;••• Fidentiis upgrades BZU IM (buy), GS upgrades TRYG DC and VIG AV (buy) & cuts STL NO ••• HSBC downgrades VTBR LI, Jefferies upgrades O1BC GR and IMI LN (buy) & initiates AO LN (buy) • JPM initiates AO LN (ow), Kepler upgrades VIS SM and VOS GY/PSG SM/BDL SM (buy) • Nordea downgrades OTE1V FH (sell)

• SocGen downgrade MERY FP, BP IM, upgrade SVT LN, MS upgrade BG/ LN, Numis downgrade CIU LN • Natixis upgrade FDR FP, GFT FR OMV AV, HSBC initiate IMI LN (ow), WEIR LN (n), d/g BBVA SM, SAN SM Reporting Pre-Open: CSC, DE, M, ACAT, ACRE, AG, CGX, EJ, EMIS, GLOG, JST, MIL, NSLP, OXF, PF, PFSW, VIP, VSC