ngrade MUV2 GY ••• UBS downgrade MGGT LN, EMG LN, RAYJ downgrade MUV2 GY ••• SDR LN added most pref, Bere initiate EGPW IM, SEV FP (b), VIE FP (b), VER AV (s) ••• reinitiate TRN IM (h), SRG IM (h), RWE GY (s), NG/ LN (h), IBE SM (h), GAS SM (s), FUM1V FH (h), - ENEL IM (h), ENEL IM (b), ELE SM (b), ED

, add FLUG AV to CL buy, BofAML adds BAY GY to Europe list ••• Commerzbank Steel Sector: (downgrade SZG GY & VOE AV), Barclays downgrades FUM1V FH, VER AV, SPM IM & upgrades TEC FP • BofAML: Consumer Staples & Luxury (most pref: SAB LN, DGE LN, CFR VX / Least pref HEIA NA, CPR IM, ULVR LN) ▪ DB downg