PSP H1 net inline, rental income miss, fair value is 11% (trading +0.40%) Ratos Q2 miss, EBITA weak, CEO guides lower for FY 2012 (trading -5.5%) Pennon H1 IMS, overall inline, SW Water strength continues (trading -1.9%) German July producer prices +0.0% Wm vs est +0.3% (+0.9% y/y vs est +1.2%) Bank of Spa