ade GKN LN • HSBC upgrade WCH GY, ETL FP, downgrade SDF GY, TLPR LN, ICL IT, URKA LI • BofAML upgrade DEC FP, reinstate SGRO LN (b), Nordea upgrade ORNBV FH ••• Exane upgrade AAL LN, initiate BPOST BB (n), Equinet downgrade DBK GY ••• KepChev downgrade IVG GY, RHM GY, upgrade IT IM, Numis u/g MEC LN, IT

SEV FP, VOLVB SS, resume MAN GY (ew), Oriel u/g RCP LN, d/g REX LN • SocGen upgrade GLEN LN, POM FP, Investec upgrade MONY LN, SEB upgrade IFSB SS, ORNBV FH • Exane downgrade ES IM, ELE FP, Chev restart SKFB SS (up), SAND SS (up), ALFA SS (up), ATCOA SS (op) • Bern upgrade TEF SM, Beren initiate LO24 GY