Epstein Secrets

weaker at -22.9% (Renault -33.5%, Peugeot -23%) • Spain's Rajoy says it may be 'very complicated" to achieve 6.3% deficit to GDP target in 2012 • Merkel suggests may be willing to consider Greek debt write-off once they reach budget surplus (Bud) • EU ministers may reach ECB oversight deal on Decemb

SLHN VX MS downgrades KNIN VX & upgrades PWTN SW, Santander downgrades EOAN GR, BofA downgrades Key Research: TLW LN Santander upgrades ENEL IM, Swedbank downgrades YAR NO, DB upgrades FP FP, HSBC upgrades EFTA00400427 Key Research: RBC upgrades ERICB SS, DB upgrades ETI FP, Berenberg initiates JAZ

ities FT • US corporate bonds — yield of dreams Lex • Obama — beyond the fiscal cliff Lex • Wall St alarm as Obama faces gridlock The Times • Merkel warns David Cameron over talk of EU exit The Times • The Bankia banker who 'didn't understand anything' The Times • 'Build ring-fences or we will

ades ROSE, HSBC downgrade CSGN VX, CBK cuts LXS GY DNB downgrade SCH NO, UBS remove FR FP most preferred, Bern upgrade LLOY LN HSBC upgrade MKS LN, Swedbank downgrade GN DC, ABN initiate KPN NA (hold) UBS upgrade IMG LN, HSBC upgrade FNTN GY, DB downgrade MEL SM BofA downgrade RRS LN, UBS upgrade VIE FP

ESM a banking license to give it access to unlimited ECB funding are gaining support (although Germany still opposes). Headline on Bloomberg saying Merkel adviser Bofinger advocates ECB buying of government bonds getting some attention but note this is not a new opinion from Bofinger. Some headlines o

ch: Jeff downgrades PMCS & initiates CMCSA/DTV/TWC (buy's) and CHTR/CVC/DISH Wedbush downgrades LNN, Wunderlich downgrades PMCS, CS downgrades CBI Swedbank downgrades ESV, Axiom initiates X (seil), Citi removes CVC from Top DB upgrades AF FP & downgrades STL NO/ITV LN, Barcap upgrades DAI GR Nomura upg

rred as Britain begins to switch off the television The Times • By the time the oil runs out we won't need it The Times • Hollande risks wrath of Merkel by rejecting economic reforms The Times • James Moore: How lopsided can comparison sites get before the watchdogs wake up? Independent • Sir Ian

UR 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 SGO FP, UBS downgrades JMT PL Reporti

n effort to defend himself from scandal (FT) • Berlusconi ally says that he may support plan to create local currency used alongside EUR • One of Merkel's closest confidents (Annette Schavan) steps down on plagiarism scandal Leading European Sectors: Utilities +0.54%, Insurance +0.35%, Chemicals +0.2

OLVB SS, CS upgrade MND SJ, downgrade SAP SJ, UPM1V FH • DB downgrade DANSKE DC, upgrade DMGT LN, Exane upgrade TSCO LN, Chev downgrade TLSN NO ••• Swedbank downgrade GETIB SS, NOVOB DC, upgrade RATOA SS, Mediobanca upgrade SWEDA SS • Natixis downgrade NOVOB DC, upgrade NESN VX, Bere upgrade ROS AV, SEB