basic resources are leading the way. One of yesterday's laggards the banks rebound and outperform despite mixed results. ING (+10%), DNB (+2%) and SEB Enskilda (+7%) produce strong O4 results with Credit Suisse (-11%) posting large impairments and a O4 loss in what feels like a kitchen sinking exercise. Aut

PHOR RU (buy), Mediobanca upgrades MSK IM, Berenberg upgrades TKA AV ••• HSBC downgrades RRS LN/HOC LN & upgrades ABG LN, MS downgrades UMI BB ••• SEB Enskilda upgrades TLSN SS and UNR1V FH (buy) & cuts TRELB SS, Numis cuts BHY LN Reporting Pre-Open: ABC, AET, ALXN, BMS, BTU, CAM, CAT, CCE, CELG, CMS, COG,

& downgrades AKE FP • Equinet upgrades TUI GR (buy), HSBC downgrades DEB LN/TFG SJ/GARAN TI/YKBNK TI ▪ MS upgrades ASC LN & initiates GTT FP (ow), SEB Enskilda upgrades ELUX.B SS (buy) Reporting Pre-Open: ADS, AN, BAX, BBT, BLK, CMG, DD, DHR, DOV, FITB, GE, GS, HON, KEY, MAT, MS, PEP, PM, PPG, SHW, SLB, UN