Epstein Secrets

rs resist inheritance reform FT • Fracturing of UK politics complicates general election FT • PwC sold 'tax avoidance on industrial scale' FT • Moody's urges slower bank bonus payouts FT EFTA00357142 • Spain's lauded transition to democracy under fire FT • Arrest of 'tiger' Zhou Yongkang sheds

wngrades AGK LN, JPM downgrades EUR PW, JPM downgrades EUR PW ▪ KBC upgrades EURN BB (buy), Mediobanca resumes CASS IM, Oddo upgrades RMS FP (buy), Oriel initiates DIA LN (buy) • Swedbank upgrades SNI NO (buy) & downgrades HPOL.B SS, Numis downgrades RWS LN, HSBC upgrades ERF FP • Raja downgrades SG

p.com (CTRP) WSJ • Goldman Sachs prepares to deal with Volcker rule WSJ • Kick that Can (Op-Ed Paul Krugman) NYT • DOJ & States weigh action vs Moody's Reuters EFTA00396068 • Draghi move fuels currency war fears FT • Apple under pressure on $137bn cash pile FT • China trade growth hints at st

SK LN, CSGN VX • Chev upgrade IM NA, Nordea downgrade HOLMB SS, Nordea downgrade SAA1V FH ▪ DNB downgrade SKAB SS, OTE1V FH, Bere downgrade HEI GY, Oriel upgrade TCG LN Reporting Pre-Open: ETR, LH, MCO, AOL, APO, AXL, BECN, BIP, BLC, BPL, CBOE, CGA, CSL, DWSN, ETM, FSTR, GRC, GSM, IVC, LPX, NBIX, NSP

uidance (trading -10.3%) • Stolt Nielsen O2 EPS & EBIT beats, revs better, clean op income below, cautious tone (trading -1.1%) • Bankia receives Moody's downgrade, cut to B1 with negative outlook (trading -4.4%) • Liberty Global said unlikely to raise Kabel Deutschland bid after Vodafone (BB) (KD8 G

key buy list — WMH LN, SIG LN cut, Barclays upgrades EBS AV & RIBH AV • UBS upgrade & add ARM LN to key call list — RBS LN removed, upgrade RRS LN, Oriel upgrades RTO LN ••• UBS make AVV LN most pref stock — replaces FENR LN, HSV LN least pref stock — replaces RSW LN ••• MS resume LSE LN (ow), DB dow