CMA Exane upgrades IHG LN, Citi downgrades RYA LN, Barclays initiates Russian Oil & Gas sector GS reits conviction buy CFR VX, Investec downgrades ISYS LN, Nordea upgrades RATOB SS Barclays lowers pt F IM, Oddo upgrades IAG LN EFTA00401615 Reporting Pre-Open: DHI, BZH, CLSN, CYD, DSCI, EVK, MSN, MTD

der announces a formal 502p cash & stock bid for Invensys and consensus still does not expect any competing bids to surface (SU FP trading +4.3% and ISYS LN trading 501p last). Busy macro day ahead with EFTA00386261 the ADP Employment, GDP, Chicago PMI all due out this morning before the Fed later this