Good morning,

Markets are called to open flat this morning. European and U.S. stock index futures fell as Asian shares snapped an 11-day rally that was the longest this year. The largest developing nations for the first time offer the worst market opportunities as optimism for stronger growth shifts to the U.S. and Europe, a Bloomberg Global Poll shows. Data today may reveal U.S. retail sales rose at a faster pace, while the Federal Reserve meets next week to decide on a reduction in its $85 billion monthly bond-buying program.

Stock to watch: Wetherspoon

Rev. increased to GBP1.28b in the 52 weeks to July 28; in 6 weeks to Sept. 8 lfl sales rose 3.6%; in last fortnight lfl sales gained 2.5%.

• FY lfl sales increased 5.8%, operating profit increased 3.7% to GBP111.3m

• FY dividend maintained at 12p

• Previous outlook (July 24): co. sees slightly better FY outcome than prior est.

• 5 buys, 11 holds, 1 sell; avg. PT757.2p implies ~3% upside: Bloomberg data

• Wetherspoon +38% YTD; +60% since low of 460.6p on Sept 13, 2012

• Statement


• Fresenius Unit to Pay $4.1b for Rhoen-Klinikum Hospitals

• Asian Stocks Snap Longest Rally of 2013

• Societe Generale Said to Consider Sale of Private Bank in Asia

• Ex-RBS Trader Sentenced in Hong Kong to 50 Months in Jail

• BOE Defends Capital Rules That Make Banks Bear Cost of Risks

• Areva Wins EU200m in Contracts From German Utilities

• Porsche’s China Growth to Quicken Next Year After Macan

• Billionaire Steinmetz Said to Agree to Swiss Prosecutor Meeting

• Russia’s Bashneft Said to Be Considering London Listing: Sky

• H.R. Owen Advises Holders to Take No Action on Berjaya Bid

• Syria Vows Ban on Chemical Weapons Amid U.S.-Russia Talks to Avert Strike

EARNINGS: All times CET, estimates where available:

• Gerry Weber (GWI1 GY) 7:30am, 3Q adj. EPS est. EU0.28

• Songbird Estates (SBD LN) 8am, 1H

• Wetherspoon (JDW LN) 8am, FY adj. EPS est. GBP0.45

Good day and happy trading!

Kristian Camenzuli