es ADP FP & downgrades FFtA GY, Baader downgrades BEI GY ••• Kepler initiates F IM (reduce) & HAW GY (buy), Nordea downgrades VWS DC, Exane upgrades CBK GY ••• Investec upgrades HSBA LN, Shorecap downgrades DGE LN, HSBC adds LHA GY to Europe Super Ten portfolio ••• UBS positive ASC LN, Citi downgrades

y better today in Europe than yesterday but that's not saying much (of the 107 million shares traded in the DAX yesterday, 48 million were dealt in CBK GY and in general it was the lowest non-holiday trading day in the DAX, FTSE & US for almost a decade - and apparently HFT accounted for - 70% of the t

yds Bank to launch partnership with Monitise to develop mobile payment solution (MONI LN +1.5%) • BNP in talks to buy CBK's custody business (BAZ) (CBK GY -4.1% on some other market chatter) • Afren (AFR LN) announces significant oil discovery at Ogo-1 well offshore Nigeria (trading +6.0%) • Stageco

des BC, CS cuts CLX & upgrades RBC, Evercore initiates MHP (ew) Europe Key Research: • UBS downgrade ATLN VX, ENG SM, upgrade MS IM, Nomura upgrade CBK GY, ULVR LN • JPM upgrade ACA FP, HYDR RM, IRAO RM, initiate DCC LN (n), Nordea upgrade PNDORA DC • RBC downgrade WOS LN, Citi downgrade EDP PL, BofAM