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in the Yen that was more due to general dollar weakness, with exporters weak. Of note Hitachi fell 9% after lowering outlook citing Chinese demand, Panasonic (-9%) likewise revealed poor outlook. Energy names lead Hong Kong (+1%) higher with the financials mixed. European markets open stronger on the high
MT, Piper downgrades PACB Europe Key Research: ••• Liberum upgrades SDF GY & ICL IT, Jefferies initiates SRG IM (buy), Citi downgrades G IM (sell), Barcap downgrades CCH LN • Alpha Value downgrades SWEDA SS, Berenberg initiates IFX GY (buy) & STM FP (sell), Mediobanca downgrades GAS SM • Berenberg i
ey Research: Citi upgrades CNP (buy) & downgrades SUG/EP/OKE, GS downgrades ARG EFTA00420353 Reporting Pre-Open: AON, BEAM, CLX, EL, SPG, TSN, WY, Panasonic (6752 JP), ABMD, AXL, BAH, HNT, IMN, JOUT, MAC, MGI, MOD, OB, SEP, SIRO, SPB, TXCC, UFS, WI, WTM, AIRT Reporting Post-Close: RBO, WGL Economic Dat
KD IPO's: N/A Key Research: GS downgrades US Managed Care and AGP/VRTX & adds ALXN to Conviction Buy list, SocGen downgrades UNA NA Key Research: Barcap downgrades RDSA LN & upgrades BBT, Think initiates IART/TH0R/REGN (buys) & HTWR (sell), MKM cuts MRK Key Research: Cantor initiates CUBE (buy) & SS
ssing the parliament on economic strategy on Monday and a number of earnings reports due including Honda, Nintendo, DoCoMo, Sharp, Canon, Nomura and Panasonic. Outside of Japan, SHCOMP continued to pullback from yesterday's highs which weighed on HK and the KOSPI underperformed as Samsung (-2.5%) and Kia
e bell. Secondaries (announced/priced): AGRO (holders), BGMD, CHUY, ANTH, ARWR, SFL (equity + convert), BKT SM, BDN IPO's: N/A US Key Research: • Barcap downgrades SCSS/DCOM/F, Bernstein upgrades THRYJEBAY, Citi downgrades GS • CLSA upgrades Honda Motor (7267 JP), DB upgrades JPM/KLAC & cuts GS, GS u
Entities connected to both Panasonic and Barcap

Jeffrey Epstein
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Lesley Groff
PERSONIke Groff
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George W. Bush
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Ghislaine Maxwell
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Barack Obama
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Samantha Power
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Marc Rich
PERSONJefferies
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Piper
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Horizon
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Angela Merkel
PERSONStifel
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United States
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Michigan
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