earlier and reiterated that weak global inflation is no reason for central bank inaction ("what matters most is that central banks act within t

MainFirst upgrades DSV DC, PWTN SW, KNIN VX & downgrades MAERSKB DC, SEB downgrades KCR1V FH ••• SNS downgrades KPN NA, Sparebank downgrades TGS NO, Nordea upgrades PRS NO Reporting Pre-Open: ABC, BSX, CHTR, CI, CLX, CMS, CMI, DLPH, EQT, ICE, LVLT, MMC, MHFI, OXY, PM, PPL, RL, SNA, TE, TDC, VMC, WEC, X

bama puts trade at heart of agenda FT • EU leaders seek seven-year budget deal FT • QE takes a toll on emerging economies FT • MPS bailout puts Draghi mission in focus FT • New aggression from the chancellor Lex • Great rotation: reasons not to believe Lex • The shadow of 1914 falls over the P

st —ve SDF GY ••• Oddo Euro Construction: (top pick HOLN VX, worst pick CRH ID), downgrade LG FP, SGO FP, upgrade NK FP ••• Exane downgrade NRG FP, Nordea downgrade TOP DC, JEFF downgrade BKG LN, SEB downgrade ATEA NO, • Nordea downgrade TOP DC, ASSAB SS, ENEA SS, Helvea upgrade NOVOB DC, Danske downgr

(tax, deregulation, healthcare headwinds) and toppy multiples/high ownership of EU banks going into Qi results. They believe the pressure will be off Draghi to act on the deposit rate if the macro starts to reverse which may cause people to push back the assumed timing of European rate hikes and tapering.

rning we reiterate our preference for Nordic ee wan here for report) with more market exposed revenues and reiterate our Buy ratings on Danske Bank, Nordea, DNB and SEB ahead of Qi results. We expect to see good fee /trading income in Q1 on the back of strong AUM and continued high activity levels. The