Trader Talk: An Analysis of the Markets this Morning

Good morning,

Markets closed in the US for Thanks Giving.

WHAT TO WATCH:

• Deutsche Telekom CEO Says It’s Time for Europe Industry Mergers

• Portugal Getting First IPO in Five Years After Equities Lost 70%

• Carney Says BOE Has No Help-To-Buy Veto Amid U.K. Housing Boom

• UCB Not for Sale as Drugmaker’s Billionaire Shareholder Holds On

• Medtech Sells Shrs at Low End of Range in IPO

• Manz Plans Cash Capital Increase of Abt. 10% of Share Capital

• Pirelli, Gavio Seen Subscribing to Alitalia Rts Offer: Reuters

• Negative Rate Experiment in Denmark Seen Stretching Into 2015

• Berlusconi Expelled From Italian Parliament After 19-Yr Tenure

• U.K. Govt Plans New Review of Cigarette Packaging: Times

• London Economy May Grow by 4% Next Year, Mayor Johnson Says

• Repsol to Begin Talks With Argentina Over YPF Settlement

• Telecom Italia Said to Work With Morgan Stanley on Brazil Towers

• Deutsche Bank in Exclusive Talks With Permira on Tilney Sale: FT

• Premier Foods in Talks With Investors on Hovis Bread Unit: Sky

• Vienna Insurance Says Kosyna to Quit Board Dec. 31

• Peugeot CEO Varin Gives Up Retirement Package

• Siemens Sees Stable Rev. in FY 2014 on Organic Basis

• TNT Express to Cut Up to 237 Jobs in U.K. Restructuring

• Saint-Gobain Aims to Avoid Cutting Dividend, CEO Says

• Versace Said to Get Formal Offers for Minority Stake: WSJ

• Bank of Italy Stock to Trade as Letta Aids Commercial Lenders

• Osborne Backs Down on Pay, Proprietary Trading in U.K. Bank Bill

EARNINGS All times CET, estimates where available:

• Vienna Insurance (VIG AV) TBD, 3Q pretax profit est. EU94m

• Kingfisher (KGF LN) 8am, 3Q sales, trading update

• Wolseley (WOS LN) 8am, 1Q rev. IMS

• Pennon Group (PNN LN) 8am, 1H adj. EPS est. GBP0.21

• Thomas Cook (TCG LN) 8am, FY adj. EPS est. GBP0.06

• Lundbergforetagen (LUNDB SS) TBD, 3Q, no est.

• Marston’s (MARS LN) 8am, FY

• Londonmetric (LMP LN) 8am, 1H

• KWS Saat (KWS GR) 7:30am, 1Q

Good day and happy trading!

Kristian Camenzuli