iates KORS ••• BMO downgrades ST, DB downgrades X Europe Key Research: ••• RBC initiate HNR1 GY (b), SCR FP (op), downgrade DSV DC ••• GS upgrade PFC LN, PRS NO, downgrade FUR NA, SBMO NA, TEC FP • Citi downgrade UMI BB, GAS SM, initiate AMEAS FH (b), WDF IM (b), YOOX IM (n) ••• SocGen downgrade VIS

B DC, upgrade NESN VX, Bere upgrade ROS AV, SEB downgrade CARLB DC ••• Nordea downgrade CRA1V FH, downgrade EVRY NO, REC NO, KOG NO, Oriel downgrade PFC LN Reporting Pre-Open: LOW, ACAS, ASFI, BWP, CAN, MDCI, NAT, NSSC, RDN, WPP Reporting Post-Close: DNB, MAS, ACGL, AFG, API, ASEI, BKD, BNNY, CGNX, CHH