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EUROPEAN EQUITY OPENING HEADLINES INCLUDING: Peugeot is to supply vehicles to Toyota for sale under the Toyota brand in Europe

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Asia

Nikkei share average closed lower by 1.86% to a six-week low, as renewed fears regarding the European debt crisis, particularly Spain and Greece, stir investor caution. (RANsquawk)

Top Performing Sectors in Nikkei 225: Utilities (-1.09%), Telecommunications (-1.16%), Health Care (-1.22%)

Worst Performing Sectors in Nikkei 225: Oil & Gas (-3.29%), Technology (-2.72%), Basic Materials (-2.50%)

FTSE

BP – Co. has proposed that its Russian joint venture TNK-BP pays shareholders a USD 1bln interim dividend. (Newswires)

GlaxoSmithKline - A breakthrough once-a-day pill for HIV has fuelled hopes that the co.’s struggling franchise in treating the Aids virus could splutter back into lucrative growth. In other news, Moody’s have said the co.’s acquisition of Human Genome Sciences is credit negative. (Times/Newswires)

Barclays - Rich Ricci, head of Barclays’ investment bank, has ruled himself out of the running to replace Bob Diamond. In related reports, the Co. has decided to search for its next chairman from outside the bank after a shareholder revolt against the proposed appointment of current board member Rake. (Telegraph/FT-More)

Lloyds Banking Group – Co. is set to signal that it will bring forward the “ring-fence” separation of retail and investment banking ahead of the 2019 deadline. (Telegraph)

HammersonCo. reported H1 net GBP 47.2mln vs. GBP 18.3mln; H1 operating profit ex. items GBP 107.6mln vs. GBP 109.2mln; H1 pretax profit GBP 13.9mln vs. GBP 174.8mln; H1 net rental income GBP 141.6mln, down 1.6%; interim dividend up 5.5% to GBP 0.0770 per share. (Newswires)

G4S - The fiasco surrounding co.’s Olympics security operation will lead to the company being frozen out of future government contracts, Co.'s chairman has said. (Telegraph)

BSkyBCo. will report a record pre-tax profit of around GBP 1.1bln on Thursday despite concerns that demand for satellite dishes is slowing. (Independent)

ENRC – Co. could announce a plan to buy out Israeli tycoon Dan Gertler from its operations in the Congo. (Sunday Times)

DAX

Siemens – Co. may miss FY profit goal as its orders in the last quarter fell “significantly” according to industry sources. (Handelsblatt)

Bayer - Co. says its phase III Nexavar-Tarceva trial did not provide additional benefit to patients with liver cancer. (Newswires)

Deutsche Bank – Co. may set aside USD 300mln to USD 1bln for potential costs related to the Libor probe, according to the people close to the matter. (Handelsblatt) 

Fresenius - Co. has agreed to buy Fenwal Holdings from private equity firms TPG and Maverick Capital in a deal worth USD 1.1bln. (Newswires)

CAC

AXA – Co. is the leading name to acquire the assets being sold by Unipol and Fondiaria Sai for around EUR 500-700mln. Elsewhere, Co.’s private equity arm will buy a majority of German clothing exported Schustermann & Borenstein for around EUR 300mln. (Il Sole 24 Ore/Newswires)

Peugeot - Co. is to supply vehicles to Toyota for sale under the Toyota brand in Europe, according to a statement. (Newswires)

Pan-European

Philips – Co. reported Q2 net EUR 167mln vs. exp. EUR 104.8mln; Q2 revenue EUR 5.90bln vs. exp. EUR 5.59bln; Q2 EBITA EUR 450mln. Co. said its overhead-reduction plan is on track, with savings now EUR 176mln, and reaffirms its 2013 view. (Newswires)

Nokia – Co. is in secret talks with European operators, including France Telecom, on an exclusive partnership to create support for smartphones using Microsoft’s Windows 8 platform, according to a person with knowledge of the talks. (Newswires)

ING – Manulife Financial and AIA group have dropped their bids for ING’s Asian unit. (Money Today)

Spanish Banks - Seized Spanish banks may not transfer all toxic assets to a bad bank and liquidation would make no sense in some cases, according Novagalicia Banco's Chairman and CEO. (Newswires)

Banco Santander – Co. is to shut almost 100 high street branches in Britiin as it battles to complete the integration of the British lenders it bought in the financial crisis. (Times)

Eni – Co. and Russia’s Rosneft will sign an 'Exploration Loan Facility Agreement " for exploration in the Barents Sea and Black Sea. (Il Sole 24 Ore)

SMI

Julius Baer – Co. reported H1 adjusted net CHF 221.4mln vs. exp. CHF 196.3mln operating income CHF 863.1mln vs. exp. CHF 859.5mln; H1 pretax CHF 266.4mln vs. exp. CHF 233.3mln; H1 EPS CHF 1.14 s. exp. CHF 0.96; tier 1 capital ratio of 23.6%. Co. said it has no exposure to Greece, Portugal, Ireland of Spain, and only “marginal” exposure to Italian sovereign debt. Co also announced it has entered a strategic partnership with the Bank of China for the cross-referral of clients and joint marketing activities. (Newswires)

Broker Recommendations

LINDE RAISED TO BUY FROM HOLD AT EQUINET

EADS CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC

DANONE CUT TO HOLD FROM BUY AT SOCGEN

SYNGENTA CUT TO UNDERPERFORM VS MARKETPERFORM AT BERNSTEIN

US

US equities finished in negative territory for Friday, as investors booked profits after a decent week’s performance in the equity markets. Fears over the sustainability of peripheral debt were back on the radar and this prompted the underperformance in risk assets. In terms of US corporate earnings, today was a less successful session, despite overnight beats from Google and Microsoft. Weaker earnings from the like of Xerox and General Electric generally aided US equity market bears, with financials and health-care the worst performing sectors. Finally, the DJIA finished down 0.93% at 12822.57, the S&P 500 finished down 1.01% at 1362.66 and the Nasdaq 100 finished down 1.42% at 2618.04. For the week the DJIA finished up 0.36%, the S&P 500 finished up 0.43% and the Nasdaq composite finished up 0.58%.

Top Performing Sectors in S&P 500: Utilities +0.17%, Oil & Gas +0.06%, Telecommunications -0.39%

Worst Performing Sectors in S&P 500: Financials -1.46%, Technology -1.45%, Health Care -1.40%

Newscorp - Companies House filings show that Mr Murdoch stepped down from the boards of the NI Group, Times Newspaper Holdings and News Corp Investments in the UK last week. He also quit a number of News Corp’s US boards, the details of which have yet to be disclosed by the US SEC. This has lead to fresh speculation that he may be planning for an eventual sale of the newspapers. (Telegraph/NY Times)

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