downgrades ATRAV FH, Exane upgrades VIE FP/DNB NO/SEV FP • Equinet upgrades DB1 GR & downgrades G1A GR, Numis upgrades XAR LN (buy) • HSBC upgrades IAG LN/OPAP GA, Investec downgrades SPH LN/DIA LN • Jefferies assumes UNA NA/WPRO IN (hold) and TCS IN (buy), Bofa reinstates IRAO RU (buy) • Mainfirst in

ade SAZ GY, Chev downgrade DIA SM DB initiate TLX GY (hold), DB initiate SDRL NO (buy), Barc downgrade CPR IM HSBC downgrade EOAN GY, UBS downgrade IAG LN, HSBC downgrade DPW GY UBS downgrade AVV LN, RBC upgrade AVV LN Reporting Pre-Open: HD, TJX, ACM, AUQ, BGMD, BRD, DKS, EGT, ESLT, FRGI, GMET, HPJ,

Steel: (downgrade SZG GY, MT NA) upgrade EZJ GY, downgrade KNIN VX, -ve NOK1V FH, upgrade TCG LN EFTA00397051 ••• JPM initiate VSVS (ow), upgrade IAG LN, GS downgrade NAUR NO, add FLUG AV to CL buy, BofAML adds BAY GY to Europe list ••• Commerzbank Steel Sector: (downgrade SZG GY & VOE AV), Barclays