its purchases from 600-700 kMT in 2014 to ~300 kMT in 2015 as domestic supply catches up with demand. Zinc open interest is looking very high leading Macquarie to suggest that prices may be going down this quarter. Shanghai Aluminium on warrant stocks are down 3.52% to 46.9 kMT. LME Aluminium on warrant stoc

e, once off - Reasor for change of number, vicious harassment - new number optus.com.au SingTel Optus Pty LW ABN 90 052 833 208 1 Lyonpark Road. Macquarie PO Box 888. North Ryde. Telepho Park. NSW 2113 Australia NSW 1670 Australia Facsimile EFTA00264132 ACCESS 70 ILLE6 at 5O(k/CICLAC_e - PR \LAC

lpha Value downgrades SWEDA SS, Berenberg initiates IFX GY (buy) & STM FP (sell), Mediobanca downgrades GAS SM • Berenberg initiates ELIS FP (buy), Macquarie initiates LGEN LN (up), Nordea downgrades KESBV FH & upgrades NDX SS ••• HSBC downgrades SPR GY & DRW3 GY and upgrades HNR1 GY, Investec initiates

emoves POLY LN from least preferred list, DB downgrades OGKE RX ••• Citi downgrades RMV LN, Exane initiates ALIV SS (op), Bernstein upgrades REL LN, Macquarie downgrades TSCO LN • Davy upgrades WOS LN, Beka upgrades EBRO SM, Equinet downgrades VIH GY, Citi initiates ZPLA LN (n) ••• Canaccord upgrades AKSO

nitiates YY (buy), KBW upgrades CFR ir Key downgrades FR, Opco upgrades HMSY, BMO initiates NXPI (op) ••• Bofa downgrades SCCO, Raja upgrades OKSB, Macquarie downgrades SUSS ••• Susquehanna initiates XRX (pos), UBS upgrades CIEN (buy), CLSA upgrades AAPL (buy) Europe Key Research: ••• Bofa initiates GMS

ounced/priced): KRC, 2BB, DLLR IPO's (filed/priced): Pimco REIT files $600M through CS, GS & JPM, IPO's (lock-up expires): EFC, GEDU Key Research: Macquarie initiates US Clinical Diagnostic Labs - BRLI/MYGN (neutral) & GHDX/LH/DGX (op) Key Research: MS initiates SRCL (ew), HSBC upgrades global financial

anaccord upgrades FLG LN and initiates DJI LN (h) ••• Carnegie downgrades STL NO & TGS NO, Handelsbanken upgrades NOBI SS, KBC upgrades COLR BB ••• Macquarie initiates COP LN (op), Swedbank upgrades DNO NO Reporting Pre-Open: OMN, SCHL Reporting Post-Close: MU, NKE, ADES, KOOL, PRGS, THO, THST Economic

orecasts on FX assumptions (closed -1.20%) • Hitachi lowered net income forecast after missing ests for O3 profit (closed -6.4%) EFTA00396306 • Macquarie cut profit outlook for FI, FX & commodity trading biz (trading • Australia Dec trade deficit A$427mn vs est of A$800m deficit (exports +3% m/m, imp

S (hold) Mizuho upgrades STJ (buy) & initiates QCOR (neut), KBW upgrades WAC, Raja & UBS cuts YUM Longbow initiates UPIP (mp) and CBM/SWK (neut's), Macquarie upgrades BRO, Wedbush initiates LNKD UBS cuts KGF LN, UBS upgrades BWY LN, Nomura upgrades TDC DC & cuts TLSN SS Citi cuts Insurance & Basic Res &

OG (op) and EBAY/IACUNFLXNHOO (neut's) DB upgrades HERO/NBR/PES/PTEN (buy's) & cuts ESV/RDC/SDRL & makes BHI top pick Raja initiates DKUSXE (op's), Macquarie upgrades ETR, Bofa upgrades SCHN, Nomura cuts SHW Citi upgrades VNO (buy), Baird initiates VOD (op), DB initiates IDIX (buy) JEFF upgrade CPG LN, M

nitiates MCRL (op), Bofa upgrades EA & downgrades VE, GS initiates AVGO (neut) Key Research: RBC downgrades OC, CS upgrades RAH, BMO upgrades WMGI, Macquarie upgrades LPL, Bofa cuts MGM Key Research: Longbow downgrades HOG & initiates WERN/KNX (buy's) and HTLD (neut), FBR downgrades NTLS Key Research:

(sell) Key Research: Jefferies downgrades WAG, Opco upgrades APC, JPM downgrades CHK/MBT/MOLX Key Research: RBC initiates RA (sp) & GWR/KSU (op), Macquarie initiates ANF/COH/LULU/M and others Key Research: Atlantic upgrades WYNN, Piper upgrades CAKE & downgrades PFCB/SQNM/CTRP Key Research: Ticonderog

$100M ADS through Bofa & Citi, Responsys (MKTG) priced 6.62M shares at $12.00 Key Research: BMO initiates food/beverage (RAH/DF/MJN/THS/FLO/HAIN), Macquarie initiates US Chemicals (KRA/FMC/ROC/SOA) Key Research: Barcap upgrades NOVN.VX, Baird downgrades PII, Wells downgrades NVE, JPM initiates CRR (ow)

tes C00 (buy) Key Research: Investec downgrades LLOY LN, MS downgrades LINTA/WLP/CERN/MCK & upgrades FM/WAG Key Research: Citi downgrades BAER VX, Macquarie downgrades XTA LN, UBS downgrades DPW GY, Capstone cuts DGI Key Research: GS downgrades GENL LN & AFR LN, GS upgrades OPHR LN, CS & Numis downgrade

l) Key Research: Dalhman Rose cuts Airlines Sector to cautious & downgrades DAL/UAL and JBLU/SKYW (sells) Key Research: Nomura downgrades BOSS GR, Macquarie downgrades LLOY LN, Wells upgrades ABFS Key Research: Nomura initiates FUR NA/PGS NO/ SDRL (buy's) & HTG LN/TGS NO (neut) & GA FP (reduce) Reporti

h: • Barcap upgrades UNM & initiates ALLT (ow), DB downgrades F, Imperial initiates EAGL (op) • Jeff initiates HRG (buy) & reiterates buy for GOOG, Macquarie upgrades Honda Motor (7267 JP) • Piper initiates ELX/OLGC (neut's) & MLNX (ow), Raja upgrades DHI/KBH, CLSA downgrades DD ••• Davenport downgrades

IM/PAY/KEX & downgrades CPT/DFT/FPO/LHO/NLY/O/SPG/WRI Key Research: Baird upgrades UA & downgrades WWW, Piper downgrades ZUMZ & upgrades AEO/SQNM, Macquarie downgrades EXC/PCG Key Research: JPM downgrades HOLX/PCAR/AMT/NAV & upgrades OSK/TEX/CSCO/VAR/EW, KBW initiates MN (mp) & upgrades PACW Reporting

des CPHD (buy) & MYGN & downgrades DGX (sell) & reinstates TMO (buy) FBR initiates EIX (op) & downgrades AHT/DRH, MBlair initiates ALTR/XLNX (op's) Macquarie initiates EXPE (neutral) & PCLN (op), CLSA upgrades SREV (buy) KeyBanc initiates VECO & AIXG (holds), Piper upgrades AMRS, KBW upgrades ASBC Opco i

co upgrades LQDT, CS Roth initiates MGN (buy), Bankhaus downgrades BMW.GR (sell), Barclays upgrades Citi downgrades HEIA.NA, HSBC downgrades CA.FP, Macquarie upgrades FME.GR MS resumes LSE.LN (ew), Collins Stewart upgrades AZ (buy), DB downgrades SQM Reporting Pre-Open: CPB Economic Data: August Employm

6/16/2013 3:20:57 PM Subject: Re: GO Intro to single a/c I know Alex well. Don't think they have the clout in this sector. I have term sheet from Macquarie to do an airport logistics fund. But would like to line up more pockets of funding for different projects about the airports Desmond 2013-6-16 , 1