ve UG FP, SPM IM • CS downgrade LMI LN, upgrade DNB NO, ARM LN, JPM upgrade SLHN VX, downgrade UBM LN, OUT1V FH • Citi downgrade ENI IM, MS upgrade ALU FP, GAS SM, downgrade ENG SM, DB upgrade G1A GY, RI FP, RCO FP EFTA00396067 • Numis upgrade ASHM LN, RAT LN, NVA LN, downgrade POLR LN, SocGen upgrad

es SQM Europe Key Research: ••• UBS downgrade TKA GY, TCY LN, JPM upgrade GKN LN, initiate BPOST BB (ow) ••• Nomura initiate BPOST BB (b), upgrade ALU FP, MS initiate BPOST BB (ew) • Barc downgrade URKA LI, SDF GY, +ve IN LN, ING FP, ING upgrade VST PW ••• SocGen downgrade BARC LN, CGM FP, RCF FP, up

u/g BT/A LN, dig FTE FP, positive: DTE GY, ILD FP, TIT IM, TEL NO, negative: KPN NA, TEF SM) • CS upgrades (STMN SW, NOBN VX, EVR LN), Citi upgrades ALU FP and downgrades KPN NA • DB downgrade ANDR AV & BNP FP and upgrades BAER VX, Berenberg downgrades BAER VX • Commerzbank German TMT (top picks IFX GY

grades ANCB, CS downgrades JDSU, Bofa downgrades FII/SIAL & reinstates LSI (buy), RBC downgrades 0 Reporting Pre-Open: FLIR, LH, NYX, PPL, AB, ACI, ALU FP, ASX, BPL, BPO, CPN, FLO, FP FP, IPGP, LNCE, LNT, LYB, MOC, RLOG, RUTH, SYMX, T CN, THS Reporting Post-Close: N/A Economic Data: Trade Balance @ 8